Save, save, save! This is a common word in my vocabulary lately. And…it’s a goal that many of us try to get better at all the time. The idea that we should be saving more money, can cause us to have lots of stress because we have it in our minds that this is something we have to do all at once! Whether it’s to save money for a down payment for a house or to pay off some of your debts, it’s important to look at saving as a way for you to work towards achieving financial freedom.
However, maybe just maybe there is a better way to save money without putting too much pressure on ourselves. Maybe, it is ok to approach this process in smaller, simpler stages. Identifying smaller methods for saving that can be more manageable, may actually yield more savings as well as being easier to maintain over time.
With that said, I am going to implement the ‘Slow and Steady Wins the Race’ approach to saving – which will hopefully be a more beneficial saving method over time. This will help you feel like you’re taking the right actions and help you on the path to simplifying your life. Read on to hear some tips on how you can save one step at a time.
#1 – Cutting Down on Gas
One strategic way to save money, is to cut down on the amount of gas you are using to operate your vehicle. Carpooling and public transit can help achieve this goal in certain instances and can be a suitable option for many individuals. Whether you are splitting the gas tank costs with someone or paying to take transit, this could definitely offset the high fuel expenses you have already been paying on your own – especially since gas prices continue to rise.
#2 – Buying a Used Car
Next, if you are in need of a vehicle of your own, you could instead decide to look at buying a used car when it comes time to replace your older model. Not only will you save some money buying a less expensive model, but you can also avoid losing money on a brand new vehicle, that can depreciate as much as 35% in the first year. This is not to say you should purchase a car that is in poor condition, just because it is less expensive – but rather look at buying a vehicle that is approximately 2 – 3 years old. That way you can save money on a good quality vehicle, that you will can expect to get many good driving years out of.
#3 – Canceling your Landline
Switching gears a little, an additional method of saving some extra money each month is to cancel your home phone landline. Many people are choosing to use their cell phone as their main form of communication these days, and the majority of people already have a cell phone – so this one is not really much of stretch. In terms of saving, it is likely that you are paying anywhere from $25 – $50+ per month for a phone line that rarely gets used. By only having to pay your monthly cell phone fees, you can easily cut down on your monthly and even yearly phone services.
#4 – Skip Buying Brand Names
Generally, if you are purchasing brand name products regardless of the item, you are likely paying a lot more for the name. Alternatively, if you have access to buying unbranded items in a variety goods – you can typically save several dollars with each bill. While some designer brands can work out to be a long-term investment, sometimes buying no-name brands will be a better purchase because certain items are not meant to last for the long haul and can be just as effective. Food and clothing, as well as household supplies can be a good place to start to save some additional money each time you shop.
While, these are only a few of the ideas you can put to use to help save some money each month, I am sure there are many more money saving tips that you can come up with that make sense for you and your family. I have always felt that it is encouraging to hear what strategies other people have tried and what has worked for them. It’s important to understand what others do with any “extra” money as it can help you figure out where your priorities are and how to save even more. I always welcome new ideas – so if you have some strategies that have worked for you, please feel free to share!
Understanding that the process of saving does not have to be race, is a new philosophy I have incorporated into my current financial playbook. By displaying patience and consistency, I am sure that over time you too will be amazed at how much more effectively you can save.
