Before you assume that you’ve uncovered every budgeting tip on the web, may we present you with these five hidden gems that other blogs aren’t talking about? They’re not only unique, but also incredibly effective and frankly, underrated.
Be Open About Your Money
Finances are often considered a “taboo” subject, which makes sense in some circles. The problem is that this leads to shame surrounding money. The solution is to be more upfront with your budget and finances. Tell your friends when something is outside your budget.
Show it to them if they ask. This keeps you honest while encouraging open conversations about budgeting between friends. We highly recommend doing this with friends you trust, and it’s even better if they’re financially independent. You might even inspire them to share a tip or two!
Have an Annual Spending Pool
There are many things you’ll only need to spend money on once a year. It’s important to have something set aside for these expenses, yet it’s hard to fit them into budgets since most people use a monthly expense model.
There’s an easy fix: just create a separate budget for yearly expenses, like when you need an HVAC maintenance visit or new tires. You can take it a step further and create a separate monthly savings account that you fund for these purchases.
Buy Non-Perishables On Sale
The beauty of non-perishable items is that they’ll last, so why not buy them at their most affordable? Stocking your pantry with essentials every week sounds more expensive, and it can be if you go overboard.
But what we’re recommending is having a backstock of two or three items, not buying them every time they go on sale. For example, you use olive oil all the time when cooking, and there’s a big sale where it’s two dollars off. You buy it now so you’ll have it when you need it and at a better price.
Turn Your Thermostat Down At Night
Most people sleep best in cooler temperatures. Yet homeowners still have their ACs running in the mid-60s. Not only does that mean potentially less restful sleep, but you’re spending so much more over a year on heating and cooling costs.
Turn it down to 62-64, bundle up, and get ready to see the savings rake in. If you can stand it, do the same during the day; turning your home’s temperature down even just one degree can have an enormous impact on your utility bill.
Stash Your Veggie Scraps
Vegetable stock isn’t “expensive,” necessarily. But did you know you’re accidentally throwing away the components of a completely free homemade stock every week? If you’re a home cook, toss veggie scraps (especially onions, celery, carrots, and garlic) in a plastic bag and keep them in the freezer.
Whenever you need stock, dump the scraps into a pot of water with some herbs (and optional meat/bones if you’re making a meat stock) and boil until the flavor is concentrated. No more buying stock literally ever.
