Many people are starting to think about their New Year’s resolutions for 2018. And just as many are starting to be seriously concerned about their holiday credit card bills.
While a realistic budget and accountability is always the best approach to financial wellness, it never hurts to learn a few new tips for saving money. Resolving to make just a few of these changes can have a demonstrable impact on your bottom line in 2018.
As you read the tips below, keep in mind that a typical family of four with school-age children spends $1,054 a month on food, according to the U.S. Department of Agriculture. In several cases, making just one small sacrifice would enable you to feed an additional four people for a month!
8 Easy Ways to Save Money in 2018
1. Research and switch cell phone plans. Better yet, tell your existing carrier you are planning to switch and see if they’ll match the deal you found. This can shave hundreds off your monthly bills.
2. Cook at home more often. According to The Simple Dollar , the average American spends $232 per month eating meals prepared outside the home. Even if you just cut that in half, you could save $1,392 by the end of the year.
3. Skip your daily coffee shop latte. The math is simple: $3.65 for a medium latte x 365 days = $1,332.25 spent on coffee a year.
4. Buy store brand groceries. On average, store brands are 30 to 40 percent cheaper than brand name ones. Switching to all store brand products should make a significant dent in your monthly grocery budget.
5. When you do eat out, stick to water. The average menu price for an imported beer is $5, according to Numbeo . This means that treating yourself and a date to two drinks with dinner once a week will cost you $1,040 a year. Stop drinking entirely and you will basically be able to feed a family of four for a month!
6. Bring your lunch to work. If you spend roughly $10 on eating lunch out each day, switching to a meal from home that costs $4 just four days a week will save you about $1,200.
7. Open and fund a Health Savings Account (or HSA). These portable accounts allow you to set aside pretax dollars for medical expenses now or in the future. According to Time.com , A single person making $60,000 (in the 25 percent federal tax bracket) who puts away $288 a month in an HSA would save $863 a year in federal income taxes. Once you’re retired, you can use HSA money for Medicare premiums.
8. Sign up for a free prescription discount card. Keep the Free FamilyWize Prescription Discount Card in your wallet ( or app on your phone) for each and every visit to the pharmacy. Quick and easy to use, the FamilyWize Prescription Discount Card has helped over 10 million people nationwide save more than $1 billion on their prescription medications – regardless of their insurance coverage.
How are you planning to save money in 2018? Share your tips with us on Facebook !
Sign up to receive our monthly newsletter, offering the latest health & wellness news and savings tips, delivered right to your inbox.