How To Save Money – 7 Tips That Makes Saving Money Easy

Want to know how to save money? Here are 7 genius tips to make saving money super easy. More money for you yay!

Let’s chat about how to save money and do it the EASY way.

So, first things first: Do you struggle to save money?

At the end of each month, do you wonder where all your money went?

Perhaps you are spending way beyond your means?

If so, then this guide is for you!

I want to help you learn and discover how saving money is as much a product of the mind as well as your financial habits.

Speaking of habits, you’ll soon see how small positive changes, turned into habits, can automatically add up to big savings!

Are you ready to begin?

Consider these ideas for making saving money FEEL easy:

HOW TO SAVE MONEY

1 – Track your spending.

The first thing you need to have when you are working on your money goals is full transparency about where your money is going.

No guessing here!

You need to record every penny you spend for a month.

Divide your spending reports into categories, such as entertainment, groceries, clothing, house payment, utilities, and other categories.

You might be surprised to learn where all your money went!

• At the end of a month, analyze your reports.

• Identify areas where you could cut down. Are there some categories where you are obviously spending more time than you need to? Make it your goal to cut down on those expenses next month and put the money you saved into your savings.

HOW TO SAVE MONEY

2 – Clarify wants versus needs.

There are certain things in life that you need to survive, such as food, water, clothing, and shelter.

There are called your needs.

You can’t live without them (without feeling super uncomfortable or your health suffering).

Then there are also the things that you want.

These are optional things, that if push came to shove, you could actually live without.

Your job now is to learn to differentiate between the two.

Once you have a clearer understanding that something is just a WANT and not a true need, you’ll automatically make some choices that will save you money.

HOW TO SAVE MONEY

3 – Buy only what you can afford.

You may think that you have to get every new gadget and fancy item available, but NOPE there is no rulebook that says these things are requisite for a happy life.

If you cannot afford it, you should NOT be buying it!

The financial struggles they cause (by purchasing something that you couldn’t really afford) will far outweigh the enjoyment that you receive from them.

• Consider using the cash envelope method of planning for your spending.

• Divide your expenses into categories and use a different envelope for each category. With each paycheck, divide out your money into the various envelopes.

• Next, spend only the money that you’ve planned for each category. Once the cash is gone, it’s gone until more money can be added to that envelope. The nice, old-school way!

• You may want to save for a few weeks to get enough cash in your envelope for a desired purchase, at which time, you’ll know that you can afford it. Less stress involved that way!

HOW TO SAVE MONEY

4 – Do you need that expensive car?

If you’re struggling each month to repay the high-interest loan that you had to take out to pay for your car, perhaps you’ll want to rethink whether you need such an expensive car.

The truth is you probably don’t.

Feel free to ask my dad, who reached financial freedom by age 49, without every buying a luxury car!

• Maybe, just maybe, in some situations, you might need a more expensive car. For example, if you’re a real estate agent and you take clients to look at high end houses for sale, a nicer, less crappy car might help you make more sales.

• On the other hand, in reflection, if you bought an expensive car (that you can’t even afford!) to impress the neighbors, you might feel that the additional expense and resulting financial struggles aren’t really worth it.

• If this is the case, you can ALWAYS still downgrade to an attractive, less expensive car may work better for you.

• Consider what a car is really for: the purpose of a car is to get you from one place to another, usually for short trips within your city. A less expensive yet reliable car can definitely get you there as well as a high-end car. Plus, you’ll have the extra money to do with as you please. Yay to that!

HOW TO SAVE MONEY

5 – Consider downsizing.

One of the biggest expenses we have as adults is our mortgage but did you know that a smaller home can save tens of thousands of dollars on the purchase price and monthly payments?

Plus, that doesn’t even include the fact that costs for maintenance and repairs are less.

Even if you rent, a smaller place will likely cost you less so just know you always have the option of downsizing.

• Imagine the amount of money that you could save with a smaller house! All this money can then be used for other things that are important to you, like vacations or to add to your savings for retirement.

• Downsizing is of course an important decision that only you can make but just remember you have that option up your sleeve.

• Decide what’s more important to you – the larger house or the savings. For example, you might need extra room because you frequently have guests.

• An office space might be vital to the success of your business. Or you might prefer to have extra money to travel with.

• Figure out if downsizing might work for you and your family. If it feels right to you inside your heart, go for it!

HOW TO SAVE MONEY

6 – Figure out ways in which you can enjoy life while still saving money.

I honestly believe that money does not buy a person happiness and the amount of money you earn does not dictate how much you enjoy life.

I learned this firsthand from living in a village where people earned next to nothing and yet they were the nicest, most loving and happy people ever.

Remember, it’s not the material things in your life that matter most, but rather your friends, family, and the cherished times you have with each other.

• Research shows that the experiences in our life bring greater happiness than material items.

• For example, instead of going out to dinner and a movie, invite your friends over for a potluck dinner and movie night at your house.

• You can still enjoy a fantastic evening together while saving money. You might even enjoy it more than sitting in the restaurant (I always find this to be true!)

• There are so many other ways to substitute something less expensive and still have fun, like hosting a games night, playing sports (like volleyball, basketball, baseball, football, soccer, bowling), card games, going camping, spending a day at the beach, and more.

• Feel free to create your own list of activities that are fun for you without costing a lot of money. Invite your friends to do the same and then choose those activities whenever you want to get together. This is seriously a win-win situation. You’ll all have fun and save money too!

HOW TO SAVE MONEY

7 – Adopt some small, financially savvy habits, such as:

• Save first. Automatically have a small amount of each paycheck deposited into your savings. You won’t miss what you never see! This is the quickest and simplest way to save money.

• Let your money work for you. Invest regularly so that money will grow by itself into more money! Over the years, this can add up to many thousands, way more than what you put in.

• Cook at home most of the time. Saving money by cutting down on fast food, processed foods and coffee runs will add up – it will save you A LOT OF MONEY IN FACT!

• Buy when things are on sale. I personally try to avoid ever having to pay full price.

• Use free or streaming services for watching television. You can likely get the entertainment you want or need for a much smaller price and pocket some substantial savings.

• Here in Australia we are so lucky to have free Apps like 9NOW, 7PLUS, ABC IVIEW and more. Or invest in Netflix rather than going out to the movies regularly with your family (another massive saving here!)

In the end, saving money doesn’t have to be a burden.

Look at it instead as a fun challenge to take care of your precious money.

You can always find new ways to save money and remember this will leave you with more money to spend later on the things you will really treasure and appreciate in life!

• Before You Go…

   

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Frances Vidakovic

I’m Frances Vidakovic – a mindset & action coach for quietly ambitious women who want to stop overthinking and finally take aligned action. I help women achieve their goals and follow through on what matters, without sacrificing their sanity or soul.