Saving money isn’t always as easy it seems. Often our daily habits can lead to a higher than ideal spend rate. But just a few changes to your day-to-day can add up to big rewards in your savings account. Things like dining out, subscription boxes, and payment plans can add up quickly. By actively tracking your spending, you can focus on a few key areas to reduce spending and save money this year.

Reduce dining out costs to save money

If you spend a lot of money every month on food, you’d be surprised at how a little menu planning can be an easy way to save. Forbes Magazine states that it is five times more expensive to eat out than to cook at home. According to Journey Foods, the average cost of eating out is around $20 per meal, whereas eating at home is about $4.00. 

Planning your weekly meals ahead of time can help you avoid the temptation of eating out when life gets hectic. For example, if you create a menu for yourself each week, it will help you plan what to buy and how to prep your food. Whether you’re shopping at Good News Natural Foods or Trader Joe’s, it’s essential to have your menu top of mind to make your shopping as efficient as possible.

Try this next time you want to dine out: take your savings account on a “savings date.” Calculate the cost of dinner and a movie and put that amount into your account.

Track your expenses and know what you’re paying for 

Finding ways to save money doesn’t have to be rocket science, but it certainly feels that way when deciding what subscriptions to keep. Many people have Netflix, Disney+, Amazon Prime, an auto financing plan, rent, loans, and medical bills to pay monthly. When it comes to subscriptions, just ask yourself: how often do I use this, and do I really need this? 

For example, is $150 per month too much for a gym membership? It depends. How often do you use the gym, and how important is it for your lifestyle and mental health? If it’s essential to you, you might have to be willing to sacrifice in other areas.

If you realize that you’re spending $2,400 per year on cable television and decide to cancel that subscription, you can make up the difference to keep the gym membership. Tracking your expenses is a great way to view your spending rate holistically. When you know where your money is going you can make more intentional choices. 

Payment plans to help you easily save money

When it comes to loans and financing plans, especially those with a high-interest rate, it is essential to begin making larger payments on the plan to lower your monthly bill. Once you have started making these adjustments to your payment plans, you will see opportunities to bolster your savings account. 

If you’re trying to manage several loans with high monthly payments, a consolidation loan could help you get ahead of the curve. Get in touch with DEXSTA to learn more about our current loan rates and how consolidation can help you save money.

Increase your savings today

As you begin preparing for more changes in your day-to-day life, your savings account will be thanking you. The long-term benefits of incorporating a money-saving plan into your life can help improve your financial stress, savings, and overall well-being.

If you’re interested in learning more about what DEXSTA Federal Credit Union has to offer, get in touch with us today.