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Tips and Techniques on How to Save Money

Updated on March 17, 2013

Due to this economy and ever rising prices of goods and services, it is important more than ever that we learn to conserve our money and to spend it according to our needs and not our wants. There are many ways to learn to save money but there are quite a few that have been proven to work. These tips and techniques are listed below and aren't in any particular order:

1. Change Your Mindset

Many of us constantly wonder how the rich stay rich other than the high salary wage they receive, endorsements, and other endeavors that they partake in. Some of them are able to stay rich due to their mentality. Granted, some do spend there money on ridiculous materialistic things, but the rest of them don't. These people have the mindset that even though they are rich beyond belief that they should spend money as if they are not rich. They remain humble and to spend their money on what they need and want conservatively. They ways in which you can implement this tip is to write down everything you spend your money on every day for a week. After the week is up, go through everything you brought. Make a list of what was necessary and what you brought just because you felt the need to buy it. Therefore, you are able to see with your own eyes the mistakes you've made and to try to avoid them the next time you are out shopping or buying groceries.

2. Avoid Advertisements

There are thousands and thousands of commercials that are being advertised on television on a weekly basis. Other advertisements include billboards, signs, posters, mannequins, and window displays. These advertisements are used to entice people who read them or see them into buying the product or service they are promoting. The best way you can get around these advertisements are to avoid or ignore them. They are there to try to get you to buy a product that you probably already have, don't need, or have too much of. This tip can be implemented by rechecking over the products that you really do have, telling yourself that you don't need it, and remember that it is put in place to get you to buy something that you don't necessarily need or want.

3. Carry Limited Cash

In my own experience with saving cash, I've noticed that carrying a limit amount of cash on me has helped me to save plenty of money. However, this was before I had a debit card that I could use at an atm to obtain more money. Still, I found that carrying the right amount of money that I needed to buy goods with always helped with trying not to overspend more than what was necessary. This tip can be implemented by carrying limited amount of cash, only buying what you need, and saving anything else you need to buy for another paycheck.

4. Focus on a goal

As your receiving your money and paying for bills, try to get your focus on buying something that costs a lot of money. This can include anything such as a plane ticket, an expensive dinner, a new car, some new furniture, etc. As long as you have that goal in mind, you will begin to save in order to reach that goal. Therefore, when you finally do reach that goal, you can use the money that you have saved as emergency money in case something happens. This tip can be implemented by focusing on a goal, in which would cause you to save money.

5. Buy Products and Services Cheap

In my experience I have found that you save more money, when you are able to buy goods and services for a cheap price. Such as getting your nails done, buying groceries, getting your hair done, buying clothes, buying accessories, etc. The best thing to do is to find out what stores or hair salons have the cheapest prices on the things that you want. Therefore, you are able to save a lot more money. For example, there might be a store that has a shirt for 20 dollars, whereas another store might have that same shirt for 8 dollars. This tip can be implemented by searching for stores with cheap prices, sales, and deals on clothes, food, or accessories.

6. Pay for Necessities

In order to survive, we need water, food, and shelter. In order to have those things we need to have to have a job, make money, and to pay our bills. Your first priority is to pay your bills in order to maintain your shelter and to continuously receive water. By doing this you are maintaining your survival and taking care of your kids, pets, or relatives, if you have any that live with you. You can implement this by rounding up all of this bills and making sure that they are paid off. Then with the left over money, you can put aside emergency money and spend a little of the money for yourself.

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    • torrilynn profile image

      torrilynn 2 years ago

      @tamarawilhite thank you for your insight

    • tamarawilhite profile image

      Tamara Wilhite 2 years ago from Fort Worth, Texas

      To borrow from the Sheryl Crow song, contentment is learning to want what you have, not have what you want. Suze Orman talks about living within your means and having what you need, instead of spending more and going into debt to get what you want.

      As long as you are seeking bigger, better, faster, more, you can't be happy - and have trouble staying on a budget because what you have isn't enough.

    • torrilynn profile image

      torrilynn 3 years ago

      @JackieLynnley thanks for the feedback and for agreeing carry only what you want to spend.

    • Jackie Lynnley profile image

      Jackie Lynnley 3 years ago from The Beautiful South

      Great tips, I think it is a great idea too to only carry with you what you can spend and you can never go over and in fact may have a little something left over.

    • profile image

      just-about 4 years ago

      Good practical advice . . . a few years ago I stopped my debit card when I go to do a food shop and I have found that I save quite a bit because I can't just randomly pluck things from the shelves as I used to do.

    • torrilynn profile image

      torrilynn 4 years ago

      @creativelycc thanks for liking my hub and for sharing this with others !

    • creativelycc profile image

      Carrie L. Cronkite 4 years ago from Maine

      Excellent tips on how to save money. I especially like the first one, changing your mindset, that is so true. If you mindset is not changed on how you spend money, you'll never be able to save. Voted up and shared!

    • torrilynn profile image

      torrilynn 4 years ago

      @justmesuzanne thanks for sharing my hub with others! Its always useful to learn more about any subject whether its respect or learning to budget your money.

    • justmesuzanne profile image

      justmesuzanne 4 years ago from Texas

      Excellent practical tips! It's amazing how many people know absolutely nothing about budgeting these days! Voted up, useful and shared! :)

    • torrilynn profile image

      torrilynn 4 years ago

      @Matt haha i feel that we all would love to make more money and thanks for the positive feedback

    • Iammattdoran profile image

      Matt Doran 4 years ago from Manchester, UK

      I need tips on how to MAKE more money before I start saving (debts to pay - yawn). Carrying less cash is a very good one though. This is what always gets me. Especially when I break a big note because the change will somehow just fritter away. Good Hub torrilynn

    • torrilynn profile image

      torrilynn 4 years ago

      @sgbrown Im glad that you liked my hub; i feel that the right mindset does help someone to save money. Thanks for voting up and finding useful.

    • torrilynn profile image

      torrilynn 4 years ago

      @KoraLee thanks for the positive feedback and for sharing this with others, I appreciate it.

    • KoraleeP profile image

      Koralee Phillips 4 years ago from Penticton British Columbia Canada

      Excellent tips! Every single one of them contains great advice. And I really like how you started it with having the right mindset. I have to share it.

    • sgbrown profile image

      Sheila Brown 4 years ago from Southern Oklahoma

      You have some good practical advise here for saving money. A proper mind-set and goals are a great way to help save. Writting down what you spend is a great idea as it will show you where your money is going and what things you can cut back on in order to save. Voting up and useful. :)

    • torrilynn profile image

      torrilynn 4 years ago

      @Rebecca Im glad that you liked my article and tips for saving money

    • rebeccamealey profile image

      Rebecca Mealey 4 years ago from Northeastern Georgia, USA

      Thanks for a good practical list of money saving ideas. I vote really useful!

    • torrilynn profile image

      torrilynn 4 years ago

      @mdcp thanks for voting up and yes saving money is hard to do, you just have to stay focused

    • mdcp profile image

      Jacob Thomas 4 years ago from Dallas, Texas

      Thank you for sharing, I think most people would agree that saving money is something “easier said than done”. Personally, I believe it’s a mind-set that needs to be developed by creating good money-saving habits. I found then really useful especially #3, as Carry Limited Cash... Voted up

    • torrilynn profile image

      torrilynn 4 years ago

      @tobusiness it us true that we must, thanks for commenting and voting up

    • tobusiness profile image

      Jo Alexis-Hagues 4 years ago from Bedfordshire, U.K

      Torrilynn, we all need to tighten our belts these days, but we still have to put something aside for a rainy day. You've given us a few things to think about. Thank you, Voting up and useful.