Compiled by Shayna Mace
I come from a line of women who brag about what items they scored at Goodwill and how much money they saved while grocery or clothes shopping. With today’s inflation, all of us are looking for ways to cut back. Here are some great tips to help you do a little scrimping and saving.
EVERYDAY BUDGETING
- Avoid impulse buying. Add items to your shopping cart and revisit them another day to see if you still want them. Shopping can give you a quick rush, but it may hurt your finances in the long run.
- Save first. Create an automatic transfer from your main bank account to your savings account. Paying yourself first helps you build a financial safety net.
- Budget for fun money. Allocate a set amount each month for discretionary spending to enjoy guilt-free splurges.
- Consider buying a used car. Cars lose value quickly. Opting for a used car with low mileage can save you a lot of money.
- Invest in timeless fashion. Keeping up with fast fashion trends can be pricey. Buying a few classic, versatile pieces to mix and match can save money while keeping your wardrobe stylish.
- Be smart with luxury purchases. If you’re buying a luxury item, ensure you have enough cash in your bank account to cover it — even if you’re paying with a credit card. — Victoria Thayer
- My husband and I love doing a yearly money-saving challenge we found on Pinterest. You can find free templates on Pinterest and pick a challenge that varies from $1,000 to $5,000 in savings for the year. Each week, we stash away different amounts based on the chart, and by the end of the year, we have a vacation fund. It’s a fun, low-stress way to save for trips — and we always look forward to seeing where our savings will take us next year.
- Every year, I commit to a dry month challenge, and it’s amazing how much money I save just drinking water at dinner instead of cocktails or wine! Bonus: It keeps me feeling healthy, hydrated and ready to take on new adventures. — Shyla Gorham-Martin
TALKING TAXES
- Maximize business deductions. If you run a business or side hustle, make sure to claim business mileage and a home office deduction on your taxes! Apps like QuickBooks Online and MileIQ simplify the process and help you avoid missing out on tax savings.
- Don’t forget about childcare tax credits: Expenses like summer camps often qualify for the childcare tax credit. — Victoria Thayer
CONSIDER CREDIT CARDS
- [Think about getting] a travel rewards credit card that offers complimentary airport lounge access to save on food, WiFi and other amenities during layovers. Additionally, sign-on bonuses are very generous, and you will be earning points on travel- related purchases that can help offset future travel costs — provided the balance is paid in full each month. — Victoria Thayer
REAL ESTATE CONSIDERATIONS
- If your mortgage includes private mortgage insurance (PMI), make extra payments whenever possible. Removing PMI could save you hundreds per month and should be a priority after addressing high-interest debt. — Victoria Thayer
- Instead of decreasing the purchase price [of a house offer], talk to your real estate agent about asking the seller for a seller credit that will allow you to keep more money in your pocket at the closing table.
- Not too keen on offering over the asking price or competing with other buyers? Plan ahead and consider purchasing a home in the fall or winter to compete less and negotiate more. — Brittany Wenninger
HEALTH CARE HACKS
- If you don’t have employer-provided health insurance, consider [direct primary care, or DPC, which is] an affordable monthly subscription to a place like Solstice Health. (Editor’s note: Solstice Health is outside of Madison. Advocate MD, rootsMD and Dedicated Family Care are all DPCs located in Madison.) For $39–$79 per month, you can get unlimited doctor visits, wholesale labs, imaging and medications. Businesses can also enroll employees for a significantly cheaper alternative to traditional health insurance. — Victoria Thayer
- If you can start a health savings account (HSA) tied to your insurance plan, hack your taxable income by contributing the maximum allowed annually. If you choose to use those HSA dollars to pay for qualified health-related goods beyond just prescriptions, hsastore.com is a one-stop shopping site that also assists with expense tracking. To explore using those tax-free dollars for more creative wellness-related products and services (think: red light therapy, saunas, massage, yoga classes)truemed.comcandoaquick health assessment and provide you with a letter of medical necessity if you are eligible. — Jessica Duren
TRAVEL TIPS
- When looking for a vacation rental on Airbnb or Vrbo, look at both websites to compare prices. Typically hosts will list their home for less on Airbnb because their host fees are cheaper and hosts will increase the price on Vrbo to make up for the host fee margin. — Brittany Wenninger
- If you’re flexible with travel dates and destinations, you can score some incredible deals. Websites like Going and Google Flights send amazing deals, but you’ve got to be quick to grab them. — Shyla Gorham-Martin
HOW WE SAVE MONEY
BRAVA staffers share their favorite money-saving hacks.
- “One of my favorite hobbies is reading. Since I read several books a month, I only purchase the books from my favorite authors for my personal library and get the rest from my local library. Putting books on hold has been a great way to read new releases and explore new authors without spending any money.”
— Dena Frisch, sales manager - “Buying higher-quality clothing not only saves you money in the long run due to not having to replace it [as much], but it’s also good for the environment. I love thrift store shopping — often you can find just what you’re looking for at a thrift store for a quarter of the price.”
— Cici Rindy, social media manager - “Get a membership to the Madison Children’s Museum. They have a reciprocal program so you can visit other children’s museums throughout the U.S. There are also Wisconsin attractions (like the Milwaukee County Zoo) that if you purchase an annual membership, you can get free or discounted admission to over 150 American Zoological Society-accredited zoos and aquariums.”
— Melissa Moody, graphic designer - “Those who know me are aware of my devotion to imPRESS’s press-on nails. They range in price from $6.99-$9.99 per set, are non-damaging to your nails, can last up to two weeks and don’t chip! Truly life-changing for busy people who don’t have the time or money to get a manicure — but want fabulous nails.”
— Shayna Mace, editorial director
WHO WE TALKED TO
- Jessica Duren, SVP private lending, Greenwoods State Bank
- Victoria Thayer, president, Novii CPA
- Shyla Gorham-Martin, transaction manager-healthcare advisory practice, Cushman & Wakefield
- Brittany Wenninger, realtor/owner, Front Porch Realty, Real Broker LLC
