According to Investopedia, only 47% of teens feel financially prepared for college or a career. The other 53% worry about financial instability, including rising tuition costs, student debt, inflation, and the overall costs of living. Building up a suitable amount of money for these situations can be difficult, especially in a tight economy. Despite these challenges, there are many practical ways to save money. Here are just a few.
How to Save Money on Gas
Gas is a major expense for many people, with the average person spending between $30 and $70 per week. One of the easiest ways to save money on gas is to compare prices, even if it only saves a few cents per gallon. Several apps can help with this, such as Gas Buddy and Upside.
Gas Buddy relies on users to report prices at stations across the United States, allowing others to find and compare the cheapest options nearby. Upside works in a similar way, but also offers users access to pricing information at grocery stores and restaurants nearby. Plus, as you use your credit or debit card, the app then provides instructions on how to earn cash back. Both apps are especially useful to those always on the road, such as gig workers who log miles driving people and packages around.
Carpooling is another effective way to reduce gas expenses. In addition to saving money, it benefits the environment by keeping fewer cars on the road and reducing traffic. When carpooling, each passenger can contribute a small amount toward gas, instead of one person covering the full cost. For students, carpooling to school or school events can be a great way to save some cash.
How to Save Money on Clothing
Clothing is another common expense. According to SoFi, the average amount of money spent on apparel and related services per year is $1,945. Costs can be even higher when purchasing from well-known brands like Nike, Adidas, and Levi’s.
One way to save money is to set a monthly spending limit. Being aware of your budget can prevent impulse purchases. Another popular and budget-friendly option is shopping at thrift stores. Thrifting is always a great option if you have a tight budget but still want to refresh your wardrobe. According to NARTS: The Association of Retail Professionals, there are more than 25,000 thrift stores in the United States, providing affordable and stylish options for shoppers. Two well-known thrift retailers in the United States are Goodwill Industries and Plato’s Closet.
You can find a Goodwill in Palmyra behind Papa Jim’s and Villa Nova’s, while Charlottesville has a Plato’s Closet, two Goodwills, Salvation Army, and Uptown Cheapskate.
How to Save Money on Groceries
Groceries can be especially expensive for larger households. According to the USDA, the average American household of four spends between $1,002 and $1,631 per month on groceries, which adds up to more than $12,000 a year just on food alone. To cut costs, making a list before you go shopping can reduce impulse purchases, encouraging budget awareness.
There are many apps to help with saving money on groceries for those who struggle with making lists and impulse buying. Two popular apps are Anylist and Cozi Family Organizer.
Anylist is an app that allows you to create shopping lists and to share them with family members. Family Organizer is nearly the same as Anylist, but it is mainly focused on entire households, syncing up the family’s schedule, emails, and reminders for upcoming events. These apps keep people aware and prepared, which is always beneficial when you’re trying to save money.
How to Save Money on Entertainment
Many people don’t like commercial breaks while watching their shows or movies, which is why paying for monthly subscriptions for streaming services has spiked over the years. According to Adwave, the average household in the United States spends $620 on streaming services per year on services such as Netflix, Hulu, and Disney+. Not only are there streaming services, but there are also music apps such as Spotify and Apple Music that many Americans subscribe to each month.
Individual subscriptions may seem affordable on their own, but most subscribers don’t just pay for one platform alone, so the monthly costs add up quickly. According to CNBC, more than 40% of Americans are paying for subscriptions they have forgotten about. Even with that high percentage, there are still many people who do keep track of their subscriptions by using apps. One popular app used for tracking subscriptions is Rocket Money, which tracks and cancels unwanted subscriptions and sends alerts to your checking account when your balance is too low.
For more ways to save money, check out America Saves.
