Post contains affiliate links.
Today’s post is from my friends at Bold.org, a site where you can find exclusive scholarships and grants.
Life is expensive these days, especially if you have a family. Everyone knows saving money is a critical step in reaching your financial goals, but it often feels like a pipe dream when we all have so many bills to pay.
We’ve all heard the saying, “Time is money,” and who has time to clip paper coupons anymore? I know I don’t. Besides, most of us shop online now, so paper coupons don’t come in as handy as they used to.
Here are six simple money-saving hacks to help you reach your financial goals.
1) Download a Budgeting App
Knowing how to create a budget and stick to it is so important. If you’ve ever written out your monthly budget on the back of a receipt, then you should look into a budgeting app to help stay on top of your finances.
Apps like Mint, PocketGuard, and Wally save you time by eliminating a lot of the fiddly, annoying parts of managing your finances. Budgeting apps help you keep tabs on your outgoing expenses while setting aside money for an emergency fund, college tuition, or even a more enjoyable splurge like that dream vacation you’ve always wanted to take.
2) Use Browser Extensions
Online shopping has become part of daily life, so why not save money on the things you already buy? Don’t waste your time searching for online promo codes or waiting for sales events. Installing a browser extension like Wikibuy or Honey saves you time and money.
It works like this: you download the browser extension of your choice, visit the website, and the extension scours the internet to make sure you’re getting the best price. If the extension finds a lower price elsewhere, it will provide you with a link.
These extensions also apply any available coupons and promo codes to maximize your savings.
3) Apply for Debt-Forgiveness Scholarships
Trying to reach your financial goals while you pay off your student loans is a daunting task, but it is doable. Dealing with interest rates, debt collectors, and monthly payments is incredibly stressful, and sometimes you may need a little help.
That’s where Bold.org comes in. Bold is committed to eliminating student debt, and has numerous debt and loan forgiveness scholarships available to help make getting out of debt more manageable. Even better: many don’t even require writing an essay. Some have a minimum education requirement, but the vast majority of scholarships are available to everyone, no matter your education level.
4) Shop Secondhand
Remember the saying, “one man’s trash is another man’s treasure?” According to a study conducted by ThredUp and Green Story, over 34 billion articles of clothing are produced for the US market each year, and 64% of them wind up in a landfill. That’s a lot of clothing, and most of it is in perfectly good condition.
Shopping at your local thrift store, Facebook Marketplace, ThredUp, and eBay is a great way to save you money. It’s also much more environmentally friendly than shopping from major corporations. While online stores like ThredUp are limited to clothing and accessories, you can find anything from gently used electronics to kid’s toys on Facebook Marketplace, Mercari, and eBay.
5) Feed Your Kids for Free
Saving money when you have a growing family is incredibly challenging. Meals on the kid’s menu are less expensive, but they still add up if you have several mouths to feed. Thankfully, many restaurants have a night or two (or a specific time of day) when kids can eat for free.
There are resources available to help you find restaurants with kids-eat-free nights, such as Brad’s Deals and Good Housekeeping. You’ll find useful information regarding what deals are offered at what times, as well as any age limits or additional restrictions that may apply.
6) Take a Vacation
Wait. What? If the thought of taking a vacation makes you want to install a padlock on your wallet, don’t panic. After paying a membership fee — roughly the same cost as a single night in a hotel room — you can use websites like Home Exchange to swap houses with another family.
You’ll save money on food and laundry since you’ll have access to a kitchen and laundry room, and some families even include a vehicle in the swap, saving you on transportation costs, as well. Sometimes getting away from it all is vital to your mental health, and there are options available that won’t break the bank.
Wrapping Up
Saving money shouldn’t feel like a punishment. You don’t have to give up buying toys for your kids, the occasional meal out, or going on vacation to reach your goals.
Your local library is one of the most valuable resources out there, and there’s a plethora of assistance available online. I can’t promise these tips will change your life overnight, but with a little strategizing — and willingness to think outside the box — you can put a dent in your debt.
Whether you use an app like Mint to handle the tedious business of creating a budget or apply for a debt-forgiveness scholarship on Bold.org, staying on the path to achieving your financial goals is easier now than it’s ever been.
Melanie Lockert is the founder of the blog and author of the book, Dear Debt. Through her blog, she chronicled her journey out of $81,000 in student loan debt. She is also the co-founder of the Lola Retreat, which helps bold women face their fears, own their dreams and figure out a plan to be in control of their finances. She is passionate about empowering women, helping others get out of debt, and focuses on the intersection of debt and mental health. Every September she organizes a Suicide Prevention Awareness Blog Tour, to help share resources for those struggling with debt and suicide. In addition to her love of personal finance, art and music, she is also a karaoke master and a cat mom to Miles and Thelonious.