In today’s economy, everyone is looking for different ways to save money for various reasons.
Raising children, buying a house, buying a car, paying bills is becoming harder and harder for most people to accomplish. Most people don’t get to do the things they ENJOY because there is not enough money to cover it all. Most of us can’t take our families on vacations, have family nights out, or even afford to do the “little things” for ourselves.
These TOP 80 WAYS OF HAVING MORE MONEY will not make you rich! However, if you use some or all of them, at the end of the year you WILL see a significant savings. Our family has been using these techniques for the last 2 years and has saved 1000’s of dollars each year. Saving here and there DOES add up. Saving money is not hard. You just have to learn how to do it.
Let’s get you started on saving money TODAY!
Getting Prepared To Save
- Budget
Everyone should create a budget. Even if you aren’t good with money or don’t know where to begin with starting a budget, many businesses such as H&R Block, offer free financial consulting to help you put a budget together. Knowing where you are spending your money is by far the best way to save. In most cases, people have no idea where their money is really going and once they see it on paper, not only are they surprised but they also decide to change their spending habits.
- What Matters to You
Grab a piece of paper and a pen. Make a list of the 10 most important things in your life. Next to each one, rank them in order of importance using numbers 1 through 10. The purpose of this exercise is to help you see the things you consider the most and least important. This will provide you with a visual of why you need to save. Some examples of things that a person might put on their list are buying a new home or car, a big vacation, starting a business, or paying off debts.
- You MUST Set Goals
Break your goals into short-term, intermediate-term, and long-term. Being able to see your accomplishments is a great motivator for you to work hard at saving. If you set a short-term goal of saving for a bigger TV for your family room and reach that goal, you will be encouraged to keep saving for the intermediate and long-term goals.
- Be Realistic
When it comes to saving money, make sure the goals you set for yourself are realistic. If you set your goals to high and never achieve them, you will become discouraged. If you earn $50,000 (or N50,000)a year, saving $20,000 (or N20,000) would be nice but it is very unrealistic. Make your goals attainable or you will never save.
- Flexibility
Once you have set your goal for saving, realize that things can and will change. The secret is learning ways to be flexible. If you normally save $150 (or N10,000) a month, when something unexpected happens, you may only be able to save $50 (or N5,000) that month. This is fine as long as you focus on getting back on track. When faced with having to change your goals, be sure that you get back on track immediately. It’s too easy to slip back into those habits of not saving money.
- Have A Plan
Planning is a great way to save. Before you go to the grocery store, make a list and stick with it. It was very hard for me to do this. Especially when going to places like Wal-Mart. If considering a vacation, plan everything. Taking a vacation with no set direction will certainly lead you to impulsive spending.
- Patience
Be patient when it comes to saving. This means that you need to accept that it will take time to save and good planning. Be patient and remember that just because you want something, do not rush to buy just to satisfy your urge. Instead, wait for sales in order to get the best price, which in turn will save you money.
- Allowance
Do not forget to give yourself an allowance for things you enjoy. Even if on a tight budget, buy something that you enjoy, which could be as simple as buying a new shirt or grabbing lunch at your favorite café. If you do not allow yourself this small “splurge”, you could find yourself in the same position as if dieting. Total deprivation leads to overindulgence.
- Break old Habits
Take time to learn the various things that “trigger” your spending. When you are depressed, lonely, sad, anxious, excited, whatever it may be, do you spend more? Once you can identify these triggers then you can learn how to control them. As an example, if you were just laid off from your job, although money is tight, you may have an overwhelming “need” to spend money. Perhaps you notice that when you are bored, you head for the shops. Knowing what affects you will help you to discipline yourself to find other ways of comfort.
- Don’t Give up the Good Stuff
A misconception is that while trying to save money you have to deal with sub-par merchandise, which is untrue. If you love fresh breads and pastries, visit a bakery thrift store. For your fresh fruits and vegetables, visit your local farmer’s market. Try eBay or other auction sites to buy top quality merchandise for a huge discount. Watch for neighborhood garage sales or estate sales and auctions to find items you need. Just because you are looking for bargains as a way of saving money does not mean you have to skimp on quality.
- Wants versus Needs
Make sure the thing you want to spend your money on is a “need” and not a “want.” Sometimes this can seem like a fine gray line but if you stick to the need list, you will spend a lot less.
- Written Plan
When a person goes into business, they create a Business Plan, which becomes the blueprint of their business. The same should apply if you are trying to save money. Create a master plan that the entire family can get involved with and learn their role. When you start to spend too much, go back and look at your plan to see where you are messing up and how you can fix it.
- Attitude
Good money management is an acquired skill. As you go forward with the process of saving money, you need to have a good, positive attitude, which is often what will keep you and your family heading in the right direction. If you think you cannot save, then you probably will not. Be determined and stay positive about saving.
- Organization
You may be wondering what being organized has to do with saving money but in reality, it has a lot to do with it. For example, if you miss a credit card due date by one day, you will be charged anywhere from a 15% to 25% penalty. The same would be true for taxes. Missing one simple date can cost thousands. You need to be organized so you know the exact dates your bills are due as well as keep all receipts, contracts, etc. in an orderly manner.
- Coordinate Efforts
If you are married, make sure you and your spouse are working on the same agenda. If one is trying to save money while the other is busy spending, what is the point? When you work as a team, you can encourage each other to keep on track with your saving.
- Life Satisfaction
Learn how to enjoy life and nature rather than possessions. The next time you feel like spending money, head to your local park where you can enjoy the warm sun, green grass, and towering trees without spending a dime. Being happy in life is far better than buying item after item. Having an inner peace is better than having a house filled with “things.” That does not mean you cannot enjoy some of the finer things in life it just means learning how to be happy with yourself and not “things.”
- Live Within your Means
The quickest way to get in debt is to live beyond your means. Sure, most people want more than they have but life is not all about spending money. Be thankful for what you do have and learn how to enjoy the financial position you are in. This is where your budget will help identify the amount of money coming in against the amount of debt going out.