Adopting frugal habits is becoming a more popular financial choice in 2024, particularly because of inflation. Everything — from fast food to movie tickets — is much more expensive than a decade ago. If you’re looking for ways to save some extra money each day, consider the following suggestions.
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You’ve got to be prepared though, as the best ways to save money can be quite daunting, especially at first. That said, here are five ways to save money every day.
Cook at Home
Everyone loves restaurant food; this is understandable. Who doesn’t want a professional to cook them something delicious? Eating out is typically a social event, too — meaning you also get a boost from spending time with your friends and family. That being said, eating out can cost substantially more than cooking at home.
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Delay Purchases of New Items
Interested in a new smartphone or laptop? It’s a well-known trend that the newest releases cost the most. Depending on the item and demand, prices for these items can drop quickly — even within one year. So go with the slightly older model.
Don’t Watch Movies in Theaters
This is another tough one, because who doesn’t love spending time with others and seeing movies on the big screen? The issue is, the average ticket price in 2024 is nearly $23, according to Statista. If you want premium seating or IMAX, you’re looking to spend double that. Ten years ago, the average ticket price was just over $8. By waiting for on-demand, you can save quite a bit. While the prices of renting movies has also risen over the years, the typical cost on Amazon Prime to rent a recent film is around $3.99 to $5.99.
Buy Store Brand
Rather than buying name-brand items you’re accustomed to at the supermarket, go with store brand. Research suggests that these alternatives are often equivalent in nutrition and ingredients, meaning you’re getting mostly the same food, for 20% to 25% less, according to Consumer Reports.
Use a Cash-Back Credit Card for Purchases
Credit cards like Capital One Quicksilver or Chase Freedom Unlimited allow you to earn cash back on everyday purchases.
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This article originally appeared on GOBankingRates.com: 5 Frugal Habits To Save Money Every Day
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