Inflation is on a tear, markets are volatile and consumer dollars aren’t going as far as they once did. It sounds like a perfect time for some valuable penny-pinching tips in this week’s Five For Friday.
#1: Cash stuffing
Popular video-sharing app TikTok has turned the old-school “cash envelope system” on its head. “Cash stuffing” — what people are calling it on social media — is the budget hack of spending only physical cash on expenses. Simply decide on a budget, divide the cash into envelopes representing different expense categories and don’t veer from the process. Roughly half a billion views with the #cashstuffing hashtag can’t be wrong, right?
#2: Check unit prices
On the next trip to the grocery store, be a savvy shopper by comparing unit prices — not the sticker price. Let’s say there are multiple laundry detergent bottle sizes at a variety of price points. Simply check the unit prices on the shelf sticker to determine the better deal.
#3: Join a Buy Nothing group
Consider joining a local Buy Nothing group where people simply give away items they no longer need. That’s right, everything’s free. Two women from Bainbridge Island, Washington, started the nonprofit to create a “hyperlocal gift economy.” No one’s making any money, not even Facebook, where the majority of groups are hosted.
#2: Visit a pawn shop
Pawn shops do brisk business during tough times, so not surprisingly, they’re seeing more foot traffic lately. Sell jewelry, musical instruments and electronics or pawn stuff for a quick loan against an item. Customers can reclaim it once they’ve paid back the loan plus interest. According to National Pawn Brokers, 85% of Americans do end up reuniting with their cherished belongings.
#1: Gas, gas, gas
While most won’t be able to lower the average $4 price tag, there are ways to eke out a little bit more from each fill-up. The GasBuddy app will help you find the nearest station with the best prices, while Upside app will give you cash back when fueling up. On a very basic level, drive smoothly: A light foot on the break and accelerator pedals will put more time between each fill-up.