Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.
You may feel like you’re caught in the monthly grind of working just to cover your bills — and the holidays make it even harder to manage your budget, not to mention inflation. But with a little planning, there can be sensible ways to cut your expenses to free up a little cash.
Select spoke with experts to get their best tips and strategies to help you examine your budget and learn a few new ways to stretch your money a bit farther.
Here’s their best money-saving advice:
Subscribe to the Select Newsletter!
Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
Make a list before you grocery shop
Research what’s on sale and create a list before you shop. Stick closely to that list so you can avoid overspending.
“You can cut your grocery budget back just by shopping the weekly sales at your local grocery store,” explains consumer analyst Julie Ramhold with DealNews.com. “Rather than buying what you want to eat, try to focus on what’s on sale and meal plan around those items. This will result in you spending less on groceries.”
A grocery rewards credit card can also help you save over the long run. With the Blue Cash Everyday® Card from American Express, you can earn 3% cash back at U.S. supermarkets (up to $6,000 per year, then 1%; Terms apply). Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits.
Don’t miss Select’s round-up of best credit cards for grocery shopping.
Consider a side hustle
Do you have a hobby you’re especially good at that people will pay for?
“Maybe there’s a type of craft you like to make, or even a baked good or dish that everyone raves about,” suggests Ramhold. Consider offering up your services to your friends and family to earn a little extra cash — just make sure you charge them for supplies as well as your labor, she says.
Even if you don’t have a monetizable talent, chances are you have unused stuff sitting around that you could sell online. There are a huge range of online resell sites, from Facebook Marketplace to Depop, where you can sell clothing, furniture and home goods to bring in a little extra cash.