Buzz around town would suggest that many people aren’t getting their regular tax refunds this year. Individuals have been complaining about not being able to purchase what they’d planned with their tax refund. Many people rely on a refund to make purchases they’ve been putting off like buying a new car or going on a family vacation. You don’t need to wait until tax season to have the cash for those thing though. You can be saving money all year round.
More Ways to Save Money
Saving money is extremely important but it can be redundant. If you are looking for more ways to save money, you’ve come to the right place. Below are 10 relatively unique ways to save money.
1. Host a For-Profit Party
Have you ever been to a rent party? It is something college students who rent apartment off campus do quite often. They provide a little cash to throw the party and then charge attendees an admission fee. If you can through a really great budget party, this may be for you! Once the party is over, you can bank the cash you made.
2. Get a Side Hustle
If throwing a for-profit party doesn’t sound like it’s for you then you can easily find a side hustle and bank the extra cash. Some great side hustles are freelance writing, lawn maintenance, childcare and even cleaning!
3. Try a Money Challenge
A few years ago the internet blew up with these money challenges. Essentially you challenge yourself to save a certain amount of money each day, week or month, reaching an annual goal. If you’ve tried these and they seem to be getting monotonous you can try some of these 52 Week Money Challenge Alternatives.
4. Start an IRA or 401K
It is never too early to save for retirement and the cash you put into a retirement account can oftentimes be written off on your taxes (making a refund more likely next year). Additionally, if you start a 401K through your employer they may match your contribution, multiplying your savings over time.
5. Make Savings Automatic
Everyone has heard of automatically drafting your savings from each paycheck but why not make it a bit more fun? Acorns is another great not only to save money but also to invest your money. The app will allow you to link a bank account and credit/debit card. When you make purchases, it rounds up and takes the difference and invests it for you.
6. Re-Budget and Cut Expenses
Another more traditional way to save is cutting expenses. However, you don’t have to cut out things you enjoy all the time. You can be a bit more creative and try a $25 per week food budget or attempt to ride a bike/walk more than you drive your car.
7. Stop Eating Out
Check out Pinterest and find something interesting to cook at home. Eating out is extremely expensive and, for the most part, you are getting half as much food (sometimes even less). You can eat a great meal at home for much less. If you get bored with your at-home menu easily, search the web and find something new to try. Here’s a good budget grocery list.
8. Try the $1 Bill or $5 Bill Challenge
Money challenges were mentioned above but, unlike the daily and weekly challenge, this challenge deals with physical cash. Many people perform the $5 Bill Challenge. This challenge dictates that every $5 bill you receive in change will go into savings. (I recently stated doing the same thing with ones.)
9. Choose to Be Cheap
Don’t be afraid to be known as the frugal person (these celebrities do it). Your finances will thank you later. You can turn people down for outings, buy used clothing and shop marked down meats without feeling a bit of shame because you will be securing your savings and your financial future.
10. Find Free (or Nearly Free) Hobbies
If you enjoy spending money on going out or hobbies, find some activities you enjoy that are cheaper or free. Discover free (or nearly free) hobbies by following this link.
Whatever you decide to do, saving money is extremely important. Whether you trim your budget or set up a 401K, planning ahead and saving will insure you won’t have to wait for a tax refund to buy that new car.
Photo: OTA Photos