How I’m Saving Money and Combating Financial Anxiety in Today’s Economic Landscape

In recent years, the economic landscape has become increasingly unpredictable. With inflation hitting a 40-year high of 8.6% in 2022 in the wake of the COVID pandemic and many people experiencing shifts in job security, financial anxiety is common. Many of us, myself included, are grappling with uncertainty about the future and how to make ends meet.

Instead of letting fear take over, I decided to take control of my finances. By taking proactive steps to save money and find new sources of income, I’ve eased some of that anxiety. Here’s how.

Understanding the Current Economic Climate

Today’s economic climate is characterized by volatility, marked by rising energy costs and fluctuating grocery prices. It's easy to feel overwhelmed. However, I chose to face these challenges directly by making strategic financial choices.

By implementing money-saving strategies and finding alternative income streams, I developed a budget that helps me reduce stress while still saving. Here are a few techniques that have significantly impacted my financial health.

1. Create and Stick to a Monthly Budget

Establishing a monthly budget has been foundational to my financial wellbeing. I took one afternoon to sit down with a spreadsheet and outline all my expenses, from rent and utilities to groceries and entertainment. After identifying my spending habits, I pinpointed areas where I could cut back.

Organized monthly budget planner open on a rustic wooden table.

2. Review Subscriptions and Memberships

Many people, including myself, inadvertently overspend on subscriptions. Whether it’s streaming services, app subscriptions, or gym memberships, these costs can accumulate quickly.

I decided to examine all my subscriptions critically, assessing which ones I utilized regularly. I was surprised to find several I hadn’t used in months. By eliminating these unnecessary expenses, I freed up around $60 monthly.

For memberships I wanted to maintain, like my spa membership, I opted to freeze them during months when I wouldn’t use them. This approach ensures my financial plan can adapt to my varying needs.

3. Buy Non-Perishable and Shelf-Stable Food in Bulk

Buying non-perishable and shelf-stable foods in bulk has significantly reduced my grocery expenses. Stores like Costco offer great deals on bulk purchases. In fact, I saved approximately 20% on groceries after I began stocking up on essentials.

Items like rice, pasta, canned goods, and snacks have become staples in my pantry. It gives me peace of mind to know I’m prepared for possible grocery shortages during uncertain times.

Well-organized pantry featuring non-perishable food options ready for use.

4. Find a Side Hustle

Today’s gig economy offers countless opportunities for extra income. Instead of solely relying on a primary job, explore your skills to find a suitable side hustle.

Working for a delivery service can provide an additional source of income. On average, I earned an additional $200 a month from Shipt deliveries, improving my financial stability.

Taking this initiative is empowering, and I encourage others facing financial pressure to explore how their skills might lead to extra income.

5. Use Apps Like FreeCash to Make Extra Income

In addition to side hustles, I started using apps like FreeCash, which earn you money for playing games and completing surveys. While I don't view this as a solution to meet all my financial needs, it's a fun way to generate extra cash.

• I've earned around $40 a month from these activities, which goes directly into my savings fund. Small amounts like these can add up, especially when facing unexpected expenses. Sign up for FreeCash here.

• The Upside app is a great way to earn cash back on the gas you're buying anyway! You can earn up to 10% cash back (or an average of $0.10 per gallon). Sign up is free and easy here.

• Earn cash or gift card credits by scanning your reciepts with Pogo! In less than 10 seconds per receipt, you'll earn points that you can exchange for cash or gift cards. Sign up here and be sure to enter code 7NJXXB to get 250 bonus points after earning 5k points in the app.

Finding ways to make extra income while saving has greatly boosted my overall sense of security in these uncertain financial times.

Taking Charge of Your Financial Future

Combating financial anxiety today requires proactive strategies combined with a willingness to adapt. By creating a budget, reviewing subscriptions, buying groceries in bulk, exploring side hustles, and utilizing apps for earning extra income, I’ve reclaimed control over my financial future.

While the path forward can be unpredictable, we can take steps to prepare ourselves. Each action I take toward improving my finances boosts my confidence and reduces stress. I urge others to consider these tactics and discover what works best for their situations. Together, we can navigate this economic landscape, one dollar at a time!