8 Money Saving Life Hacks You Have To Try

Living frugally doesn’t have to mean eating ramen noodles every day or turning off the air conditioner or heater at night. With a few clever life hacks, you can save a small fortune in less time than you think.

In this guide from Wisconsin Auto Title Loans, Inc., you will discover eight money-saving life hacks that can help you earn and save money to manage life’s increasing expenses. We will also outline how title loans can assist you during emergencies when you cannot cover urgent costs.

8 Money-Saving Hacks To Help With Your Budget Today

Inflation continues to rise, making it harder for people to afford groceries, living expenses, gas, and other essentials. Many individuals are seeking ways to better manage their essential expenses as costs keep increasing. Fortunately, there are several budgeting hacks you can try to reduce costs today. Small changes can make a huge difference when looking for ways to save money.

The following are eight money-saving hacks for improving your financial situation:

1. Create A Budget

Before any other budgeting hack can start working for you, you need to have a handle on your financial situation. The only way to do that is to create a budget by writing down what you earn every month and your projected monthly expenses.

This will let you see how much money you need to afford your expenses every month and how much money you have left over. After seeing your finances laid out, you can start making changes to save more money. Budgeting apps like YNAB and EveryDollar can help you create your budget.

2. Get A Budget Buddy

Are you struggling to stick to your budget? A budget buddy system can help you and a friend stay on track. If either of you wants to make a significant purchase, you'll need to consult the other.

For example, you might want to buy $200 worth of new clothes right after shopping for clothes a couple of weeks ago. This would be an impulse purchase that your budget buddy can help steer you away from. They can also assist you in the grocery store, at restaurants, and during trips to the mall to minimize your spending and stick to your budget.

3. Buying Groceries Online

Everyone has experienced temptation at the grocery store. You go there just for the essentials, but then you find yourself walking down the snack aisle. You only need ingredients for your pasta dinner, but buying some cookies and chips feels tempting.

This temptation can impact your diet and your budget. Resist the allure of unnecessary food items by purchasing your groceries online. Grocery stores like Walmart offer online shopping platforms that allow you to buy your items online and pick them up at the store without having to set foot inside.

Prefer delivery? Apps like DoorDash and Instacart let you skip the store entirely.

4. Meal Plan Before Buying Groceries

Another way to cut costs at the grocery store is by maximizing your dollar through meal planning. Instead of purchasing groceries for individual meals, you can plan your weekly meals and buy all the necessary groceries at once.

This strategy enables bulk purchasing. Instead of buying one package of chicken for a single meal, you can purchase a larger package that can be used for three meals. Meal-prepping apps like Paprika, BigOven, and Prepear can assist you in organizing the ingredients you will need for the week.

5. Cancel Unnecessary Subscriptions

Nowadays, there are subscriptions available for music, food delivery, television, and much more. You might think that spending $10 to $20 a month on each of these subscriptions isn’t a big deal, but the expenses can accumulate quickly. If you subscribe to Netflix, Amazon Prime, and Spotify, that can total nearly $50 each month.

If you have a subscription that you rarely use, consider canceling it to reduce expenses. For instance, you might have Netflix, Disney Plus, Hulu, and Max. It's likely that you don’t have enough time to watch all of these. Select one or two that you enjoy the most and cancel the others. Alternatively, you could rotate your subscriptions each month to catch all the shows and movies you want from these services.

6. Use The 50/30/20 Method

If you are looking for a money-saving strategy, you can try the 50/30/20 method. This method helps organize your spending by ensuring you allocate funds into three main categories: essentials, wants, and savings. While you don’t have to follow the rule strictly, it can act as a loose guide to your spending.

Here is how the 50/30/20 method works:

• Spend 50% of your earnings on essentials (rent/mortgage, food, utility bills, etc.)
• Spend 30% of your income on wants (eating out, going to the movies, seeing a concert, etc.)
• Invest 20% of your earnings into savings

7. Automate Your Savings

If you’re looking for a way to reduce costs in the long term, consider increasing your savings. Setting aside more money each month in a savings account can help you accumulate funds for an emergency or achieve larger financial goals, such as buying a new house.

One way to invest more in your savings is by automating them. Banking apps like Wells Fargo and Capital One offer automation settings that allow you to transfer money from your work deposits into a savings account automatically. You can decide how much to transfer, so you don't have to do it manually.

8. Refinance Loans

If you are struggling to cover your monthly expenses due to a large debt payment, you can refinance your loan. This involves replacing an old loan with a new one to secure better terms, such as a lower interest rate or monthly payment.

Refinancing your loan with online lenders like Rocket Mortgage or SoFi can help you save money on your monthly debt payments. Keep in mind that reducing your monthly payment will lead to a longer debt repayment period.

Paying For A Financial Emergency With A Title Loan

The money-saving hacks mentioned above can help you cut expenses, but they may require some time to be effective. While implementing these money-saving techniques, you might encounter a financial emergency that you cannot cover. If you’re seeking a last resort to help with urgent expenses, a title loan at Wisconsin Auto Title Loans, Inc. could be beneficial.

Title loans are available to borrowers who have fully paid off their cars and have a lien-free car title. You can borrow up to $15,000 based on the value of your vehicle determined during a vehicle inspection.

You can get approved for a title loan if you have the following required items:

• A state-issued photo ID with your full name and age
• A lien-free vehicle title in your name
• Your vehicle for a fast inspection

You can get approved for a Wisconsin title loan today. Start the process online with our contact form before completing the process in person at a Wisconsin store location in less than 30 minutes. Access emergency funds from a title loan in Wisconsin within one business day.

Get A Title Loan In Wisconsin – Borrow Up To $15,000 Today!

Need money before these personal finance tips start working? Get fast emergency cash with title loans at Wisconsin Auto Title Loans, Inc. Complete the speedy, efficient approval process the same day you apply. Borrow money regardless of your credit score and keep your car during loan repayment.

Ready to get started? Submit your information through our online contact form and get approved in person in less than 30 minutes!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.