Techniques to Save You Money

In today’s economy, everyone is looking for different ways to save money for various reasons. Raising children, paying your bills, etc. has become harder and harder for most people and they find it harder and harder for them to do the things that they enjoy because there is lack of money. As a stay at home mom of three children, I have found that even though I am generating extra income daily, it helps to know that I can also save money as well. This is what this e-book is about. It was written by a mom of 5 children and talks about the top 75 ways that you can use to save you money. I have included the top 11 ways in this article.

Getting Prepared To Save

1.) Budget
Everyone should create a budget. Even if you aren’t good with money or don’t know where to begin with starting a budget, many businesses such as H&R Block, offer free financial consulting to help you put a budget together. Knowing where you are spending your money is by far the best way to save. In most cases, people have no idea where their money is really going and once they see it on paper, not only are they surprised but they also decide to change their spending habits.

2.) What Matters to You

Grab a piece of paper and a pen. Make a list of the 10 most important things in your life.
Next to each one, rank them in order of importance using numbers 1 through 10. The
purpose of this exercise is to help you see the things you consider the most and least
important. This will provide you with a visual of why you need to save. Some examples
of things that a person might put on their list are buying a new home or car, a big
vacation, starting a business, or paying off debts.

3.) You MUST Set Goals

Break your goals into short-term, intermediate-term, and long-term. Being able to see
your accomplishments is a great motivator for you to work hard at saving. If you set a
short-term goal of saving for a bigger TV for your family room and reach that goal, you
will be encouraged to keep saving for the intermediate and long-term goals.

4.) Be Realistic

When it comes to saving money, make sure the goals you set for yourself are realistic. If
you set your goals to high and never achieve them, you will become discouraged. If you
earn $50,000 a year, saving $20,000 would be nice but it is very unrealistic. Make your
goals attainable or you will never save.

5.) Flexibility

Once you have set your goal for saving, realize that things can and will change. The
secret is learning ways to be flexible. If you normally save $150 a month, when
something unexpected happens, you may only be able to save $50 that month. This is
fine as long as you focus on getting back on track. When faced with having to change
your goals, be sure that you get back on track immediately. It’s too easy to slip back into
those habits of not saving money.

6.) Have A Plan

Planning is a great way to save. Before you go to the grocery store, make a list and stick
with it. It was very hard for me to do this. Especially when going to places like Wal-Mart.
If considering a vacation, plan everything. Taking a vacation with no set direction will
certainly lead you to impulsive spending.

7.) Patience

Be patient when it comes to saving. This means that you need to accept that it will take
time to save and good planning. Be patient and remember that just because you want
something, do not rush to buy just to satisfy your urge. Instead, wait for sales in order to
get the best price, which in turn will save you money.

8.) Allowance

Do not forget to give yourself an allowance for things you enjoy. Even if on a tight
budget, buy something that you enjoy, which could be as simple as buying a new shirt or
grabbing lunch at your favorite café. If you do not allow yourself this small “splurge”,
you could find yourself in the same position as if dieting. Total deprivation leads to
overindulgence.

9.) Break old Habits

Take time to learn the various things that “trigger” your spending. When you are
depressed, lonely, sad, anxious, excited, whatever it may be, do you spend more? Once
you can identify these triggers then you can learn how to control them. As an example, if
you were just laid off from your job, although money is tight, you may have an
overwhelming “need” to spend money. Perhaps you notice that when you are bored, you
head for the shops. Knowing what affects you will help you to discipline yourself to find
other ways of comfort.

10.) Don’t Give up the Good Stuff

A misconception is that while trying to save money you have to deal with sub-par
merchandise, which is untrue. If you love fresh breads and pastries, visit a bakery thrift
store. For your fresh fruits and vegetables, visit your local farmer’s market. Try eBay or
other auction sites to buy top quality merchandise for a huge discount. Watch for
neighborhood garage sales or estate sales and auctions to find items you need. Just
because you are looking for bargains as a way of saving money does not mean you have
to skimp on quality.

11.) Wants vs. Needs

Make sure the thing you want to spend your money on is a “need” and not a “want.”
Sometimes this can seem like a fine gray line but if you stick to the need list, you will
spend a lot less.


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