Quick Ways to Improve your Money Saving Strategy

by Lance Ekum on November 14, 2019 · 2 comments

Do you wish you had more money to put towards your future? 

1. Switch to Cash

While you can always take out a loan to pay for your future financial goals, like getting a new kitchen or a car, it’s always a good idea to have some extra money aside in your emergency fund too, just in case. Unfortunately, while many of us know how valuable a good savings strategy can be, they don’t always know where to find extra cash when they’re done paying their bills. 

If you’re living your life from one payday to the next, the following tips will improve your money-saving strategy in no time. Switch to Cash

Paying for everything with plastic or an app on your phone might be convenient, but it has a strange impact on your relationship with money. When you’re paying for everything by credit or debit card, money starts to lose some of its value. However, if you switch to paying for whatever you need by cash, then you can start to count every penny more closely. 

Use the envelope budgeting method to assign a certain amount of money to the things that you buy in-person, like food and entertainment, and stick to your guns. Once you run out of money, don’t give any more to that category until the next month. 

2. Start Small

You don’t have to put $100 of your income away every month to be making a realistic dent in your savings strategy. The mistaken belief that you need to save huge chunks of money at once is one of the reasons why so many people struggle to start budgeting in the first place. Instead of getting into your own head about how much you “should” be saving, focus on starting small. 

Resolving to put even $5 away each month is a good first start if that’s all you have. Look at your incoming and outgoing expenses and come up with an amount that you can reasonably afford to save each month, then stick to it. The small savings will quickly add up. 

3. Join the Meal Prep Trend

Meal prepping is a massive trend for people all across the world today – and there’s a good reason why. Prepping your meals in advance can help you to save money in a lot of different ways. First, it pushes you to think about what you actually need to buy when you go to the grocery store, so you’re less likely to overspend on items that you’ll end up wasting. 

Secondly, when you prep your meals in advance, you make sure that you’ve got food ready and waiting for you after you’ve had a long and chaotic day at work. This means that you’re not as likely to order in or pick up some fast-food because you’re too tired to start cooking. Remember, you can prep everything from your dinners and lunches, to snacks and breakfast too. 

4. Plan for Sales

Sales are a great way to save some money, if you know how to use them correctly. Find out when the stores that you buy most from have their biggest sales and make a list of the items that you want to buy if you can get them for a discounted price. For instance, you might wait until a black Friday sale at a tech store before you buy a new computer. 

Although you won’t always get the deals that you were hoping for, you should be able to save some cash on some much-have purchases by prepping this way. At the same time, planning for what you want to buy in advance will give you time to check out your options and make sure that you’re actually buying the items that are best suited to your needs. 

5. Forget Name Brands

Finally, let’s all agree to make 2020 the year that we stop rewarding companies for their expensive marketing campaigns once and for all. While it’s tempting to spend a little extra on big-name brands from time to time, the truth is that you’re rarely getting anything that’s much different to what you would get from the supermarket’s own brand. 

There’s absolutely no difference between store-brand acetaminophen and Tylenol beyond the packaging. Next time you’re going shopping, make a challenge for yourself to replace five of the name-brand products that you typically buy with five cheaper alternatives. You can always switch back if you notice a massive difference that you just can’t live with.

Lance writes stories from his heart, aiming to inspire and motivate, as you align more fully with YOUR true peak. When he's not here, you can find him hanging out with his family, riding a bike, or just generally acting goofy.   Sign up for the Thoughts from the Treehouse newsletter and get additional inspiration in your email inbox!
Lance Ekum
View all posts by Lance Ekum
(Visited 3 times, 1 visits today)

{ 2 comments… read them below or add one }

Megan Eaton November 15, 2019 at 7:56 am

This is terrific, Lance, and aligned with my husband’s favorite money guru (D. Ramsey).

I’ve been wanting to try #1 (cash not credit) for things like groceries, though living remotely, we do rely on UPS for 1/3 of our groceries each month… We’re making headway with our money savings goals, though, using the tactics you outlined above.

Reply

Lance Ekum November 15, 2019 at 11:14 am

Hey Megan!! Thanks! Very cool to hear…and Dave Ramsey definitely qualifies as a money guru!

Reply

Leave a Comment

CommentLuv badge

Previous post:

Next post: