FIRE Financial Independence, Retire Early

Money Mindset Makeover Challenge-Day 23-Five Tips for Saving Money

This week, it’s all about saving money.

We’re in the homestretch of this money challenge. Last week we focused on ways to make money and in this final week, it’s all about saving money. Yes, the reason I started this site way back in 2005.

A lot has changed but saving money is more important than ever before.

Whenever I was interviewed, one question I always got asked was do you have any money saving tips to share? Here are five of my favorites-

Don’t Believe the Words Discount, Sale…

Just because a company or store says something is on sale or deeply discounted, don’t take their word for it. Always check yourself. These days it’s easier than ever. Simply copy and paste the item you’re thinking of buying into your browser, hit the search button and see what pops up. Many times I find the exact same item for less on another site.

Shop with a Plan

How many times have you gone into a store, especially the grocery store and walked out thinking, I didn’t intend to buy so much? Always have a plan, have a list and tell yourself you’re sticking with it.

Set Money Aside for Extras

This sort of fits in with the above tip. I always budget for extra buys on things that are on sale and can be stored for future use. Things like canned vegetables, bread that can be put in the freezer etc. As long as it’s something you know you’re going to eat at some point, it’s an investment in the future and a hedge against inflation.

Grow it, Can it, Dry it…

You can give up lots of things in a budget but food isn’t one of them. It’s always a great idea to grow some of your own…you can even go organic at a lower cost. Lots of things can be grown in containers on balconies, so just about everyone can be a gardener. Once you have your bounty of tomatoes, peppers or whatever, can, freeze or dry them.

Share the Costs

Buying in bulk sometimes saves on money and shipping costs too. If you don’t have the money to buy in large quantities how about sharing the cost with a family member or friend.

We’ll be focusing more on all these tips and going into more depth in the coming months. And by request, there will be more money saving tips each month.

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