5 Budget Cuts Help Frugal Shoppers Beat High Prices
There is only so far you can stretch a budget. Although inflation has slowed, consumers are still feeling the pinch of high prices.
We asked an already frugal shopper about new things he's cutting back on to save money. Jack Prenter, personal finance expert and CEO of DollarWise, provided helpful insight into what he's cutting to stretch his budget further.
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1. Streaming Services
Streaming services offer flexibility, but it's easy to forget about subscriptions and incur costs. Many Americans spend hundreds annually on streaming apps and services, so finding wiggle room shouldn't be too difficult and can even be accomplished by means of simple rotation.
"I personally used to pay for three streaming subscriptions (Netflix, Prime and Apple TV), and cutting it down to just one service at a time has freed up extra cash to tuck into my savings each month. Once I've watched all the shows that I like, I cancel it and try the next service," Prenter said. "Once you're done with all of them, there will be new content out, so you can start the cycle again."
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2. Luxury Items
Luxury items are fun to have, but come at a cost. Prenter explained that he isn't going out to purchase the latest iPhone. Instead of spending hundreds of dollars on the newest model, he's sticking with his 5-year-old phone.
"I still use [an outdated model] that's 5 years old, and even when I bought it, it cost less than half of what the fanciest iPhone would have cost, he said. "It has made no difference to my life, except that my bank account is bigger."
3. New Items
Purchasing new is fun, but often comes at a larger cost. Opting for a gently used item reduces waste and saves money.
"I'm jumping onto Facebook Marketplace to save a few bucks, with everything from secondhand furniture to kitchen gadgets," Prenter said.
For those who don't use Facebook, alternatives include Craigslist, Nextdoor and OfferUp. They all provide ways to save money on new-to-you items.
4. Meal Delivery Kits
Meal delivery kits promise convenience and new recipe ideas. However, both perks have substantial price tags.
"I found they didn't save me much time and were far more expensive than buying basic ingredients from the store," Prenter said.
Instead, he looks for more affordable ways to prepare meals beforehand.
"I've also found that buying frozen vegetables is half the price or less of the fresh produce," he said. "I throw broccoli, cauliflower, carrots, garlic and mushrooms onto a baking sheet and put it in the oven at 450F. With a bit of salt, olive oil and lemon juice, you get a delicious and nutritious plate of veggies that you can add to your meals for the next few days."
Time and money are saved, which is a win-win.
5. Meat at the Grocery Store
Shopping at the grocery store has been painful for most Americans of late. Buying meat, for example, has become particularly difficult. While Prenter hasn't cut meat out, he's being strategic in his purchases.
"Last week, I bought 10 packs of chicken and pork skewers on sale. Each pack has eight skewers, so that's 80 skewers total! They were on sale because the use by date was two days away. But I froze all of them," Prenter said.
If you can freeze meat and cook in bulk, this can be a great way to save money.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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