5 Money Saving Tips (Expert)
5 Smart Money Saving Tips For Abundance
When we published our latest book How To Make Fast Cash: Fun & Legal Ways To Earn More Money In A Weekend, I was amazed at the comments that came in from our readers. Many good, honest, hardworking people were trying to increase their income, but were still stuck in the old habits of outgoing money.
Even people who have good savings habits may need to do better if they are going to achieve financial security. Retiring comfortably is becoming more difficult each year because of the shift from the employer providing pensions to the employee building their own savings, and the economic downturn.
Once you have set your mind to it, cutting expenses is quite easy. Here I have gathered a few tips that we have used in our family to increase the bottom line in our financial life.
1. Determine if a purchase is a “want” or a “need.” This is especially true when you make purchases on sale or impulse buy. No one in the history of the world has saved money by buying something they don’t need, even if it is 70% off. It is fine to buy something that you need on sale, but all too often we just think we need it. Almost everything will eventually go on sale, so use some delayed gratification and wait until just the right time to buy what you really need, not what you think you need.
2. Return purchases that are unsatisfactory. If you have given in to impulse buying or that shirt you bought on sale has ripped seams, then take it back. Don’t rationalize, “Well, maybe I’ll end up using this someday.” Just put the purchase with the receipt in a special box by the door and return it next time you are running errands. If you do not have the receipt, you will be given the lowest possible price the item was sold for.
3. Combine and Save. When you are returning the shirt, take back the receipt for a bag of dog food you bought last week that is now on sale (stores may refund you the difference). Combine various errands into one trip and save money on gas and impulse buying. Also, combine all of your insurance policies in one company and you will save hundreds of dollars. Make sure you check coverage with different companies and take the largest deductible you can handle.
4. Make use of your library. Libraries are one of the most overlooked resources for families. They have wonderful classes, story times, audio books, movies, and other events that are both free and educational. If you have not been to your community library in some time, put that on your to-do list and you will be pleasantly surprised at the many choices awaiting you there for free.
5. Ask for discounts. Almost everything is negotiable. Wealthy people never pay full retail. In looking for a new washer and dryer recently, we compared prices and then said to the salesman “Is this the best you can do for us?” and then closed our mouths. He hemmed and hawed and finally said, “You know, I could throw in a year’s warranty or a small microwave, if you could use that.”
Thank you for coming to Welcome Abundance, a resource site for those who want abundance in every area of life. We are pleased that you are joining our community of kind, thoughtful people. Let us know, what are the tips you have for saving money? How do you welcome abundance into your life? We would love to hear from you.