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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 March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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