- Personal Finance
10 Tips to Start Saving Money
It's All in Your Head
First and foremost element to keep in mind when trying to save money is knowing that it's possible. If you are a “Negative Nancy” about not ever having money, well, that’s your own mistake. You are the only one who stands in your own way. In turn, this knowledge should be very comforting because if you make the problem you can fix it. Everything takes time, being patient is key to success in the saving game. Let the thoughts sink in, the need to save money. Then ask yourself, what for? A new car, a new gaming station or bigger tank for your turtles, anything. Best thing to start with is a wish list. When you have it all written down, find out what is the most important goal by priority. Put that list in a spot you will see every day as a constant reminder as to what you want. Then you will most certainly find a way to get it. Now that you have a goal set on what’s wanted, you’ll have to remember a few tips when spending money.
Is It Worth It?
One great way to save money is by looking at the price of the item you want, then divide it by your hourly wage . This will show how many hours you had worked to make that money. Then just think, “Is this worth the money?” For example, at the store you see these gorgeous pair of shoes, look at the price and they’re $89 dollars, sure not too bad. Lets’ say you make $10 an hour, after taxes your spending $90 dollars. “Are these pair of shoes worth nine whole hours of work?” Probably not, you actually have a similar pair at home on top of that. Just say nay to the unnecessary items to get the bigger things you want. The more times you go somewhere and begin thinking differently, it becomes a lot easier to spend smart money. Not just out for a quick rush and impulsively grabbing objects, which take us to the next topic.
No impulsive buying allowed when saving money. It can be hard to not buy things on a whim, in the beginning. When you want to save it’s important to keep your mind set on your goal. Impulsive buying is much like a bad addiction, yes, you can be addicted to shopping. In the moment, just like any other addiction, it’s great! When it’s all over and done for your just searching for that next rush, not very healthy, even when it is just shopping. There is a rush from getting new things, but that high is very short lived, with the things you really don’t need. Just wait, after you buy the things you really want and need. You will feel so much more fulfilled, you’ve been waiting and working towards it. You’ve had actually done it, and a huge weight will feel as if it has lifted off of you.
Cut Off Addictions
Speaking of addictions, while trying to change the way thoughts rush through your mind; also think of what you can cut back in your life. Saving money starts with not spending as much, whether it ends up to be; soda, cigarettes, or alcohol. Stopping any expensive addictions is not a necessity to saving money but it will definitely kick start your savings account. I’m a smoker myself. I’ve spent so much money on cigarettes in the length of the habit. Instead of throwing the money down my lungs, I decided to act like that money doesn’t exist. I’ve already spent it. I started to see more saving accumulate. Cutting back on addictions, at least, will show a big difference in your new found saving habits. Just keep thinking positively with reinforcements can at least calm you down. Remember what you need is very different from what you want. When you want to save money just get what you need.
No Fast Food!
Another tip to saving money is one people may not like, stop going through the Drive Thru or out to eat in general. Once or twice a week, sure, you don’t want to cook dinner every night. Take your time when going to the grocery store, write a list before. Get what you really need for the meals like meat, veggies and drinks. Then get a couple snaking foods like chips or ice cream to treat yourself. Do not go to the grocery store hungry, everything will look so delicious can’t even wait to get home before you eat it, then, oops! Went through a lot from impulsive buying and now all you have is snack foods and a bunch of junk. Forced to go through a drive thru to get some meat in you then you have no money left over. Being prepared at least a week ahead will help you save money by going to the grocery store besides going out to every night.
Teaching others to save is a very good way to save money yourself. Don’t put anyone else’s needs above your own or they will take advantage. If the fact is that you buy someone their leisure goods, such as; beer or cigarettes, stop. They might be your partner, but, in this world, we all have to pull our own weight. Only if they’re the type of person who doesn’t give back when you need something.
On the other hand, if you have kids, it’s a completely different ball game. “But you can’t always get what you want.” So besides always handing them what they want you can have them earn it. If their crying in the store because they want they toy so badly, then you don’t just and them that toy. Give them money for chores instead. You could put money in their own piggy jar when they clean their toys up. When they have enough and actually get the item they will appreciate it much more. This will save you money because you won’t be spending it all at once and you wouldn’t be buying another toy next week when they had become bored with the first one.
Personal favorite saving money tip would be coupons! Don’t let them sit there and expire. Everywhere you can spend money probably comes with a coupon. Sometimes the can try to make a lot of money just to get a little bit taken off so have to watch out for those. If, for example, a coupon was $5 dollars off of a $50 dollar purchase, unless it was a necessity I wouldn’t $5 off of $20 would be a better deal. Only so because $5 dollars off of $50 would be a messily 10% off, taxes. On the other hand $5 off of a $20 dollar purchase would be 25% off the purchase. Finding coupons on the bottom or the back of the receipts are the best places to look! Cash back coupons are even available after spending so much on certain items in different places. Every shop is different but they all have deals!
Trift Shops & Sale Racks!
Now where to shop? After using all the coupons, saving that money, it’s time to go to the sale rack! That should always be the first place to check when shopping because sometimes items can be marked down to 75% off and you could spend $5 on something someone else bought for quadruple that! Garage sales are another great way to save your money. At garage sales you can talk down the prices and get some good quality barely used items. Another place that is good to go when you saving your money is going to thrift shops. Books are the best to get at thrift shops because they’re always half priced. Some shirts you find in the thrift shop can still have the tags on them even. The glass and antiques sections are a great place to look at things and if you know any collectors or need any new colorful decorations. Don’t pay full price!
Saving Option Type 1
You have all this extra cash, not too sure where to put it so it won’t be spent. One thing I have never told anyone, put it everywhere. Just throw it in the air like you just don’t care! I’m only joshing your taters, but, really though, put your money in three different spots.
Saving spot number one would be a savings account, normal, yes, taking the money out of your paycheck like $20 bucks or so every time. It’s good to start low so you know it’s going to happen. If you set your mind on a bar that is too high, to try to save faster, it will be drained as soon as you start reversing. If you tried to save too much, let’s say, $150 dollars. Then you just needed $50, taking all this cash out becomes nothing. Now always taking money, in turn, there is nothing left in the savings. Sticking to the small amount will benefit because you won’t need to touch it. Keep putting money into the account, not transferring back and forth will help make it easier. No need to feel tempted to take money out of that account later. You need to only use this account for repairs on vehicles, your house or any other unexpected misfortunes.
Saving Option Type 2
Saving spot number two would be to keep saving your money in a jar. When you spend all of your big bills just put the ones into the jar when you get home. My jar is crocheted so you can’t see inside of it so you don’t get tempted by looking in it to use the money. Keep thinking the money is already spent like you would in any other saving spot. This is one of the most fun savings jar because this one should be used for vacations and other fun trips. Throw in all the extra change that you don’t want to carry around. The kind that makes you all heavy. By the end of each year or a year from when you started saving in this spot is a time to check on it. You will be amazed with how much money that just gathers in such a small amount of time. The years just get faster, seize the day, and take that trip you have always wanted to!
Saving Option Type 3
The third and last saving spot I have to share is one that my friend had showed me. She uses a binder with separating tabs saying every object she was saving for. You would have a constant reminder of what your goal is. Seeing your goal consistently gives you this drive to work towards it. Things like; a car, instrument, computer game system, or even a kayak. Write it all down on the tabs if you don’t want to post them at a spot you will see every day. She puts a little bit in each pocket each time she had been paid. This saving spot would be very good because who would expect money in a book or a binder for that matter. It’s good to have your stash in a couple different spots. Every spot is for a different reason and the fact is anything happened to one you would still have the other. All your money isn’t in one spot.
Don’t look at saving like it’s an impossible task, after a while you will begin to see that it’s easy. This is all up to your state of mind, when you try dipping into any of the savings, stop and think, “Is it worth it?” Keep your mind on your goal, remember why you don’t need that new pair of glasses. Start saving by: setting a goal, bargain shopping, only getting necessities, and keeping it there until you need it!