Since we work so hard for our money, does it not make sense to care for it as best as we can? It is important to know how to manage our money effectively so that we can max out it’s possibilities. Saving money has always been important in our household so we have learned some great tips over the years on how to do just that. Here are 10 quick tricks you can use to start maximizing your money and saving more.
Determine the value of something: When there is an opportunity for you to spend a large portion of money, the first step you should take is to determine the level of value this item has and whether it is something you need or just desire. That way you can determine if you really need to spend that money or if you can wait. You will be surprised how many times you decide to wait since there are more important things you want to spend your money on right now.
Watch for sales: Don’t ever buy items at full price. It is just a waste of your money. For example, if you are shopping for clothes, look for off season discount sales where you can get good clothes at a cheap price. Keep an eye out for quality though. You don’t want to have to be buying another new pair of pants a month later because the other pair fell apart.
Buy Low and Sell High: For many of us, investing can get really overwhelming and confusing but we know that we should do it to ensure financial independance in the future. If you find yourself less savvy than others on investing, then just play by this one simple rule when investing: buy low and sell high. This way you never spend more on a stock then you should.
Use the internet: The internet today has a plethora of information on it. It provides a great opportunity for you to find the best price for anything you want to buy. Many websites even have competitor calculators so you can see what you would pay somewhere else for the same service. The internet works great for things like insurance management (like home insurance), loan and finance management, as well as goods for the home. One of my favourite sites is Amazon.
Allow for change: Just because you got a certain deal a year ago on a phone plan doesn’t mean there isn’t a better deal available now. You need to be open to change and researching where you can save money. Companies that offer telephone services, insurance, or internet services will often give you a better plan to keep you as a customer.
Make a budget and Use it: Sit down with your family and come up with a budget for your essential monthly items as well as the luxuries. This will help you stay on track with your spending so that you can still save money at the end of the month.
Be reasonable: You don’t always have to have the most extravegant outings to have fun. There are plenty of things to do that are either free or cheap that provide just as many laughs and good memories. Here are some ideas for frugal dates and frugal family fun.
Make a meal plan: Proper food planning and food habits result in a better life, both financially and physically. Staying healthy can save you tons on medical bills as well as insurance. Plus it stops you from wasting food. Click here for some tips on how to meal plan.
Never go past due: This one is pretty simple; always pay your bills on time. Why give those companies any more of your money by paying a late fee?! You need the money way more than they do. Missing paying your bills is as good as throwing bills right in the trash.
Make a bucket list: Sit down and determine what you really want to do and experience in your life. Decide what you want to have and see. This will help you set priorities for your money and give your savings some direction. Then when you are caught trying to decide between spending your money on an impulse buy or on that trip to Europe you’ve always wanted, you will be more inclined to not make that purchase. You will be motivated to save so you can pay cash for your fun and enjoy the experience debt free.
There are obviously several other ways to save money and live frugal but this list is a start. Remember, a penny saved is a penny earned.
So, how have you saved money in the past? Any tips to share?
re: sales. Items go on sale because the markup in every store is very large. Also, stores will often bring items below true value as catches to get you into the store hoping you’ll buy more.
re: make a meal plan. This allows for leftoevers which can save you a bundle on lunches.
One other thing that is easy, yet not “fun” to do, is to pay off debt. Simply put, the less interest you pay on your debt the more money you have for fun things or other priorities in life.
@ SPF I absolutely agree. Paying off debt is one of the best things you can do. We just finished paying off ours and it is great to have this money freed up each month to save for other stuff. It is such a great feeling. And yes, meal planning is awesome for leftovers. In fact, we eat left overs for lunch every day at work. Never have to buy a meal.
My entire website is a tip on how to save money … haha! This is a great article though and definitely gets people thinking about saving money, which is great.
Here are a few things that I’ve written that give additional information to what you’ve already provided here:
Save Money On Your Everyday Services (phone, internet, tv, long distance)
Buying On Sale: Are You Really Saving Money?
Save Money Using Credit Cards
I will also be starting a new series very soon about shopping online, which can save you a lot of money if you do it right!
@ Saving Mentor Thanks for sharing the tips.
Great ides to save money! Once a month, my friends and I get together for a grocery shopping and lunch outing. We compile our monthly shopping lists and buy everything in bulk at wholesale rates. Not only does it saves us money, being together makes a tedious task so much more fun.
@ Veolaalanis That is a great idea. If our friends ate like us then we would do that too. Thanks for sharing the tip.
love this article there is grate article about the easy way to make money I have an article about what is personal finance the best way to understand