When I ask people what their financial goals are, saving money is always in the top three. But they also tell me that they don’t know how or that they don’t have good ideas. Well, good news. I have done the work for you and I hope to challenge your thinking.
Now, wouldn’t you rather use some money for something else: paying debts, saving for vacations, investing, etc.?
or 1. Decide what you want to keep and transfer it out of your main account as soon as you get paid
Somehow, it will make the rest work within your budget. I have been saving this way for the last 10 years and have only had to take out some of the money about 6 times. If you don’t have anything budgeted for savings, start with a small amount. Soon you will be hooked on saving and that amount will begin to increase.
or 2. Write down your expenses, day by day.
Yes, it is a bit of a pain to do this, especially in the beginning. But if you want to know where your money is going, this is the fastest way to find out. And you’ll notice that after a week or two of posting your money, you automatically begin to correct your course. Suddenly, you realize that your daily habit of Coke and a one bar from the vending machine at 3 in the afternoon is resolved in a substantial amount every month. I’m not saying you should never have fun. Buy two packages of chocolate snacks at the grocery store to last for the entire month and save a ton of money.
o 3. Never go shopping on an empty stomach.
You’ll end up with a cart full of junk food that you normally wouldn’t have bought if you hadn’t been starving. When I listen to just this advice, I reduce my monthly grocery bill by about 30%!
or 4. Make an errand list before you leave home.
By doing this, you can plan your route and also make sure you do everything you need to do. Otherwise it’s a case of “we forgot to pay for the phone” once you get home. Then you waste time and gas having to go back the same way.
or 5. Always, always, always use a shopping list
You can download one from my website. Use a fridge magnet and place it on the front of your fridge. Then train your family to bookmark the item as soon as possible. Approaching empty. What’s the point of adding toilet paper rolls to the list when you’ve just used the last one? It’s easy to get mugged by all the sale signs once you’re inside the store. A shopping list helps you focus. I am not saying that you are not allowed to be flexible. It’s just that with a shopping list, you make sure that you definitely get everything you need.
or 6. Check the bottom shelves in stores.
Stores pack all of the more expensive items at eye level, so next time you’re shopping for salad dressings or whatever, don’t just grab the first thing you see. Compare the prices of all the brands, making sure to look at all the items. It will take a little time the first time you do this, but once you get used to it, you will know.
or 7. Buy only enough fresh produce for your needs
It can be easily attached to the “3 bags of tomatoes for R20” and “2 cucumbers for R10” signs. But if you stop to think about your needs, you will realize that you do not need 3 suitcases for only 2 people. I used to think they only sold them packaged like this until one day I brought a bag of tomatoes to the checkout and … lo and behold, nothing special happened. They only charged me for one bag!
or 8. Try online grocery shopping, especially if you are an undisciplined shopper
We have good friends who have been shopping online for about 3 years. She swears they save at least 20% every month, and that’s after paying the shipping costs. That’s because it completely eliminates all impulse purchases: food for the hungry stomach and cute things.
or 9. Never go shopping when you are angry or upset.
This is a variation on the number 3, except for the fact that it likely fuels your emotional hunger. All the ladies know what I’m talking about. You are angry about something that happened at work, you go to the mall and end up buying a lipstick, a bag or clothes that you do not need. We all do, some of us just buy bigger items than others.
or 10. Always pay your bills on time to avoid interest charges.
Remember that with credit cards, your purchases are interest free for 45 days, BUT if you are a day late, you are not only charged interest for the day; interest is charged from the date of purchase.
or 11. Plan your meals
When you plan your meals by the week (like I do) or by the month, you save money. First, you can use all the food from the freezer before you buy more, and second, you will know exactly what you need to buy in stores. I glance in my freezer to make sure there is enough food for the week. Then I make my list and go shopping. Then on Sunday afternoon, I decide which meals we will eat on which days and put my meal planner on the side of the refrigerator. Then it takes me a maximum of 30 minutes to put dinner on the table every night. Watch? Saving you time and money! Download your meal planner from my website.
or 12. Eat more legumes
Legumes are things like lentils, beans, chickpeas, etc. They are a great source of protein and you can use them to replace meat in one or two meals a week. For example, use lentils as a ground meat substitute for your bolognaise sauce, or top your baked potatoes with a chickpea, tomato, spinach, and cheese sauce. Delicious! Not only will you save some of your money on meat, but you’ll also be healthier.
or 13. Limit the amount of cleaning products you use
I use an all-purpose cleaner, toilet bowl sanitizer, dishwashing liquid, and all-purpose gel. I could combine the latter two, but I must confess: I’m hooked on my brand of dishwashing liquid. I use the multipurpose gel to wash the car, clean windows and mirrors, as a shower jet, to clean carpets, etc. All you need to do is squeeze a generous amount into an empty spray bottle, fill with water, and shake to mix.
or 14. Find a free car wash
I’ve noticed that many gas stations offer a free “wash and go” if you spend a certain amount on gas. Look around you and start using these services.
or 15. Switch from cold sodas to water
You will save hundreds each month and … you will also be healthier and lose some weight.
And now for a bonus … hire a financial advisor
Yes, initially there is an investment. But over time, the rewards will be HUGE. Your coach will help you speed up your progress and help you pay off your debt and save some money.
Happy saving! My wish for you is financial happiness!