Growing up in the U.S. as a Hispanic with immigrant parents was a double-edged sword for me. While America offered my family an opportunity to explore and get better, it also made us realize that fitting into the American dream might take longer for us than for most of the white American families.
So, while most people around me had a white-collar office job, my parents were busy making ends meet, saving pennies, and living a frugal life. Eventually, when I grew up, I realized I was hyper-focused on saving money, exploring ways to earn more, and finding loopholes to cut costs to a minimum.
These inherited frugal habits from my parents helped me stay debt-free, save more, and buy things upfront rather than relying on bad loans.
If you are just entering your adult life, here are some of my favorite tried and tested tips that have helped me save money and stay debt-free.
Compare Before Buying
One of my earliest childhood memories is shopping with my mother and buying things. For most people, shopping with family is fun. All you need to do is fill up the cart and pay the bill.
However, my mother was always on a tight budget, so buying things in bulk, comparing prices, and looking for ways to save some bucks was her favorite pastime. Eventually, when I grew up and started buying things, I realized comparing prices actually helps. Even on online retail therapy or while buying daily utility items, comparing quality, price, and value helped me a lot.
For instance, while subscribing to my internet package, I compared speed, price, features, and other charges. This helped me shortlist the best internet service providers in my area, offering reliable service at affordable rates. Eventually, I chose to opt for Cox, mainly for their fast speeds, affordable prices, and great customer support.
Moreover, compared related services like customer support in Hispanic, equipment installation, and add-ons, they also have a separate número de Cox para pagar bill.
Sign Up for Newsletters
For most people, promotional emails are annoying. I know because I have seen my friends deleting brand emails in bulk or shifting them to spam folders.
However, I am going to let you in on a little secret. Newsletter and email marketing is a goldmine for people who want to save money. Most of the brands offer weekly and monthly deals for their customers, while others roll out event-based discount offers.
Most of these discount offers are exclusive and come with a time limit. However, in some cases, you might end up getting discount codes that you can utilize for your next purchase.
For starters, if you want to save money with online shopping, make sure to keep the notifications on. Most e-commerce stores and online brands send notifications about sales, offers, discounts, and upcoming events, so you can get your cart ready for the sale.
Explore Healthy Hobbies
Most people complain that they are impulsive buyers. This issue is quite common among youngsters because everything is accessible to them. So, they either spend a lot of money at once or like to buy things that they do not need.
If you are facing the same issue, it is recommended to analyze your overall spending habits and the trigger behind this. The majority of the buyers report that their impulsive buying is triggered by boredom.
In this situation, seek a productive hobby. A good hobby will keep you occupied and you will get to spend quality time with yourself. Moreover, some hobbies can become an excellent side gig, creating a passive income stream that can add to your financial portfolio.
Bundle Up Offers
Bundling is a great option for people who aim to save some money. My mother often bought utility items from big brands like Costco because of their bundling offer.
Later in life, I realized that when companies offer multiple services, they often try to offer freebies. While this works as a promotional strategy for the brand, it also helps the customers save a lot of money in the process.
For instance, most internet service-providing companies in the USA also offer TV and phone services. These brands offer both stand-alone services as well as bundle packages. If the users end up subscribing to the bundles, they can end up saving some money.
Moreover, some brands also offer complimentary services for the first few months to sweeten the deal and help the users to try out new services. Overall, bundling is an excellent way to cut the cost of living, especially by saving up on utility bills.
Allocate a Budget
Saving money is all about allocating money for each utility and task. While growing up, my mother would pay us a certain amount of money to spend during the month.
While my brother would end up spending all the money within the first week, my sister and I would spend time budgeting everything. This skill helped me save a lot of money in real life, especially in the case of utility bills.
A good way to save money on your paycheck is by listing down your bills and essentials first. This will help you set a fraction of your take-home salary for the essentials. From the rest of the money, you can allocate a small budget for saving and entertainment. This basic budget framework can be used by anyone regardless of the take-home amount or overall salary.
The above-mentioned tips are some of the simplest yet most effective tips that I have learned living with my Hispanic parents. These tips won’t just help you save money but will also ensure that you become financially literate. However, it is better to explore your spending habits before you think about saving money.
