At Untangle Money, we believe every woman deserves financial independence and security. We know navigating the financial world can be challenging, but with the right tools and knowledge, you can take control of your finances and watch your savings grow.
So today I’m sharing some essential money-saving hacks I think every woman should know.
1. Have an Action Plan (AKA: Financial Plan)
Know Where Your Money is Going, and What You Want Your Money To Do For You and Stick to It
Seriously though, stick to it! Spending intentionally is the cornerstone of financial health. Start by tracking your income and expenses for a month. Categorize your spending and identify areas that do and do not bring you joy. Consider cutting back on the spending that isn’t adding joy, and try to increase spending where you are finding joy. Remember, your money is doing a job for you, being intentional about where you put your money to work (is it bringing you joy, or is it making sure you’ll be okay in the future) is not a restriction; it's a plan for your financial freedom and it puts you in control of your life.
In addition to a plan for your Now Money, it's crucial to have an action plan for your Future Money (AKA: a financial plan). A personalized financial plan outlines your short-term and long-term financial goals and the steps needed to achieve them. It involves trade-offs - do you prefer this, or this? It includes everything from saving for emergencies to determining what you want your retirement to look like and a plan to get you there. A solid financial plan acts as a roadmap, guiding your financial decisions and helping you stay focused on your goals.
Get your Untangle MINI to simplify the process. If you earn money and feel unsure about where your savings are headed, aren’t sure where to start, feel like the finance industry wasn’t built for you, struggle with managing your finances or have anxiety when it comes to how to handle your money, getting your Untangle MINI will help.
2. Automate Your Investments
You won’t even notice the money moving from one account to the other! Set up automatic transfers to your investing account. Treat your investments like a non-negotiable bill. Whether it's 10% of your income or a specific amount each month, automating your investments will ensure you prioritize your financial goals without having to think about it. (Your Untangle MINI will tell you exactly how much you need to invest each month to live the life you want).
3. Shop Smart
Be a savvy shopper. Take advantage of sales, discounts, and loyalty programs. Use price comparison tools and apps to ensure you’re getting the best deal. Consider buying generic brands for everyday items – they often match the quality of name brands at a fraction of the price.
Some other helpful shopping tips:
Just because it's on sale, doesn’t mean you need it. Ask yourself, does this bring me joy, and use your Flex Money number to figure out if you want to work that many hours to own it. Yes, that new top might be fun, but maybe it’s not worth 10 hours of your time (Fun Fact (?): The average Ontario woman has just under $4/hour that she can spend on food/clothes/gifts/all the things that come up), that means to purchase a $50 item after-tax she needs to work 11.5 hours to purchase that item. Maybe that feels like a bargain, or maybe that feels like too much. That’s up to her.
Our Favourite: Sleep on it! Take a day, a week, a month, however long you need to really think through if you need it, and why you want it. Who knows, the next day you could change your mind or soon enough you’ll forget you ever wanted it in the first place.
Be weary of trends! We all want to be wearing the latest styles our favourite celebs are sporting, rocking the newest sneaker seen on feet everywhere, and more. Is it REALLY going to bring you joy, and do you feel like working the hours to purchase it? ? Remember, trends can be fleeting, changing all the time. It's impossible to keep up and you don’t have to. Focus on yourself, what you want and need and remember the point above^!
Get your circle of friends together and have a clothing swap - what's mine is yours! This is a great way to give the environment a break, while also finding clothes that are new to you.
4. Meal Prep and Plan Your Groceries
I know, I know… it's patio season! But eating out can quickly drain your budget. I like to plan my meals for the week ahead of time and create a shopping list to avoid impulse purchases when I do groceries. This also helps me avoid eating out too much because I know I have food at home that I don’t want to waste. Meal prepping has saved me so much time and money, plus it ensures you have healthy meals ready to go, reducing the temptation to order takeout.
Sisterly Advice: never go grocery shopping when you’re hungry. Also, if you notice that you make a lot of impulse purchases at the grocery store, ordering online might counter-intuitively save you money, but keeping your eye on the prize.
5. Review Your Subscriptions
We can’t stress this one enough. Disney, Netflix, Crave, Spotify, Apple Music, Cable T.V., the list goes on and on. There are SO many subscriptions out there nowadays. Research shows subscriptions bring us very little joy. It’s easy to lose track of those subscriptions, from streaming services to magazines. (Most Canadians think they have 3 subscriptions when they actually have 8).
Periodically review and cancel any that you no longer use or need. Consider sharing subscriptions with family or friends to split the cost. Yes, I know Netflix has cracked down on that… sigh, but lots of others still allow you to share. Get on that Spotify family plan and split the cost!
Our favourite activity for subscriptions is this:
Create a recurring event in your calendar. Make it the first thing you see on the first of the month.
Title it: I am great with money (another favourite is I can be trusted with money). Any positive affirmation about money will do.
Inside the event notes write: I am so happy that I get to spend this money on me.
Then list the after-tax cost of all your subscriptions. Bonus points if you include the number of hours you need to work to purchase that subscription).
Once a month, scan your subscriptions. If they all bring you joy- you’re all done! See you again next month. Or, if you find yourself waffling (is there really anything good on Netflix right now?), cancel that subscription RIGHT AWAY.
MOST IMPORTANT STEP: spend that money on yourself as soon as possible. Get yourself a beverage of your choosing, buy a book, whatever you’ll enjoy. This will show you how much more joy you can get from your money - those exact dollars.
6. DIY When You Can (if it’s fun for you).
Embrace the DIY spirit, embrace Pinterest. Whether it’s home repairs, beauty treatments, or gifts, doing it yourself can save a significant amount of money. Who doesn’t love a homemade gift? There are countless tutorials online to guide you through projects that can be both fun and economical.
7. Explore Lowering Your Bills
Don’t hesitate to reach out to your service providers for internet, cable, and insurance to inquire about any available discounts or promotions. Often, simply asking about ways to lower your rates can lead to significant savings. Many companies have special offers or unadvertised deals that can reduce your monthly expenses. Sisterly Advice: phone companies monitor call-center calls until the last few days of each month. Calling on the 26th of the month might give the operator more leeway to find a good deal for you. Be respectful and kind - we know how frustrating these calls can be.
8. Embrace Minimalism
Less is often more. Focus on buying quality over quantity and invest in items that have long-term value. Build a capsule wardrobe! Declutter regularly and sell items you no longer need. This not only helps you save but can also bring in extra cash. (We love a good Kon Mari, if you’re looking for a process and a system to help you with making decisions!)
9. Use Cash-Back and Reward Programs
Take advantage of cash-back credit cards and reward programs. Earn points on purchases you’d make anyway and redeem them for cash, travel, or other perks. Just ensure you pay off your balance each month to avoid interest charges. Sisterly Advice: sites like Moneysense, CreditCardGenius, and Ratehub, all have handy comparison articles and tools to help you get the card that will work best for you.
10. Educate Yourself and Others About Finances
Knowledge is power. Continuously educate yourself and those around you (especially the women in your life) about personal finance. Follow trusted financial blogs (well, you’re already following the best if you’re reading this), listen to podcasts, and read books on money management (we love books by Shannon Lee Simons, and the Value of Simple continues to be a great source of practical, easy to follow guidance for Canadians). The more you know, the better decisions you can make. Not to mention the more you share financial knowledge with those around you, the greater the collective understanding and positive impact on everyone's finances.
11. Invest Your Money
Women are often excellent savers, but saving alone isn't enough. Cash doesn't grow; in fact, it loses purchasing power every year due to inflation. To build wealth and secure your financial future, it's essential to invest. Investing allows your money to grow over time, taking advantage of compound interest and market gains. Start by educating yourself about different investment options, such as stocks, bonds, mutual funds, and real estate. Consider working with a financial advisor to develop an investment strategy that aligns with your goals and risk tolerance. Remember, the sooner you start investing, the more time your money has to grow.
For more information about investing, checkout some of our previous blog posts:
Final Thoughts
Saving money doesn’t have to be a daunting task. So let’s not make it one. By incorporating these hacks into your daily life, you’ll see your savings grow and your financial stress diminish. At Untangle Money, we’re here to support you on your journey to financial wellness. Remember, every small step you take brings you closer to achieving your financial goals.
90% of women want help with their money - are you one of them? Stay tuned for more tips and resources from Untangle Money, and let’s untangle your financial future together!
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Ready to kickstart your financial independence journey? At Untangle Money, our mission is to provide inclusive support to women and individuals who may feel underrepresented in traditional financial spheres, often dominated by cisgender men. At Untangle Money, we're here to help you achieve financial success with clear advice and practical solutions. Our affordable Untangle MINI AUTO makes it easy for anyone to get started. Join thousands of women improving their financial well-being. Check out our products and plans here, or get in touch for a free consultation!
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