Save Your Money
Saving Money for a rainy day is always wise, and these Easy Money-Saving Tips-for you were where I began my journey out of debt. Easy to understand and apply.
Saving Money for a rainy day is never been a bad idea. These Easy Money-Saving Tips were a good place for me to begin, and they can help you get on the right path to saving money
Saving money, or saving anything, for that matter, is a metaphor for preparing myself for the challenges that will surely visit me in the future. When I was young and bullet-proof, life’s challenges were no big deal. yet, but if you have parents or grandparents to take care of, or if you are raising a new family, you cannot afford to stay in this selfish frame of mind for very long.
Helping the less fortunate, especially when they are close family, is a good thing. You cannot help anyone if you are always struggling to make ends meet, and you cannot even help yourself.
Be Frugal
If you’re not frugal or thrifty, saving money can be difficult in the beginning. I’m not suggesting that you store all your hard earned money under the bed. Keeping inflation in mind, saving money in this fashion would not be very wise. Inflation would erode most of its value before the rats could eat it all. Saving money requires that you change your habits drastically. It gets easier with time. If you can’t save 100 dollars for an emergency fund, and you’re living from paycheck to paycheck, … it means you’re doing a lot of things wrong, and that maybe it’s time to listen to someone, for a few tips and tricks, when it comes to dealing with your finances.
You’re going to need discipline. It requires a special type of person that can put their foot down and say, “Enough is enough”! That’s why so few people are any good at saving money, and why they fail at saving any amount of money, period.
I use to always look for the easiest way out, the easiest way to do things. It seemed natural, and at first, it was a lot of fun, … shop til you drop, spend it all, … for tomorrow we die. It doesn’t work very well, when looking for best results, in times of crisis!
The Easy Money-Saving Tips-for you, that worked for me.
1. Learn all you can about Money
This is where I had to begin my journey. How could I make and save something that I knew little or nothing about.
“Money” is one of the most misunderstood words in our lives and is it any wonder. Money is the tool we use for almost all of our daily transactions, and the school system teaches little to NOTHING about it. You will have to teach yourself about money if you are to have any hope of not ending up in poverty. Tough love, … you bet!
Number one tip, you don’t always have to pay for an education. This is a money-saving tip. If you do not have Internet access, your local library contains thousands of books on economics, money, and the world of finance. Every sub-division on money-matters has been researched, written on, and studied throughout the ages.
The Internet has made this exercise even more convenient and accessible. If you do not own a laptop, your local library has laptops and computers, that you can access for free with your library card. There is no excuse for you not to learn the basics of money management.
Learn the Basics
You cannot become a carpenter, a doctor, or a lawyer, without spending years learning the theory and skills necessary to become proficient in these fields. How do you expect to become knowledgeable in money, its expenditure and management, if you know nothing about the subject matter?
The money game begins here. Unless you understand the basic concepts, and the terminology you have little to no chance of getting ahead. There are many online courses to help you get started, that are free to explore. What have got to lose?
Instead of listening to the haters, stop wasting your time bad-mouthing money, learn about its purpose and how you can become better able to manage it for yourself, and for your family’s benefit. People either love or hate money, and very few people know the difference between money and currency. Begin by educating yourself on this essential skill.
Try, instead of always waiting for tomorrow or the next day. The next day may never come.
2. Income and Expenses
What is Income, and What are Expenses? Begin here, and keep it simple.
Income is all the monies that you earn in a given time period. Most bills and bank statements are issued on a monthly basis. I’m using the monthly amount here, because, for most of us, mortgage payments, rent, heat, lights, water, and other such expenses are dispensed on a monthly basis.
Expenses are all the monies you spend for goods and services.
Don’t forget to include all the money you waste on useless things you don’t need. This is where you must begin your savings plan.
3. Do you have a Savings Plan and Spending Plan?
What is a spending plan? What is your Savings Plan? What is a budget?
A monthly budget is a plan, to describe how you are going to use the money you earn to pay for the expenses you have to pay for a monthly period of time.
Accountants and money managers, have long ago, developed systems for keeping track of income and expenses. There are only two ways of doing this. One way is to get yourself an old-fashioned pen and paper system, and the other is to use a digital computer based system.
My recommendation, if you are new to this, is to get an old-fashioned paper scribbler and pen. Begin by writing down all your sources of income in a given month, … and list all your expenses for that month.
How much income are you earning, and what are your expenses? Simple, isn’t it!
4. What are “your Necessities” of life?
Food, Clothing, and Shelter! These are the very basic requirements of survival. If you have children, or if you are living on one income, you must make allowances for that, but it does not prevent you from saving “something”.
Saving money is an exercise in discipline. If you cannot discipline yourself, and restrict yourself from spending money on frivolous and unnecessary purchases, you will never be able to save money for your future economic requirements.
Today’s CoronaVirus Pandemic is bringing this to life. People are running around like chickens with their heads cut off, hoarding toilet paper, hand sanitizer, and rubber gloves.
Statistics show that only a small percentage of the population has sufficient cash on hand, or even access to digital money, for any emergency. Think about that for a minute. Putting yourself, and your family in this position is not very wise. No one needs to listen to excuses all day. It’s your life, and you’re saving this money for YOU and Your Family.
Be Prepared!
5. Slash your Entertainment Budget
You don’t have to stay in your house and shackle your leg to the kitchen table, although this method has been proven to work on laboratory rats. Be creative and learn how to have fun “on-the-cheap”. Saving money is serious business.
Read books on “How to save money”. $50.00 movie nights can become stay at home movies. Walking and hiking in your local parks are an excellent form of exercise, and a great way to de-stress, free of charge.
Can you do it? Can you really? How much money can you save in a year? I once had more excuses than savings. I don’t make that much. I have 2 children. I only work part-time. I had to take my dog to the vet.
6. Learn to Cook
Eating out is a major expense for many couples. You can’t afford to eat out 5 or 6 days a week if you’re racking up credit card debt.
Learn how to shop for food. Plan your meals. Don’t buy too much unless you have a freezer. Don’t waste food.
There are thousands of recipes and meal preparation ideas on the net and on social media.
If you’re smart enough to put gas in your car, you are smart enough to cook something to put in your stomach. Make your stomach more important than your gas tank, problem solved!
Saving money requires you to make sacrifices. If you’re always running out of money before payday, you have to modify your spending habits. Instead of eating out 5 or 6 times a week, try once or twice a week until you can manage your finances.
7. Minimalism
Do you really need all that stuff that’s clogging your closets, your drawers, your shelves and your hallways.
See what I did here! Minimal words. What is Shinrin-Yoku?
8. Avoid Debt as much as Possible
Debt is a chain that wraps around your neck, and pulls you down into the gutter.
Every day, the interest that accrues on the money you owe, makes that chain heavier and heavier.
There is a case to be made for Good Debt. If you know how to manage money to make more money, that’s Good.
If you run out to buy things you don’t need, as soon as your credit limit is increased that’s not good. That’s a formula for becoming a debt slave. Did I forget to mention, discipline?
9. Start Building an Emergency Fund
Every payday, save 10% of your net income. 10% is not a lot, and it’s better than zero. This will accrue into thousands of dollars over time. As you see the numbers grow, your confidence in saving money will grow as well.
You’ll be super-proud of your accomplishments and so will your family. This is a great conversation starter when you’re with your children. An excellent lesson for you to teach them. You will also learn from teaching.
10. Get a Second Job
Enough said!
A Future Full of Hope
Many industries are going through hard times now, and the idea of working from home is more popular than ever. Look for businesses and industries that have a future.
The average person, working today, can expect to have about 8 to 14 different career changes in their lifetimes.
If you’re unemployed nowadays, it’s because you are in the wrong field, or you are not sufficiently educated for the field you are applying for.
Lower your standards a bit. No one starts at the top, and you won’t be the first one!
No More Excuses
Quit making excuses, and take charge of your life. Some career sectors are dying, or are on life support. This has been happening since the dawn of civilization.
The world is not coming to an end, it’s changing, we evolve, and you have to change with it, or you’re going to get left behind!
If you have any comments, questions, or suggestions, I’d be more than happy to hear about them. Perhaps I can help you get started on your savings plan. Leave them in the comments section below.