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15 Fun Ways To Save Money (Instead Of Using Piggy Banks)

15 Fun Ways To Save Money (Instead Of Using Piggy Banks)
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Saving money is just one of those necessary evils, but it doesn’t have to be a mundane task. Put the change counter and the piggy bank in the back of the closet, and use these 15 fun ways to help save money:

1. Take Out Cash

Rather than relying on your debit card for transactions, take out cash at the beginning of the week. Decide on a specific amount you are willing to spend per week, take it out in cash and leave your account alone. This will keep you from spending too much, which is easy to do with a debit card. It will also help you make sound decisions on what to spend your money on. With limited weekly funds, eating out four times won’t seem so appealing anymore.

2. Save Your 5’s

Once you’ve taken out cash, decide on a denomination to save. Let’s work with 5’s. Here’s an example: You go to the movies and pay with a twenty. The cashier hands you back a 5 and 5 ones. Take the 5-dollar-bill and stash it away. If you do this every time you spend money, you’ll have a nice little stash in no time.

3. Nix the Cable

With services like Hulu, Netflix, and Apple TV, cable isn’t a necessity anymore. With Apple TV, you pay for the device and have access to most major networks. Hulu and Netflix require a monthly fee, but even if you paid for both, the cost won’t add up to a monthly charge for cable.

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4. Grow Some Veggies

Even city-dwellers can start a vegetable garden. Make a list of the staple vegetables you keep around the kitchen, and then do some research on growing your own. This will save a little change at the grocery store, and it might even become a therapeutic activity for you.

5. Swap Clothes

Do you have a friend or family member that wears the same size as you? Consider doing a clothing swap rather than buying a new outfit for a party or event. Chances are, you’ll only wear that outfit once or twice, so borrowing will save you money and room in your closet. Need a fancy outfit for a dinner or convention? Consider renting it.

6. Make Your Own Household Cleaning Supplies

Not only is making cleaning supplies cost-effective, but it’s also eco-friendly. With some vinegar and a little borax you’ve got yourself an all-purpose cleaner in no time. Use this recipe for a homemade laundry detergent, and each load will only cost about $0.04.

7. Set Up Auto-Draft

Some companies and financial institutions are willing to offer a discount if you set up auto draft payments. Before sign up for service or take out a new loan, ask the company if they offer a discount for auto draft.

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8. Use Layaway Instead of Credit Cards

Layaway is an interest-free way to pay for a large purchase. Many box stores as well as some smaller retail locations offer a layaway option. If it isn’t something you need right now, consider using layaway rather than a credit card.

9. Look for Free Activities

Skip the movies at the theater and head to movies in the park. Many cities offer a host of free activities, especially in the summer months. Use social media tools and the web to find listings for community activities and make your date night a little cheaper. This will also push you to do something new or different, which will broaden your horizons and help you meet new people.

10. Pay for Your Bad Habits

Choose a bad habit of yours that you’d like to get rid of. Take a jar and label it with that bad habit. Select a denomination to put in the jar every time you find yourself partaking in said bad habit. Let’s take slouching for instance. If you want to correct this habit and sit up with a straight spine, label your jar “Slouch Habit”, and place $1 in the jar every time you catch yourself slumping down in your seat. You’ll save a little money and hopefully get rid of that little habit.

11. Cook More

It depends on who you ask, but generally you can save money if you cook more rather than eat out. It’s also healthier (most of the time).

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12. Use Your Rewards

If you plan to use your credit cards, make sure to take advantage of the rewards. Most cards have a points or percentage system that you can use for goods, gift cards and even cash back. Use your credit cards for what you’d normally spend cash on- groceries, gas, etc. Put the money aside to pay off the credit cards immediately, and you save yourself from interest charges while still getting the points.

13. Shop Garage Sales

Need a new dining room table or bookshelf? Instead of buying new, look around at local garage sales to see if you can find something that works. You might find something that just needs a little refinishing. This can turn into a fun project and save you money as well.

14. Start Couponing

Extreme couponing has become quite the trend, but it can really save you quite a bit of money if you know how to do it. Since the coupon craze is in full swing, finding info online or even a class in your area shouldn’t be hard.

15. Stop Paying for Delivery

Having your food delivered means tipping the driver. Instead of ordering delivery, pick up your food to avoid the extra cost of a tip. Some businesses actually charge a delivery fee as well, so you can avoid this by making the trip to the restaurant.

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Do you have any other ideas for fun ways to save? 

Do you overspend? Check out 15 Ways to Eat Free That You Probably Didn’t Know.

Featured photo credit: Vintage Grow Your Money/www.stockmonkeys.com via flickr.com

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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