I always tell you guys that I’m not a financial expert or advisor— I take an interest in my own finances and love learning about money, saving, investing, etc. I love to spend and save, so over the years I’ve found ways to make my money go a little bit further. I think these are great tips to use anytime but especially now with rising costs. Like with gas prices, every cent and dollar counts! Sometimes the difference may not seem like much, but it can add up over time. Here are some of the tips I use that can help save you more money & (hopefully) combat some of the rising prices. As with anything, always seek out a professional or financial advisor for official expert advice.
WAYS TO SAVE MORE MONEY + CUT DOWN COSTS
+ Buy in bulk (where it makes sense). If you constantly buy a lot of the same items, buying them in bulk can save you money in the long run. I like to do this with the essentials I know I’ll one day need— tooth paste, skincare products, etc. It’s also great for paper products and some grocery items as long as you use them before they go bad. One of my favorite places to do this at is Target during special promotions, however bulk stores like Sam's + Costco are great too.
+ Fuel points! With gas prices skyrocketing daily, every little bit you can save helps. A lot of grocery stores offer fuel points when you buy your groceries there which can add up to savings at the pump. One of the places I shop at often that offers fuel rewards is Kroger. For every $1, you earn 1 fuel point. Each 100 points (or $100 in groceries) earns you 10 cents off per gallon. They also do special events where you can get 2x-4x the points on certain purchases. It doesn't seem like much but most of us buy groceries and every cent counts!
+ Take advantage of cash back offers. If you’re a big online shopper like me, you need to sign up for Rakuten or another site that earns you cash back on your purchases. Most places offer at least 1% cash back but a lot of the times it’s higher, especially for department stores. I have another blog post on how I save money online shopping with more info on this. If you haven’t signed up and want to use my referral, you can get $30 back after making a $30 purchase through Rakuten at any store you want. All you have to do is sign up, activate an offer + then it takes you directly to the store's website to shop. I use mine anytime I order from Target, Nordstrom, American Eagle, etc. For in-store savings, I like to use Ibotta for cash back + Fetch to scan receipts. I'll link my referrals for those here too if you want to sign up + get a bonus: Ibotta Referral ($10 after scanning your first receipt!) + Fetch Referral (2000 bonus points after signing up!)
+ Get a cash back credit card. If you use credit cards, having one that earns you cash back is a great option. I currently have one that earns 3% back on dining/entertainment, 5% on groceries & 1.5% on everything else. There are lots of great options out there that you can research to find the best choice for you.
+ Invest your money. If you have the ability to invest any extra income, do it now! Over time, investing is one of the only ways to grow the value of your money to beat inflation. The average yearly return on investments is typically 7-10% which can keep the value of your money up against the rise of inflation. Right now the markets are down which makes it a great time to buy in. Be sure to do your research + seek advice from a financial expert if you don’t know where to begin. PS-- If you're not ready or in the position to invest but you have savings, make sure you look into a "High-Yield Savings Account." These will not give you the ROI of investing but will pay you a little bit more in interest than a standard bank account does.
+ Buy in bulk (where it makes sense). If you constantly buy a lot of the same items, buying them in bulk can save you money in the long run. I like to do this with the essentials I know I’ll one day need— tooth paste, skincare products, etc. It’s also great for paper products and some grocery items as long as you use them before they go bad. One of my favorite places to do this at is Target during special promotions, however bulk stores like Sam's + Costco are great too.
+ Fuel points! With gas prices skyrocketing daily, every little bit you can save helps. A lot of grocery stores offer fuel points when you buy your groceries there which can add up to savings at the pump. One of the places I shop at often that offers fuel rewards is Kroger. For every $1, you earn 1 fuel point. Each 100 points (or $100 in groceries) earns you 10 cents off per gallon. They also do special events where you can get 2x-4x the points on certain purchases. It doesn't seem like much but most of us buy groceries and every cent counts!
+ Shop for sales. When it comes to groceries and essentials (and honestly pretty much anything), you can almost always find it on sale if you wait long enough. Right now a lot of things have gone way up in price but stores are still running sales. Wait & then stock up when they do.
+ Take advantage of cash back offers. If you’re a big online shopper like me, you need to sign up for Rakuten or another site that earns you cash back on your purchases. Most places offer at least 1% cash back but a lot of the times it’s higher, especially for department stores. I have another blog post on how I save money online shopping with more info on this. If you haven’t signed up and want to use my referral, you can get $30 back after making a $30 purchase through Rakuten at any store you want. All you have to do is sign up, activate an offer + then it takes you directly to the store's website to shop. I use mine anytime I order from Target, Nordstrom, American Eagle, etc. For in-store savings, I like to use Ibotta for cash back + Fetch to scan receipts. I'll link my referrals for those here too if you want to sign up + get a bonus: Ibotta Referral ($10 after scanning your first receipt!) + Fetch Referral (2000 bonus points after signing up!)
+ Get a cash back credit card. If you use credit cards, having one that earns you cash back is a great option. I currently have one that earns 3% back on dining/entertainment, 5% on groceries & 1.5% on everything else. There are lots of great options out there that you can research to find the best choice for you.
+ Invest your money. If you have the ability to invest any extra income, do it now! Over time, investing is one of the only ways to grow the value of your money to beat inflation. The average yearly return on investments is typically 7-10% which can keep the value of your money up against the rise of inflation. Right now the markets are down which makes it a great time to buy in. Be sure to do your research + seek advice from a financial expert if you don’t know where to begin. PS-- If you're not ready or in the position to invest but you have savings, make sure you look into a "High-Yield Savings Account." These will not give you the ROI of investing but will pay you a little bit more in interest than a standard bank account does.
+ Carpooling (if it's feasible). This can be a great option to save you on gas if you live near co-workers or you and the members of your household/roommates work near one another.
Those are all of the tips for today but let me know if you already use some of these or if you try any of them out. Most are basic, simple things you can easily incorporate into your life without having to make drastic changes. Hopefully they'll help us all out until we can catch a break with these crazy prices! Stay tuned + follow me on social (@TheKristenDiary on IG) for more updates and money content.
Also read: How I Save Money Online Shopping
