With prices climbing, paychecks being stretched to the limit and an economy that’s more than uncertain, Black folks are taking a closer look at their spending and what it means to live comfortably. From groceries to gas to clothing, the cost of everyday essentials are hitting pockets harder than they have in recent years, and the ongoing government shutdown might push us ever closer to a full-blown recession.
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The good news is that saving money doesn’t always mean drastic changes. With a few minor adjustments to your daily habits, you can make a significant impact on your budget.
Use Coupon Apps
Apps like CouponCabin can help you ease the pain of retail prices with deals for food, recreation, travel, apparel, beauty and much more. According to the CouponCabin blog, a typical digital couponer can save about $1,465 a year. Pro tip: Download a coupon app and enable notifications to stay up-to-date on the latest deals.
Cancel Unnecessary Subscriptions
You’re probably wasting money on a service you rarely or never use. From food subscriptions to apps, you could be throwing away anywhere from $200 to more than $1,000, according to CNET. Canceling subscriptions you don’t need, or downgrading to free versions, can go a long way in freeing up some extra cash. Pro tip: Review your bank and credit statements for recurring charges. Cancel any service you haven’t used in the last three months.
Trade in That Gym Membership for Free Alternatives
We know you meant it when you made that New Year’s resolution to hit the gym hard. If your plans haven’t quite worked out, consider this: In 2024, the average cost for a monthly gym membership was $69, and the median monthly membership hopped up to $38. If you’re not using your membership, cancel it! Try free YouTube workouts. You’ll find yoga, Pilates, weightlifting, HIIT and more. Or take your workout outside, walking and jogging are free. Pro tip: Consider teaming up with a friend as an accountability partner, or check meetup.com for local walking or running clubs.
Skip That Latte Line
Coffee snobs won’t like to hear this, but you can make it at home. Even if you can’t imagine life without your lattes, you don’t need a fancy espresso machine to make them at home. A simple frother and an individual French press can help you recreate your latte experience for less.
Go Thrifting
Rather than always buying new, you can purchase used or lightly used items (like clothing, furniture and books) for significantly less. Thrifting supports a sustainable lifestyle, and one study suggests that people who thrift save an average of $1,760 per year. Now that’s some cash you can use for something else. Pro tip: Need some inspiration? Check out @aaricanichole or Thrifting Black Guy
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