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10 Money Saving Strategies That Really Work

10 Money Saving Strategies That Really Work

When my family and I found ourselves in a nasty financial situation, we had to dig deep to discover how to take care of the family and still have fun on the cheap. We discovered it was not only possible to live cheaper, we even had fun doing it. We decided to keep doing it when times got better, because it made us feel smarter to save more. If you want to feel smart too, here are 10 money saving strategies that work.

1. Learn to Love the Library

I used to hate the smell of old books and the sounds of silence. When finances caused me to spend more time at our local library, I discovered how many things have changed. Libraries host free events for kids and families. They bring movie nights, magicians and musicians to families of all ages. You can use the internet for free, play online video games, check out movies or music, and, oh yeah, they let you get books for free too. Just remember to return things on time and this place can entertain you in amazing ways. Saving money at the library will become a habit you carry on for years. It’s just that fun.

2. Is It Big Screen Worthy?

If you’re a movie fan like me, you know you can plop down serious amounts of cash by just attending a few flicks a month. So, when you need to save some money it’s time to become a discerning viewer. Most movies make it to DVD within a few short months. They also land on Netflix or Amazon Prime or another venue fairly soon. You can catch that movie later for free or at least cheaper if you are willing to wait and if it’s worth it. The question you have to decide when it first arrives at theaters is this, “Is it big screen worthy?” If you can get just as much enjoyment out of it by watching it at home, then that movie may be worth the wait. You’ll find yourself spending much less money if this becomes your starting question.

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3. Shop at Garage Sales, Thrift Stores, and Consignment Stores

For those who enjoy Biltmore style living, this can be a difficult transition. Many communities, including the well-off ones, have regular garage sales. You might find that someone is moving and needs to unload an almost new vacuum. If that fits your need, you’ll save a hundred dollars and still get a product with great suction. When funds deplete, the mall is just too much of a temptation. It does require more hunting and planning, but garage sales, thrift stores and consignment stores will save you a bundle. As you stroll through the items at these places, you’ll find clothes, furniture and knickknacks that contain character and even make your world more fun. When you save money at these stores, you’ll wonder why you ever shopped elsewhere.

4. Choose Cheap and Save Big on Cell Phones

We know the names of the big cell phone companies but did you know that they make their lines available to other companies too. Walmart’s Straight Talk uses the Sprint network at a fraction of the cost. You pay less for the same phones and less on a month to month basis with no contract. You can also set up a pay-as-you-go system with Straight Talk as if you had a contract, but without the extra fees. Republic Wireless limits their phone choice but cuts the cost incredibly by using a hybrid system of WiFi and 3G or 4G. PC Magazine has recognized these companies in their Reader’s Choice Awards. None of the big companies even got a mention.

5. Learn to Cook

It may sound like something out of the 1920’s but when you cook for yourself, you save a ton of bread. This doesn’t mean you will save big by buying a frozen dinner and warming it at home, though you may save a little. If you learn to cook, you’ll find out how many restaurants and fast service overcharge for what they make. They have to do it because they have a bunch of employees to pay. You don’t. When you buy food and make it, you’ll be able to pack it into lunches or make great dinners. You could even branch out and get creative for breakfast. Not only will you save a bunch, you’ll also probably find yourself getting healthier.

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6. Learn the Difference between a Need and a Want

When you hear about a new gadget that can do 20 different things you never imagined, you may find yourself excited and itching to buy it. Then, ask yourself to consider if you need this item to survive or if you simply want it, because it caught your attention. The more you ponder the difference between the two, the more you’ll realize the things you don’t need to own. And, you’ll save money.

7. Practice Patience

Technology has been improving at an exponential rate. We get the annual iPhone updates and Samsung updates. New laptops come out each year, as do desktops. New software gets developed each year. It’s mind-blowing how much money you could spend if you made certain to purchase each new annual item. But, if you wait, that new product becomes an old one very quickly. Within one to two years prices often drop by almost 50%.This same approach applies to cars that have aged a couple of years. Consider how much you save if you wait for the new item to not be quite as new.

8. Make Your Own Coffee

Starbucks works hard on its product, but also on its environment. They create nice looking places with beautiful lighting and background music. It makes you feel like you’ve entered a fine dining restaurant when it’s actually caffeinated fast food. You plop down a few bucks for your favorite drink and feel absolutely extravagant. What if you could do it? Many people have figured out how to make them at home for less cost and all the joy. Personally, I love this Gingerbread Latte that I can make for myself at a much lower cost.

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9. Exercise Outdoors

Before our finances took a dive I belonged to our local gym. It cost me several dollars each month to ride a stationary bike or walk on a treadmill. When I started seeking to save money, it occurred to me that I could do those things outside on my own. You can too. Many communities provide opportunities to play basketball, run, walk or ride a bike. You can get outside and move rather than pay to remain indoors. Once you start doing it you may never go back to the gym even if you’ve got plenty of money to spend.

10. Learn to Be Content

Often we find ourselves driven to feel happy, happy, happy. Unfortunately, we look to people who make millions of dollars and believe they’ve found it. We want more and more stuff. It’s like we assume that the more things we buy, the better our lives will be. If you’ve read the news lately, you probably also know that people with money have their own dreams dashed to pieces, too. Even people who have got tons of cash still want more.

Maybe we’re hunting for the wrong thing. Instead of seeking happiness, maybe we need to find a deep and complete sense of contentment. There are people who are content with their lives. They appreciate each day because of its innate beauty,not because of what it gives them. Those people value themselves and their lives even without fancy vacations or expensive technology.

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The Bible makes a reference to a man who had people try to kill him several times. He had to run from towns and got placed in jail regularly. This same man stated that he had learned to be content in any and every situation. I’ve discovered how valuable contentment really is. It helps me to not need many of the things that cost a fortune and deplete my bankbook. If you seek to learn the secret of being content, you could find yourself saving too.

Featured photo credit: One and Two Half Dollars/Eric Gjerde via flickr.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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