There is an old adage that states “it takes money to make money.” Interestingly, that can apply to saving money as well.
It may sound counter-intuitive—spending money to save money—but splurging on certain items can actually provide a little extra cash. In other words, there is a time and a place to spend and a time and a place to save. By knowing the difference, you can spend your money more wisely, and actually save more.
1. Value Your Time
This wise old saying proves to be true in many ways. Our time is equivalent to money because whether we receive a salary or hourly wage, we are being paid for the use of our time. The work we can do in the workday hours is valuable enough to merit pay. The things we can do with our free time can be of equal value. By using our free time wisely we can invest in new ventures, we can better plan for a more efficient and successful future, and we can grow and develop our skills to increase the monetary value of our time. Manage your time at work and at home responsibly, it is yours to spend and can do you a lot of good if you know how to use it well.
2. Do It Yourself
If you can do it yourself, give it a shot! This tip actually connects to the previous tip because outsourcing some jobs, such as yard work or cleaning, might be financially responsible in the long run since it will give you back a lot of time. Likewise, there are some tasks that should be left for the pros, like home maintenance, improvements, or car repairs, that you aren’t familiar with at all. You don’t want to waste more time and money in the long term trying and failing to do certain things yourself.
But there are other tasks you can learn to effectively do yourself and save money. By cleaning for just 20 minutes every day you can keep your whole house clean with minimal time and effort and without needing to hire cleaners. If you need to get a gift for someone you can make it by learning to knit or sew. You can replace a tire on your car by watching youtube tutorials. Not only will you potentially save money by doing things yourself, but you can learn some great new skills as well.
3. Always Be Learning
Improving yourself either with additional education or other worthwhile self-improvements can help you earn more money in the long run. You can do this by learning to do more things yourself, like car and home repairs. You can take on new hobbies and passions. Or you could get a library card and start hitting the books! You can even further your education by going back to school or taking some specific classes in your field of interest. Improving your knowledge and your skills should be a life-long endeavor. Just be sure to weight ROI (return on investment) when considering class tuitions.
4. Take Advantage of Sales and Coupons
That really expensive TV or shirt you’ve had your eye on might be going on sale soon. Check the website and coupon catalogs for your favorite stores every once in a while to stay in the loop when it comes to sales and discounts. Some stores even have notifications you can get whenever they have sales going on so you can be one of the first people to know. Keep your eye out and be patient enough to wait so that you can buy what you need and want when it’s on sale.
Sifting through the clearance racks is also a great way to find what you need on sale. There are also thrift shops you can learn to shop at. There are plenty of resources today that offer great coupons! Coupons may seem like you’re not saving a lot, but it really adds up over time.
Budgeting your food properly is one of the most important items on our list of top 10 ways to save money. The amount you spend on food can really add up and cause financial burdens. Work out a budget to determine how much you can spend each month on food. Strive to eat at home as much as possible, and save eating at your favorite restaurant for special occasions. Prepare your meals throughout the week so you can bring food to work or school.
6. Shop at the Dollar Store
The Dollar Shop is a great place to find inexpensive items. Buy these great items at the dollar store and save money:
- Seasonal Decorations
- Cleaning Supplies
- 2 for 1 Greeting Cards
- Hair Accessories
- Party Supplies
- Movie Candy
7. Buy in Bulk
Some groceries and home items are really good to buy in bulk. Often times, buying in bulk will save you money in the long run. Here are some great items you might want to consider buying in bulk:
- Office Supplies
- Light Bulbs
- Trash Bags
- Dishwasher Detergent
- Dry Rice
- Dry Beans
- Dry Pasta
- Laundry Detergent
- Toilet Paper
8. Learn When to Say Yes or No
Look at your own situation and decide what is worth spending money on and what isn’t. Understand that some expenses are necessary, others are superfluous, and some can pay you back with worthwhile investments. You’ll have to learn better how to say yes to some things and no to others.
9. Create a Budget
Creating a budget is very important and plays a major key in household finances. If you don’t work out a budget, then you will have a hard time saving money. Budgeting is how you visualize your finances and better understand how much you can and can’t spend. Creating a budget is one of the top ways to save money. Start creating a budget today so you can start saving money now!
10. Have an Emergency Fund
Sometimes life throws curve-balls at you and unexpected expenses happen. It’s important to have emergency funds for these types of situations. Having emergency funds will really help you save money in the long run because when sudden expenses come up, you’ll be ready.
We hope you have enjoyed our 10 ways to save money. Thanks for reading!