10 smart financial moves to help you stay on budget

Be a savvy shopper

Why pay full price if you don’t have to? Whether you’re shopping online or in person, look for ways to reduce the total cost of your purchase. Even saving small amounts on the items you buy can add up over time, giving you more money to put toward your financial goals.

1 Sign up for reward programs at your favorite places—Many stores and restaurants offer reward programs as a way to entice customers. Membership is usually free and can give you access to special deals and other perks. For example, you might earn reward points for every dollar you spend, which you can use on future purchases.

2 Take advantage of digital coupons—Make it a habit to check a store’s website or app for coupons before you start shopping. It’s a simple way to save money, and you’ll likely feel a sense of satisfaction when you see the total amount you owe go down. 

3 Consider store brands—Store brands often get a bad rap because of their generic names and packaging, but they can be good, lower-cost alternatives. The next time you’re in a grocery store, reach for a store brand and see what you think. You might discover a new favorite—and save a few dollars in the process.  

4 Minimize service, shipping, and delivery fees—These fees can potentially increase your total purchase by $5, $10, or more. Consider in-store pickup as an alternative, or look for businesses offering free shipping or delivery, although that may not always be your best option.

5 Avoid spaving—Spaving is when you spend money to save money—and it’s something we’re all guilty of. How many times have you added filler items to your shopping cart to qualify for free shipping or purchased three of an item when you only wanted one because the store was running a special? In both cases, you spent more than you planned—and on items you didn’t really need. Don't be afraid to pass up a deal if it doesn't truly benefit you. Sometimes it may be better to pay a shipping fee than to buy unnecessary items just to get free delivery.

Be mindful of your expenses and debt

The cost of everyday items isn’t the only thing that can eat up your money. Your living expenses and debt can also add up and hurt your progress on your financial goals. Here are some ways to help you manage both.

6 Shop around—Phone and internet services generally don’t vary much from one provider to the next, but prices can. Check out different providers to see if you can get comparable services at a lower cost. The same goes for streaming services. Start with your current providers, as they may be willing to negotiate to keep you as a customer.

7 Compare credit cards—Forty seven percent of credit card holders carried a balance at least once in the past 12 months.1 If you’re one of them, that’s okay. But you should compare your credit card against others to make sure you’re not paying too much in fees and interest charges. These costs can take a big bite out of your budget. Some credit card companies may offer zero interest if you transfer your balance to them. Be sure to pay off your balance before the promotional period ends.

8 Don’t rely on buy now, pay later—Like credit cards, buy now, pay later lets you pay for your purchases over time, typically in four equal installments. But you increase your debt each time you use it. And like all debt, you need to put money aside to pay it off, which means you have less to put toward your savings.

9 Ask about special financing options—If you're a military veteran or a first responder, you might be eligible for special discounts or lower interest rates when buying a car or a house. This special financing may make it easier for you to afford these items. Similar options may be available if you’re a first-time homebuyer.  

10 Consider bundling your insurance—You may be eligible for a discount if you bundle different types of coverage with one insurance company, such as combining your car and homeowners insurance. But do your homework. You don’t want to sacrifice coverage for cost savings. And be sure to get your insurance agent or financial professional involved. They can help you review your coverage and make sure you're receiving the discounts you may be entitled to, such as being accident free or having a home security system.

Stay on budget with effective spending strategies

Your budget plays an important role in helping you meet your expenses while saving for retirement and your other financial goals. Spending wisely today can help you stay on track for tomorrow.

1 “Economic Well-Being of U.S. Households in 2023,” Board of Governors of the Federal Reserve System, May 2024.