Best Ways to Save Money: 6 Practical Tips

Many of us live life in excess whether we realize it or not. Looking back, I spent several years living wasteful thinking that I was a good steward. It is so easy to live in a wasteful way when you are surrounded by a culture that does the same. While I do not believe in living life with regrets, if I had one area that I wish I had more discipline in early on it would be in this matter of saving money. As a young person, it is so easy to live for the moment and feel the pleasure of spending. We can get what we want, when we want it even if we do not have the available cash on hand. While it is easy to make a long list of ways to save money, I just want to drill into 6 that have been the most beneficial in my life. 1. Live by categories and not by bank balance. If you have spent any amount of time online reading about personal finance, then you have heard of the envelope system . It really is not a new budgeting technique. It is the way that Grandma saved and spent her money. I use the YNAB personal budgeting software . By following the 4 rules they have set up, you will begin to save money automatically. You do this by spending according to the amounts in your budget category. This helps you to not spend more than the cash you have on hand. Even better, you give each dollar a job including saving money. What happens so often is we make financial decisions according to our bank balance instead of by what we budgeted for in that particular category. 2. Have a jar for all extra change. All of the loose change in your life can get away from you if you do not have a system in place. I have a friend that uses a huge empty water jug for all of the loose change that the family collects in a year. Once a year, they empty the jug and it is amazing the amount of money they have saved using this technique alone. 3. Share meals when eating out. It is amazing just how large the portions are getting at restaurants these days. While eating out is a pleasure for sure, feeling overly-stuffed later and popping antacids is not so enjoyable. My wife and I have started sharing meals wherever we go. While initially I wondered if it was going to be enough for me to eat, I found that with less food I eat slower. I actually enjoy the conversation and save money all at the same time. If you eat out a lot, this strategy alone can save you a lot of money over the course of a month or year. 4. Choose to reuse what you can. I also found that we are quick to throw things away. There are many items that we can easily reuse if we want to. This can save you money each month on the grocery bill. 5. Buy what you can used. Bargain shopping is one of my wife’s favorite pastimes and you better believe that makes me smile. Here is an idea. Visit a thrift store in a more upscale side of town, it is amazing the deals you can find on kids clothes and other items. 6. Visit the dollar stores often. If I have an addiction, it is visiting dollar stores. While not everything there is of utmost quality, it always surprises me what you can buy for a dollar. Just recently we painted the whole downstairs in our house. We decided to see how much of our paint supplies we could purchase at the dollar store. We spent less than $10 and got all the painting supplies that we needed. All we had to do was go buy the paint! Take some time this week to think through how you are living and what areas can you save where you were previously wasteful. It feels good on the mind and pocketbook when you do. How do you save money at your household? Meet us in the comments! Related Articles: 5 Simple Ways To Save Money Shopping How To Save Money On Groceries – 13 Tips Practical Budgeting Tips to Manage Your Money Better Money management tips for beginners 7 Ways to Save Money Grocery Shopping 8 Tips To Save Money On Your Christmas Shopping 3 Unconventional Ways to Save Money Jonathan has been blogging online since 2009 and is still in awe that the Creator of the Universe desires to have a relationship with him. He recently launched a new blog with Bob called Blogging Your Passion . It is dedicated to help bloggers find what it is they are passionate about and turn it into an income-generating blog. As a thank you for subscribing to our newsletter you can download our quick eBook ” 25 Ways To Save Money in 2011 ” for FREE! The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .

Continue reading →