7 Creative Ways to Save Money

Save money

Image by Images_of_Money

Fox Business released an article with encouraging statisticsabout saving trends among Americans.

Citing new research from Gallup, it appears that 40% of Americans say that they prefer to save rather than spend their money. That’s great news, especially since 25% of us still have no savings at all!  With an average household debt of over $100,000, it’s imperative that more and more of us find ways to set money aside on a regular basis.
Saving can seem like a daunting task, especially for those who live from paycheck to paycheck, but with a little creativity, this habit can be mastered.

Here are 7 creative ways to help you save money:

Home haircuts!

With the cost of a haircut (for men) ranging form $15-$25, you can save over $200 a year by simply learning how to cut your son’s or your husband’s hair! Every time you do a haircut, take the money you would otherwise pay at the salon, and place it in a separate savings account or in a paper envelope. At the end of the year you’ll have quite a nice stash!

Eat soup!

It’s amazing what a little soup can do for your family’s savings account.  You can feed a family of four with a hearty chicken and vegetable soup for as little as $6- $8! If you decide to cook soup once or twice a week for dinner, you will save $10-$20 a week.  In one year, you can add $500 or more to your savings account.

Ask before you buy

I’m sure that if you looked around your house, you’d find plenty of items you’re no longer using like clothing that’s too small or too big, home decor items, or furniture. The same is true for many of your friends and family members. So, before you buy extra clothing for your children or before spending money on a new bed or an appliance, ask around to see if someone in your network of friends may have what you need.  Quite often, you’ll find it for free or at a highly reduced price.

De-clutter!

If you’re not a fan of yard sales, there is still a way to save money on items you no longer use or want. If selling them via Craigslist or eBay is not your thing, find your closest Salvation Army or a Goodwill store and donate your items for a charitable donation receipt that you can use as a deduction on your taxes. Charitable contributions in the form of clothing, furniture, or any other items, can be a great way to reduce your tax bill or increase your tax refund.

Buy used

This is especially true if you have young children. As parents we tend to spend a fortune on clothing for fast growing children who probably outgrow their outfits twice a year, if not more often. Check your area consignment sales and your second hand stores for children’s clothing. You can often get great, slightly used outfits for $2-$5. If you’re looking for a camera, laptop, or another piece of electronic equipment, search for one-owner used items.

Become handy

There are certain projects around the house you should always hire an expert for, but there are other projects you could learn to do on your own. Paying someone for work you could do yourself will always cost you more. If you have a friend who is extremely handy, ask them to show you the ropes. Do you have a Home Depot in your area? Sign up for their weekly workshops where you can learn how to install crown molding, how to install tile and much more! You can also find wonderful video tutorials on youtube.

Save on childcare

If you have young children that require childcare, daycare costs can add up to $700-$800 a month. Before you decide on a traditional daycare, do some research and see if there is someone in your network of friends or family members that’s looking for additional income and would be able to provide a quality care for your child. Finding a dependable and trusted individual can save you up to $50 per week or $200 a month.

How about babysitting cost? With a price tag of $10/hour, an evening dinner can turn into quite the expense. Why don’t you find another couple with children that you could exchange babysitting favors with? You can agree on monthly date nights and save each other $30-$40 a month just by watching one another’s children.

How about you? Have you found a creative way to save money? If so, share with all of us your best tips.