Money Saving Tips
One of the most common things for people to do when they are stuck in a cycle of spending everything they receive as fast as they get it, is to search out money saving tips or strategies that they might be able to use to start saving.
Money saving tips fall into two categories however before I explain these I want to explore a more important question that is often overlooked by most people.
Addressing this question first provides a higher level of success when implementing ideas or strategies to start saving or save at an increased rate.
You must first address the ‘Why’ question
Why is it that you want to save?
Is it for a specific goal you have or is it simply because you are living week to week and now seeking to build a savings buffer to reduce the stress and anxiety?
Whatever the reason understanding the ‘Why’ will allow you to focus with more intention on saving.
Once you have determined the answer to this question it is easier to work out what the best options are for you and your situation. Options that will help you succeed .
The two categories of money saving tips
(Best for short term goals or building a savings buffer)
Repeatable money saving tips are things that you do over and over again. Below are two examples.
- Only buying clothes or small appliances when there is a discount higher than a certain percentage.
- Limiting the amount you budget for lunches and coffee each week
(Best for long term goals or building savings for larger ticket items)
Functional money saving tips are things that you can implement from a money management point of view. Below are two examples.
- Setting up your ATM card to only access one account (this account is then only used for your discretional spending and has a set amount put in each week)
- Shopping weekly instead of in bulk. This works really well for anyone who is paid fortnightly or monthly. Shopping weekly means there is less wastage of food and the shopping can be specific to the immediate needs instead of assumption of what might be needed over a longer period.
The best results are achieved when you can implement both repeatable and functional money saving habits.
What are some things you do already that fall under each of the above categories?
What additional things could you do?
Answering the ‘Why’ first will allow you to determine which type of money tips are best to search out.
For 10 money saving tips (5 functional and 5 repeatable) download my free guide ‘The Money Seesaw’. This guide also explains how to calculate your minimum savings capacity and why saving is an important part of everyone’s finances.