With the economy experiencing such uncertain times, people everywhere are searching for ways to save a buck or two. From grouping errands…to car pooling…to coupon cutting, and shopping for discounted services and used products; we all are searching for the most effective money saving tactics we can find.
When attempting to save money, it is better to start looking at things in a smaller scope.
Record the expenses you’ll need to make in order to conduct your week successfully.
- First, make a list of your weekly transportation expenses and your household’s weekly food and medical expenses.
- Next, review your necessity list thoroughly, and circle the expenses you may be able to minimize or alleviate all together by shopping for better rates or bundling services.
- Finally, make a separate list consisting of all of your extra splurges. Splurges are anything you don’t need to survive, but things that makes life more pleasant like hair and nails, shopping, entertainment and eating out.
Once you have reviewed your entire spending habits and minimized, sometimes elevating, as many financial obligations as possible; then you are ready to add those fun rewarding splurges that makes life more enjoyable.
Rating your splurges from most important to least important is the easiest way to budget them.
Check for discounts on services provided by your favorite stylist, nail salon, massage therapist, and personal trainer on your social networking news feeds. Deduct them from your remaining funds left over, after all revolving bills are minimized and paid.
Tips to help minimize expenses:
1. Use less: Always start using less first by buying less stuff to use. Start by making a list before going shopping. When making the conscious decision to use less stuff, first you must go back to your necessity list to find out what you need to live. Out of all the things you need to live, see if you can use even less of each than what you are currently using. For example, turn the lights off before leaving your bedroom. Dress warmer or cooler, depending upon the weather, so that you don’t run the heat and air as much. Buy more frozen fruits and veggies to prevent spoilage. And, buy less soda and junk food. Also, planning your meals by the week helps you to stretch ingredients better.
2. Shop for sales and discounts: Shop for discounts on quality products and services. Check the Sunday’s paper for coupons. Join discount websites such as Groupon, Living Social, and Scout Mob. And, check your local hair salon, your personal trainers, and your massage therapist to see if they are offering any deals. Join their Facebook and Twitter pages, and make sure you are included in their email list. It is important to have first hand access of their specials to help with your budgeting.
3. Shop for cheaper utilities and insurance rates: Shop for cheaper home and auto insurance rates every year or two; and take a defensive driver’s class to lower auto insurance rates. Shop for cheaper rates on all utilities such as electric, gas, internet and phone, and cable service providers.
4. Buy in bulk: Even small households can benefit from buying in bulk. Get Ziploc bags and bag things based upon what is needed for each individual meal. It’s always cheaper to buy in bulk for a discounted price, rather than paying full price for smaller quantities.
5. Establish a personal budget: After you are done listing everything needed to live, subtract that from the amount of money that you make in a given month. Then divide that number by the average number of weeks in a month (4), and the remaining amount is your weekly spending budget for extra things other than survival necessities. Once you have an idea of your personal spending budget, you know how much money you can use to play with. Then shop for discounts and specials on the things you’d like to have, but don’t necessarily need.
6. Car pool and group tasks: Completing all of your errands at the same time saves gas. You may realize that the very same product you drive across town to purchase can be bought at your local area stores, especially if you stay up on weekly specials. Saving gas by carpooling and grouping tasks also equals saving money.
7. Don’t forget to save: When it comes to saving, the term “How can you miss what you never had” applies. After you have completed your budget make-over, contact your bank to open a saving account that is attached to your checking account. Try to save at least 10% of your monthly earnings in an interest bearing account. But make sure you have the control to stop the drafting when needed, or simply have the funds capable of rolling it back into your checking account for emergency overdrafts or insufficient funds that can sometimes occur.
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