Struggling to save money? It will never get easier if you wait. Luckily, we’ve got your back.
If there’s one thing that’s difficult to do in our society today, it’s saving money. Everywhere you turn, there’s an advertisement for the next hot toy. On the side of that semi, on the billboard near the highway, over the radio waves, through your television, and as I’ve experienced lately, even in a parade – these are all ways that companies are trying to market their product to you.
In order to save money, you first need to filter out the media. No matter what the product is, it’s not going to give you long-term joy (which is really what we’re all looking for, isn’t it?). Mainly, these products or services will provide short-term happiness that will last for maybe a week or two. That’s all. You’ll be much better off saving your money for an important event in the future than on a cheap thrill in the present.
Start Saving Money Tip #1: Sell Some Stuff
Once you can ignore the media a little better, the stuff that surrounds you each and every day should be a little less important. In fact, there may be some items in your basement that you haven’t used in the past year and may never use again. So why in the world are you hanging onto this stuff? The next step (after ignoring the media) to saving money now is to sell some of the things that you no longer use and do not need.
You could start selling items via a community garage sale, Craigslist, or even through eBay. It really doesn’t matter what avenue you choose, just as long as you get rid of some clutter and make some money in the process.
Use this money to pay down debt, establish your emergency fund, or open that IRA you’ve been waiting on. It’s time to put your money to work!
Start Saving Money Tip #2: Reduce Your Monthly Expenses
The next best way to start saving money is by reducing your expenses. Most of us think we live so much more frugal than our friends, but are we really? Where are we shopping for our groceries (the more glamorous store or the discount club)? What type of cell phones do we own? Where do we go on our vacations (camping at the local state park or heading to Aruba)? And, what type of cars do we have parked in our driveway? No matter how cheaply you think you’re living, there are always things that we can cut back on.
– Track your expenses.
– Eliminate wasted home entertainment subscriptions.
– Search for energy efficient practices in your home.
Start Saving Money Tip #3: Make Money with Your Money
If you get to the point where you have saved a decent amount of money, then it’s time to start investing and earning more money with your dollars. This is the absolute best part of your savings because you’ll finally have the mentality of the rich, which means that you’ll soon be living like the rich as well!
Just to be clear here, I’m not suggesting that you use all of your savings for an investment. Rather, I’d say that you should only use a small portion of your savings for multiple investments. I know of quite a few people that have started an online business for less than $100 and are earning thousands of dollars each month today. It doesn’t cost much to get started and it could increase your savings exponentially!
Laurie @thefrugalfarmer says
“No matter how cheaply you think you’re living, there are always things that we can cut back on.” SO true, Stan!! We have found that even with our extra frugal budget that there is always fat to trim somewhere. It’s just a matter of deciding what’s truly important. Great post!
Matt Becker says
Good tips here, and I’ll add one more. Automate your savings. Don’t rely on memory and willpower. Make it happen automatically so your savings grow without you ever having to think about it.
Reducing your expenses is key. It can be eye-opening to see what you are actually spending.
Cutting small costs–a cup of coffee here and there–works wonders in reducing long term spending habits.
I find that if I make saving a priority, I seem to find ways to make it happen. I make my savings automatic by setting up a payroll deduction.
Mrs. Pop @ Planting Our Pennies says
Tracking is definitely a key for us. It’s hard to save money until you know where it’s going!
I agree. Once we started tracking our money, we had an epiphany about all the garbage we were wasting our money on.
Stan Poores says
I couldn’t believe how much money I spent on eating out! Tracking expenses was good for my waistline.
Well, it’s the call of the moment, especially in this era of high expenditures and stress, saving money proves to be of tremendous value. My family and I contribute to the saving account every month which is again divided as total saving, emergency 1 and complete emergency funds. We also more or less follow the saving tips.
Stan Poores says
Lovin’ the wiki link. thanks, Herbert!
My money saving tip is whenever I am tempted to have a nice meal out, I get food from the shops and make my own then go for a walk/drink after my meal so I still get out. It’s a good way to cut back but not be holed up inside too much!
Truly a timeless piece! Money saving tips are always handy and even if you have a bigger-than-average bank account, cutting extra expenses never hurt anyone.
Professional advice might be useful if you really need long-term financial help and feel like you can not handle your accounts anymore.
Thank you for these useful tips!