Money saving tips I wish I would have had when I was starting out. Why aren’t we taught good and healthy financial strategies when we are in school? We are taught Algebra. Pretty sure I never used that one in my life. Money is used by all, so I think it makes sense for us to do a better job with it.
Here are some money saving tips that will hopefully help you get started:
(In no special order)
- Break down your finances. Like actually break them down. How much you earn monthly. Not the gross amount, but the net. Know how much you actually earn. Know how much you spend.
- Automatic saving. Banks and other financial institutions can divide it up as it comes in. You can set a certain amount right away and as a bonus when you spend money (like on the necessities) it will transfer a certain percentage to savings. It’s pretty cool.
- Extra money. The money you receive such as a bonus at work or your taxes. Take that money and invest it in yourself. Meaning for a later date. Allocate a certain percentage if not all of it and throw it in savings.
- High-interest savings accounts. Stop adding to savings at your bank that gives you pennies on 10k. It’s insane how little the banks give you for being able to spend your money. Be smart about where your money is. Do keep several thousand in basic savings for easy access. It’s good in case of emergency.
- Get rid of unwanted/unneeded subscriptions. Like for real. Go into your account and find all those $10, $15, $20 monthly subscriptions and see how many you really don’t need or even use. Some people have had these fees for a long time and may have even forgotten about them. When you do automatic payments you put your brain on autopilot and forget. That was the reason you did it in the first place. Ease.
- Purchase generic items. For many years I snubbed my nose at the thought of it, but during the pandemic when there was a mass shortage of food, I discovered that it wasn’t that bad or even noticeable. Some items are really of the same quality but our brains think that because it’s cheaper in price, it’s cheaper. Play around with those for yourself and you will see.
- Get rid of debt. If your yearly income is $75,000 or less you really should be getting rid of debt. The interest fees over time are such a waste of money. But many out of desperation for material satisfaction seem to keep the revolving debt revolving. This is needless spending and you know it. It’s just like throwing money out the window as you’re riding down the highway. Do your best as quickly as you can. Now if you are over 100k per year there is a way of keeping debt as an ally. Yes, I know that sounds crazy. Once you get there do the homework to discover how debt could help you receive more income.
- Turn off unnecessary electrical sources. Be smart about your energy consumption. It’s just good for the environment anyway. Why do you need every light on in the house and it’s daytime, and there’s no one home? Also, think about what in your home uses the most electricity and see if there are alternatives. Energy efficient stuff. Google it!
- Ask for discounts. Why not? If you don’t ask you won’t get. Make it simple and make it fun. I have been asking for discounts for many years. I believe I got it from my frugal mother. She needed every penny she could get. Many times normal folks don’t qualify for discounts, so this is the part where I get really creative and fun with it. I would say, “Do you give Ninja discounts?” Because I am an unofficial/official Ninja, or so I want to believe. The idea is to have fun and engage and if it actually works, cool! Also, another one I use is, “Do you have discounts for people who normally don’t get discounts?” This one works more than you think. Extra money can buy happiness!
Conclusion
Be smart about money. Be smart about how you save it and how you spend it. Do you really need 3 delicious milkshakes a week at $5.00 each? Seriously, that may be a bigger problem so please deal with that. Challenge yourself to do better.
