You might think the average family in Washington would spend hundreds of dollars a month on groceries, but that’s not quite true.
For example, according to the Washington Post, you could save up to $10,000 a year on rent and childcare by not renting out your home.
And if you’re an artist, you can save up a cool $2,500 a year to pay for a studio or art gallery.
Read more about the impact of the housing crisis on families here.Read more The Washington Post article Here’s how you can get started: 1.
Save up for a house or condo, and save on the mortgage.
If you’re buying a home or condo that you’re planning to stay in for at least five years, you might be able to save up on the entire mortgage.
A $200,000 mortgage is about $15,000 per year.
Save money on a monthly or annual rent check.
You might be surprised how much you save on your rent, if you buy a one-bedroom apartment for $1,000/month.
Save on a car lease or rent supplement.
There are plenty of car leases and rental supplement options to choose from, and they are usually cheaper than the typical rental.
Save a little on food.
A few grocery stores in your area can often sell food for as little as $1.50 per pound, and some are offering discounts of up to 25 percent off.
Get involved in a local non-profit.
Your local non -profit can be a great place to save on food and other essentials.
You could give back to a local shelter, soup kitchen, or other non-profits.
Save your pennies.
It might not seem like a big deal to save a little money on rent, but it could have a huge impact on your overall financial security.
Invest in your retirement.
Investing in your own nest egg will allow you to save for your retirement as well.
Take out a home equity loan or line of credit.
Loan money can be extremely helpful if you’ve been struggling to make ends meet for years.
Shop for appliances.
Budgeting can be tough at the end of the month, and if you can make ends meets on appliances, you’ll have more money for your monthly expenses.
Use savings to pay your utility bills.
Utility bills are a big expense that can come with a huge financial hit.
Start saving for emergencies.
An emergency can be an opportunity to make some extra cash, especially if you are experiencing financial difficulties.
Use credit cards for purchases you can afford.
Most credit cards offer rewards programs that can boost your credit score.
Pay your bills on time.
Don’t be afraid to pay off your credit card debt as soon as it is due, because there is a good chance that your debt will be paid in full after a few months.
Stop spending money you don’t need.
Make sure you’re not spending more than you need and using less of what you don, if possible.
When you shop online, you may find a few things that you can use to reduce your bills, like saving money on groceries or making purchases on a more flexible budget.
Get a bank account.
Bank accounts allow you a number of financial benefits, like paying less interest on your debt.
Make emergency savings for emergency spending.
Having a checking account can be great if you have a family emergency.
Use prepaid credit cards.
Pay-as-you-go credit cards are a great way to save when you need it, and can even be used to pay back your credit cards in the future.
Whether you’re saving money or you’re paying it off, you should be making sure you are investing wisely.
It may seem like you have too much to pay and that it’s time to take a little risk.
Shop on Amazon.
Amazon is one of the best online retailers for shoppers to save, so be sure to browse through their wide range of products to see what they have to offer.
Use a mobile app.
Not everyone needs a tablet to do their shopping, and not everyone needs to shop on the go. 22.
Read a good book.
One of the biggest benefits of being a financially independent adult is being able to read and enjoy books, whether it’s a good one or not.
Get to know your local parks.
Parks are a major source of money for many people.
Whether you’re living in the nation’s capital, or you live nearby, you will find plenty of great parks to visit.
Make an emergency