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How to Save More of Your Money

Updated on December 7, 2009

Money has Zero value. For the most part it is a bit of paper with numbers and letters on it. In the case of coin small round or roundish pieces of metal. In essence that is all money is Right?

We know there s something missing here right ? Yes indeed all money is is pieces of fancy paper and round bits of metal. But then we add value to it. It is in the adding value the psychology of how we think about money that is the key.

My Grandfather used to say look after the pennies and the pounds will look after themselves. He told me that over forty years ago. Although I have forgotten many times in between essentially the truism remains. Look after the small change and the big stuff will take care of itself.

In essence what one needs to do to save money is adopt a culture of thrift and austerity. I don't mean going to the extreme and being a Scrooge. Still though when you decide to part will the hard earned Moolah one should run the ruler over whether the thing your buying is really needed. One way to do this is to decide what you want before you leave home. Do some research on the product. For instance 'Choice magazine' gives you the low down on what you are buying.  Remember what you are paying for when you buy an expensive item in a shop.  How much of that is in the value of the goods themselves.  And more importantly will you derive anything other than a short term buzz from buying something new?  If you by the product will it just put you under more stress because you cannot then afford to pay for essential items. Other consumer sites such as EBay and check out the price on the Internet new or second-hand. You might find you can get exactly the same product much cheaper there. Also by doing this is gives you a chance for a 'cooling0off' period to really evaluate whether you are just buying on impulse or whether you really do need it. Whether you could do without it and whether the function that it serves justifies the price.

If you do this then you are well on your way to hanging onto your money and then-you can look at investing it into something that will generate income. Once you get into the habit of doing that you will have more money in the future and that means you will have more choices and more discretion in the products and services that you want and need...

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    • Research Analyst profile image

      Research Analyst 9 years ago

      Great hub, thanks for the information.

    • compu-smart profile image

      Compu-Smart 9 years ago from London UK

      Barry, I have never ever been good at looking after pennies and have always lived and live for the today! as tomorrow may just never come!

      RE- loking after the pennies!!I would love to see a "small change" amnesty, which forces everyone, including many people i know, who seem to think filing huge glass bottle with lots and lots of coins in a is helpfull are not being!!

      Get that money back into the economy and start earning interest on it as well as clearing space within the home!

      i feel better now!:)

    • cgull8m profile image

      cgull8m 9 years ago from North Carolina

      Your grandfather said it best. If we can't handle small change, how are we going to handle big ones. Some are born with a silver spoon, they don't know what small change is. Keep sharing them Barry. Cheers.

    • barryrutherford profile image
      Author

      Barry Rutherford 9 years ago from Queensland Australia

      Vrajavala. You missed my point(no value) that is how money starts out as. Sure the Govt Printer puts numbers on it then we as individuals and society put our own values onto it !

    • profile image

      Infinity2000 9 years ago

      Money is to be spent wisely and not hoarding by becoming a "Scrooge" and stingy( for the wrong reasons).

    • vrajavala profile image

      vrajavala 9 years ago from Port St. Lucie

      If money has no value, then how do you afford to pay for your studies? Is it free in Australia? Or are you there on scholarship?

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