This article with advice on how to save money is not for those individuals who have always had the availability of funds to accumulate savings. Nor is it for those who are fortunate enough to spend as they choose, or those who are a “savings pro.” Even so, sometimes all of us forget how to save money, and need some reminders.
Not everyone is in the same shoes, and as fortunate. But, saving money can be done if we work at it, and are conscious of our spending.
With the economy, the worst in our lifetime, it brings us to the question of how can we use this advice on how to save money? How much money have we saved, and are we prepared for the future and/or the unknown? Are we saving sufficiently for retirement, or not at all?
Saving a sufficient part of our income is not as easy as it used to be with every item in the market rising almost daily. I remember when gasoline was about 34 +- cents a gallon. Yes, it was, believe it or not. When I was living in Littleton, CO in 1970, many things were much cheaper.Yes, that was a long time ago. Of course, wages were not as high either.
It is not easy for many to budget and save money and this is due to the financial crisis that has occurred within our Nation and many having to deal with employment changes, and often, with less salary.
My Advice on How to Save Money is kind of simple, and here are some questions:
1. What is your priority for saving part of your salary for future needs?
2. Do you even have a budget?
3. Do you stick to the budget?
4. Do you know how much you could save if you paid attention to your spending?
5. Do you want a retirement where you can relax and enjoy being older?
Women who have a partner in the home do not always have to worry about these issues as much as single women. With that said, it is always best to be prepared for being alone and without support. It can be an awful realization for a women who hasn’t lived alone or becomes a single mom, and suddenly has to be the soul provider and financial expert. It is also important to teach our children what saving money is all about.
So, how do you save money for these kinds of expenses and take care of household expenses at the same time? First one must see the need to curb their expenses before they get out of hand. Some people are very budget prone and can tell you every dime they have spent for the month.
Being money savvy is essential to having financial health, and especially for women and in this economy. Even when you have a second financial provider in your home; tomorrow does not always turn out like we plan.
Advice on how to save money with some additional simple methods:
- Make a financial budget and stick to it.
- Allocate a certain amount of $$$ for necessities; food, clothes, gasoline & then your miscellaneous expense.
- List insurance payments, utilities, TV, and entertainment.
- Have priorities in your life and know what you spend and what you spend it on; spending for incidentals can add up.
- Try not to spend all you earn. It would be amazing how much money you could save in one year by putting twenty bucks back every time you thought about it.
- Decide how much money you can save by not stopping by the fast food joint on the way home. Do not forget to lay out something healthy from the freezer in the morning, or fix something in the pantry that doesn’t take much time. Or, put something in the crock pot (roast, chicken, stew, chili, or soup).
- Make a grocery list and do not waver from the listed items unless out of stock. **It is best not to shop when you are hungry!!!
- Go to the grocery once a week…saves gas and food bill also. *I have found that going to the grocery several times a week adds up to spending more money.
- Turn off the TV while you are not in the room. Turn the lights off when leaving a room. Keep your utilities down by closing doors tightly, or having an under door lining.
- Do not heat or cool rooms which are not used.
- Make sure the faucets do not leak.
- Brand names do not always mean the best taste or best benefit.
- Buy children’s clothing that coordinates with each other.
- Buy your own clothing that coordinates with different pieces.
- Always invest with your company’s 401K savings plan, or other savings and retirement plan.
- Always save a percentage of income for the children’s college education ahead of time; eliminating student loans
- Pay cash and eliminate charging on credit cards. Eliminating credit cards can save thousands and help you achieve financial health for future necessities such as a new car or new home.
These are just a few of the many short cuts and my advice on how to save money so that you have the $$$ you need down the road for those unexpected events and your retirement.
P. S. Believe me, I know it is hard to save money with the expenses of a household these days. It can be done…let’s get a grip on making ourselves financially prepared for anything that arises…Good luck!!!