Welcome to Day 21 of 30 Days To Your Financial Freedom Challenge! In a previous lesson we talked about some strategies to cut spending. Let’s dive in further with more ideas on how you can save money.
The truth is most money crises can be avoided with just a little bit of planning. Even if you’re rich today and not having any financial issues, the truth is that saving money on the things you need every day is always important. Let’s explore some everyday ways to save money on the things you need.
Tip #1 Budget Together Regularly
Don’t just look at your budget once a year. Instead, sit down with your spouse, your family, and your business partners at least monthly, if not weekly, to go over the plans for spending and earning in the immediate future. This will help you avoid making last-minute spending mistakes.
Tip #2 Plan Your Meals
Don’t just wait for inspiration to strike when it comes to meal planning. Actually, set up a meal plan with a grocery list based on your budget. Set up the times to save the food properly, prepare the food, assign who will do it, and work together to ensure it’s done.
Tip #3 Make Your Own Coffee
You can buy the most expensive roast and make it yourself and save so much money your head will spin. At an average of six dollars per cup, coffee house coffee is ridiculously marked up. If you’re a daily drinker, you can make it at home and save hundreds a year.
Tip #4 Cut the Cable
You don’t need cable TV. I know it’s hard, but during a financial crunch, you should cut off all subscriptions. Call them to cancel because they may offer you a couple of months free in the process. Put the cancel date on your calendar, so you don’t forget.
Tip #5 Cancel All Magazine and Book Related Subscriptions
You can cut these programs too because you don’t really need them. Join your public library, and you can get digital and physical magazines and books free.
Tip #6 Drop Your Gym Membership
You can work out without a gym by running, walking, or lifting at home and in your neighborhood. Again, give them a call, and they may offer you some free months to tied you over.
Tip #7 Host Home Parties and Dinners
To save money, you can host your own home parties and dinners. Ask everyone to bring a dish, set up games, and fun right at home. You’ll get closer to your family and friends in the process while saving money.
Tip #8 Use Coupons and Discount Codes
There are numerous ways to use coupons and discount codes today. You can join sites like Honey that works with PayPal to give you discounts if you shop online. Look here for information: JoinHoney.com. This blog post, while from 2015, is still a good list of places you can find coupon codes to save money online. (https://www.cheatsheet.com/money-career/10-of-the-best-websites-to-find-coupons-and-promo-codes.html/)
Tip #9 Be Creative with Your Gift Giving
During a financial crunch giving gifts can become an awful stressor, especially if you’re the one who often gives the best gifts. Find out your friend or family member’s “love language” and make your gift more personal. Sometimes a handwritten note or a framed picture of you together can mean more than the most expensive store-bought gift.
The main thing to note is that if an expense isn’t life or death or something that will mess up your future, you really can skip it right now. Once your financial shortfalls are passed, you can add things back into your life. However, chances are you’re going to find out that you are completely satisfied, if not more so with less than you thought. Check out Busting Your Money Mindset for more tips, tricks, and planning resources to guide you through cutting back on your expenses.
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