Smart Money Moves with Anthony ONeal

WCCB Staff, Derek James,

CHARLOTTE, N.C. – Smart money moves! Derek talked with financial expert and host of “The Table” on YouTube Anthony ONeal about things you can do to stretch your dollar further.

Shop Strategically on Essentials

  • STAT: Inflation hit a 40-year high in February as consumer prices rose 7.9%. Gas prices increased by 6.6%.
  • Now more than ever you need to find ways to cut corners on household essentials like gas and groceries.
  • When it comes to gas, be strategic about how you use your car.
    • Run all of your errands in one trip. Choose a time when you know there won’t be traffic.
    • Pay with cash. Sometimes gas stations will give a discount when paying with cash.
    • Consider carpooling when possible and splitting the cost of gas.
    • Don’t let your tank get to empty. Give yourself enough runway to shop around for the lowest price.
  • Groceries are expensive, but there are ways to save.
    • Shop produce that’s in season. Produce that’s out of season will cost more.
    • Plan your meals ahead of time. Choose ingredients that can be used in multiple recipes to make the most of your money.
    • Shop sales and don’t be afraid to use coupons.
    • Buy generic and consider buying in bulk from warehouse stores like Costco.

Pause On Big Ticket Items

  • Groceries and gas aren’t the only areas where we’re seeing price hikes. Cars are more expensive. Building materials are up. Appliances.
  • If you are considering making a big purchase right now, like buying a car, starting a home project or replacing a household appliance, press pause.
  • Step back and evaluate if you really need this item right now or if you can wait it out.
  • You’ll likely pay a higher price tag now than you will later.
  • Consider making repairs to your current vehicle or household appliance vs replacing them if you can.

Do a Budget

  • If you don’t tell your money where to go, you’ll wonder where it went.
  • Create a monthly budget where you’re telling every single dollar where to go.
  • List your income minus all of your monthly expenses.
  • A budget will also help you to see areas where you’re overspending.
  • Scale back on non-essential spending to counteract where you’re spending more due to inflation.

Don’t Rely on Debt

  • Times are tough, but they’ll only get tougher if you start relying on debt.
  • Avoid the temptation to put things on a credit card. Those high interest rates are only going up, and you’ll wind up digging yourself into a hole.
  • If you’re still tight on cash after cutting expenses as much as you can, consider picking up a side hustle.
  • Driving for uber or delivering packages or groceries are great options to create extra cashflow. You can set your schedule and do it as often as you can.

For more tips on how to manage your money, visit anthonyoneal.com. I have free resources to help!