Being financially independent isn’t just done with good looks and brains…I personally know some ugly and brainless rich people. Financial Independence is done through strategy and skill….part of my strategy was to learn new techniques and understand personal finances, something I was good at teaching but not doing until my recent years. One thing I do focus on is money saving tips that line my pocket and not the retailers. Don’t get me wrong they still make money off of me but not as much as they use to.
A good savings plan is not just about putting a determined amount of money away each month, it is also about learning money saving tips so you can increase your savings potential by at minimum 10%. As an example lets say you put $50 away each month and you earn $2500 every month. When you put money tips as part of your strategy you could save an additional 10% each month just by following a few simple techniques, so in the case of our example that could be an additional savings of $250 every month which would be a total savings of $300.
Maybe this sounds like a lot of hocus pocus….see for yourself just a few simple techniques that could have you saving an additional 10% in no time:
1. What Makes You Tick….The first tip I would like to look with you is what motivates you. Take a minute and make a list of the 10 most important things in your life. Next to each item, rank them in order of importance using numbers 1 through 10. The purpose of this exercise is to help you see the things you consider the most and least important and to provide you with a visual of why you need to save. Some examples of things that a person might put on their list include new home, car, special trip, artwork, starting a business, or pay off debts. A good savings strategy is to start with the mind first as your thoughts control everything you do.
2. Be Flexible in Your Approach to Savings….Once you have set your goal for saving, realize that things can and will change. The secret is learning ways to be flexible. If you normally save $150 a month, when something unexpected happens, you may only be able to save $50 that month. This is fine as long as you focus on getting back on track.
3. Comparison Shopping….Here is one strategy I followed just recently and it saved me over $200 in car repairs. Comparison-shopping can make a big difference in the price you pay. Instead of car repairs you might be looking at a barbecue grill at one place for $350.00 and by making two more stops, find the exact grill or one comparable for $300. In addition, consider the price of items assembled versus unassembled. For example, you might find the barbecue grill unassembled for $250. A couple of hours of fun assembling the grill is certainly worth a $100 saving.
4. Dollar Stores….Many years ago, dollar stores offered only off brand products or poorly made merchandise. However, that has completely changed. Even though you still have to be careful on some products for the most part now you can walk into a dollar store and find the same name brand laundry soap, cleaning supplies, clothing, school supplies, everything for a fraction of the cost. Where a store name brand bottle of laundry detergent might cost $6.50 at a grocery store, you can find the identical product and size at the dollar store for $2.50. My daughter recently purchased car supplies for her brothers birthday gift at a fraction of the cost she would have paid at the big retailers store….Check out your local dollar store and enjoy the mountains of savings.
These strategies are just to name a few, in the interest of time I will continue these money saving tips in my next article but for now if you would like to join our community and find more ways to save your hard earned money go to the form at the right and you will be taken to more money saving tips that you can implement right away and start seeing your savings increase quickly. Thanks for taking the time to read this article.