My approach to becoming debt free comes down to two things: spending less and saving more. There are endless cliché money saving tips out there about how to do these things (“eliminate your daily Starbucks run!”), but when I hear them, I usually find that they’re either A) so obvious that I’m already doing them, or B) not applicable to my life.
Over the last few weeks I’ve been keeping track of the tactics I’m using that are actually helping me to save money or spend less of it, and I wanted to share the best ones with you. I’m not an all-or-nothing gal; I need moderation in my life. These strategies have been useful for me because they’re effective while still being realistic.
1. Only keep one streaming service at a time
Netflix, Hulu, HBO, the list goes on. Even if you’ve cut cable, if you still have all of these streaming services it can easily add up to $100 a month or more. I know some people live for binge-watching, but I just don’t watch that much TV so it’s not a worthwhile expense to me. Most streaming services don’t have contracts, so you can easily turn your subscription off and pick it back up again when there’s something you really want to watch.
2. Plan grocery runs around Trader Joe’s
I used to only go to Trader Joe’s on occasion because it’s farther away than our regular supermarket, but lately I’ve been planning all of my shopping around TJ’s trips and I’ve saved so much. Everyday staples like coffee, produce, cheese, etc. are so much cheaper, and the quality is often better, too. I just recently got out of there with three night’s worth of dinner ingredients for under $40. If you don’t have a Trader Joe’s nearby, try Aldi.
3. Buy groceries in the same genre
If you’re like I was and struggle to use up what’s in the fridge before it goes bad, limit your shopping list to foods that all go together (think Mediterranean or Mexican). This way, it’s much easier to make combinations from what’s left in the fridge or pantry.
Here’s an example of some interchangeable things I almost always have on hand:
- Eggs
- Frozen shrimp
- Chicken breast
- Quinoa
- Pitas
- Greek yogurt
- Feta cheese
- Hummus
- Red onions
- Cucumbers
- Spinach
- Avocado
- Chickpeas
- Extra virgin olive oil
- Balsamic vinegar
You can use these things to make endless combinations of bowls, pitas, omelets, scrambles, salads, and more.
4. Use the Honey browser extension to instantly find coupon codes
Honey is a free browser extension that searches the web for discount codes whenever you’re about to complete an online checkout. You don’t even have to do anything—it’s automatic! I’d say it finds a working discount code about half of the time. If the site is running a promotion, like free shipping, sometimes the discount code will stack onto the existing promotion to save you even more.
5. Use the Rakuten browser extension to get instant cash back
If Honey doesn’t find a discount code for your online purchase, use the Rakuten browser extension to get cash back on your order (you can use one or the other, but not both, so I’ve been checking Honey first and then switching to Rakuten if there aren’t any discount codes available). Rakuten gives you a fixed percentage ranging anywhere from 1% to 10% or more of your purchase back in cold, hard cash. Use the link above to sign up and you’ll get $10 back once you’ve made a $25 purchase.
Another trick I’ve used quite a few times: if there’s something you’re planning on picking up that day in person, like a Sephora run, order it online using Rakuten so you get the cash back and choose in-store pickup so you can just waltz right up to the register and grab your purchase.
Shoutout to my friends Steph and Justin from The Tumbling Nomads for cluing me in to Rakuten. They quit their jobs and spent the better part of a year traveling the world (goals!), and they have a great post on how they saved up to do it here.
6. Use live chat to ask for discounts
In addition to using Honey and Rakuten to save money on online purchases, use brands’ live chat feature to ask if they have any discount codes. They’ll often have a coupon code for 10 to 20% off to give out. I just saved 15% off my $175 annual web hosting fees by doing this.
7. Use Fetch or Ibotta for cash back on grocery purchases
Money-saving apps aren’t just for online purchases. I use the Fetch app to scan my grocery receipts and get points, which can then be redeemed for Visa gift cards. If you’re grocery shopping for a family, the points can add up quick! Use my link above to get 2,000 free points when you sign up.
I like Ibotta even better than Fetch. It’s another grocery receipt app that gives you money back on each purchase. I used it religiously when we lived in Florida, but my grocery store in Long Island unfortunately isn’t offered. Between the two of these apps, though, you should be able to find your grocery store of choice and start earning.
8. Cut down on alcohol
Cutting out alcohol saves money?! Shocking, I know. My love for my nightly glass of wine runs deep, but doing dry January showed me just how much of my budget it normally eats up. This was Johnny and I’s lowest month of spending since we got married almost two years ago, and that was largely due to the fact that neither of us bought any alcohol.
I don’t plan on abstaining from alcohol completely once this month is over, but I think limiting it to weekends or going alcohol-free more often when we eat out will be sustainable ways to keep saving in this area.
We’ve gone through a truckload of seltzer this month
9. Cook dinner at home on weeknights
Cutting back on going out to eat has been major in dramatically reducing our shared spending. During my no-spend month, we ate at home almost exclusively and it was awesome, but not realistic for the long haul. Aiming to cook dinner at home Sunday through Thursday feels like a doable middle ground.
10. Do an unsubscribe sweep
After the holidays, I went on an unsubscribe bender in my inbox. It felt so good. If I’m not trying to spend money right now, there’s no reason for me to be getting 15 to 20 promotional emails to tempt me every day. I stayed subscribed to a few brands I really love just in case there’s an amazing sale on something I need. Less clutter in my inbox has been a nice added bonus.
11. Put a 48-hour hold on non-essential purchases
If there’s something I want to buy that’s not essential and is more than $20 or $30, I hold off on it for at least 48 hours. Not only does this force me to think about whether it’s really worth it, but sometimes the price will drop or I’ll forget about it altogether. There have been several times in the past few months that I’ve been dead set on buying something and put it off, only to completely forget that I “needed” it. My favorite way to save money is not spending it at all.
12. Use a points credit card for monthly expenses
This goes against conventional budgeting wisdom, but it’s what works for me. Lots of budgeting experts recommend paying for everything in cash when you’re trying to save. The theory is that forking over actual money forces you to think more carefully about your spending than when you’re swiping a card.
I’ve found the opposite to be true, though. When I have cash, it almost feels like play money to me—it’s already out of my checking account, so spending it fees like a foregone conclusion. I’m much more on top of my money when I can see every transaction line by line.
Johnny and I use the Amex Delta SkyMiles card for all of our joint purchases and pay it off in full every month. We earn one point for every $1 spent, with double points on Delta purchases. The New York to Mexico leg of our vacation in December was paid for with points from this card. They also have a ton of offers with different brick-and-mortar merchants, like $20 back when you spend $100 at certain restaurants. If you use the link above to apply, you’ll get 10,000 free miles after your first $500 in purchases.
13. Unfollow social media accounts that give you FOMO
Since starting this debt-free journey, I’ve spent a lot less time on social media. Part of it is because I’m spending more time at home and thus not taking a lot of fun pictures, but the other part of it is because I recognize how it plays into the urge to spend.
There are the influencers with a new outfit every time they leave the house, bloggers with catalog-worthy homes, and world travelers who always seem to be in a destination more beautiful than the last. And that’s great! But it admittedly gives me FOMO, so I’ve been unfollowing these accounts and trying to get better about the knee-jerk reaction of opening Instagram whenever I have more than two seconds of unoccupied time.
On the flip side, I’ve been following more accounts that motivate me to save. You guys, there are people out there doing amazing things with money just by sticking with a budget and spending with intention. It’s inspiring! A few of my favorites to follow are @thebudgetmom, @blondebrokeandboujee and @thefinancialdiet.
Becca from @blondebrokeandboujee saved $100,000 while living in one of the most expensive cities in the country!
14. Journal about your goals and progress
I’ve been journaling like a mofo these last few months. In case you didn’t know, I’m a big goals person. Tracking my progress over time helps me stay motivated once the novelty of the new routine wears off.
When I’m having a moment of weakness, I look back at the reasons I wrote down for wanting to get out of debt and it helps put me back on track. Some of those reasons include gaining greater peace of mind around money, saving more for retirement, buying an investment property, traveling more, starting a family and giving more generously to causes I care about.
15. Talk about it with like-minded friends
This one helps so much if you’re feeling lonely on the budget train. Since I started sharing my debt payoff progress on Instagram, I’ve had so many old and new friends reach out to say they’re either in the same boat now or want to start getting more serious about their financial goals.
Having a budget buddy is great for sharing ideas, celebrating small victories, weighing purchasing decisions and most of all, encouraging each other. If all your friends are high rollers and you need a get-out-of-debt pal, hit me up on Instagram. I love hearing about your financial goals and progress.
16. Use a daily budget
Instead of budgeting by the month, which I find difficult, I break it down day by day. Let’s say I want to keep my spending under $1,000 for the month (this is just a nice round number–use whatever makes sense for your budget!). That means I shouldn’t be spending much more than $30 on any given day. If I do, I know I need to adjust on other days to make up for it. I find that having a daily dollar figure makes it much easier to assess whether a purchase fits within my budget goals.
17. Remember that it’s not forever
It doesn’t happen often, but every now and then I feel a little pity party coming on about having to be so frugal. Then I remember I don’t have to be this frugal. I’m doing it to put myself in a better financial position for the future and to save for things that are actually meaningful to me. This isn’t forever. One my debt hits $0, all of these choices will have been so worth it.
Now I want to hear from you! What are your favorite money-saving hacks? Where are you at in your debt-free journey? Leave me a comment below and share.
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