THANKSGIVING is just weeks away – but you might need to save some extra money so you can fully enjoy the holiday.
Some save money by cutting their monthly costs, while others take advantage of rewards offered by retailers.
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We break down several ways you can save hundreds of dollars in time for Thanksgiving.
Stop going to Starbucks every day
You might have looked at your monthly statement lately and are shocked at how much you are spending on coffee at your local store.
The average cup of coffee in the US costs $3.28, according to CreditDonkey.
That means if you are buying a cup a day you are spending just under $23 a week, or nearly $92 per month.
And you might even be spending more if you go to a premium coffee shop like Starbucks.
Instead, you would save a ton of money by just making coffee yourself at home.
At Bed Bath & Beyond, you can buy 22 K-cups of Starbucks’ house blend coffee brand for just $18.99.
Depending on how often you drink coffee, that might be able to get you through the whole month.
Plus, that represents savings of about $73.
Cut costs around the house
As a result of rising inflation, households are spending an extra $175 a month on housing, fuel, and food, according to Moody’s Analytics chief economist Mark Zandi.
Some might be worried about their natural gas bills surging as it gets colder and they need to turn the heat on.
Alex Williams, chief financial officer of retail shopping advisory platform FindThisBest, told The Sun that the average American natural gas bill could “rise a little above $100 a month".
If you’re trying to prevent costs from getting out of control, Paul Rhoads, vice president of EnergyPricing, recommends doing three things to lower your gas bill:
- Shut off appliances when they are not being used
- Turn off heat when not home
- Reduce time in the shower to conserve hot water heating.
In 2019, the average residential gas bill was $712 a year ($59 per month) in the US, according to the American Gas Association.
For another cost around the house, we show you how you can cut your cable bill by up to $178 a month by switching to streaming.
Cutting these two costs could save you up to $219 per month.
Round up purchases
Rounding up purchases could be a sneaky way for many to save money.
This can be used on your everyday purchases including a $9.25 lunch at McDonald’s.
You can then round up your purchase to the nearest dollar into your savings. In this case, you would save 75 cents.
And luckily there are round-up savings apps so you don’t have to round it up manually every time.
Some round-up savings apps including Acorns and Qapital will do this automatically and will allow you to put it into investments.
However, these apps come with monthly fees.
One round-up savings app that doesn't require a monthly charge or a minimum balance is mobile banking service provider Chime.
Chime will send your spare change to a savings account.
Saving cents after one purchase may not seem like a lot but it adds up over time.
For instance, assume that you make ten different purchases every week that averages 50 cents in spare change for each purchase.
That would save you $5 a week or $20 per month.
Cashback
Coupon sites allow you to save money on the purchase itself and they give you cashback on purchases at some major retailers.
Some popular coupon sites include Rakuten and Ibotta, and they could be worth using for essential purchases.
According to Ibotta, its average user earns $150 each year from online purchases and groceries.
That would represent savings of $12.50 per month.
By using all of these steps, you could save up to $324.50 per month.
We show you five ways you can save on prescription drugs.
We also show you five ways you can reduce your grocery bill.
Plus, we recently explained four bill providers that might be overcharging you.
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