Are You Ready To Learn How To Easily Save Money?
Everywhere around the world, people are finding themselves in a position of contemplation. As COVID has become a normality in our lives, many of us are left wondering how to save money and live happier within these new parameters. At Financial Coaching for Women, based in Orlando, FL, we are here to shed some light on how to actually accomplish this goal without causing any negativity on your relationship or stressing yourself out. Read below to view my 10 tips for saving money that are REALLY easy to implement and you’ll have fun achieving while at it. And if you love this advice, make sure to check out my page about Budgeting. Let’s do this!
Figure Out Your “Why” & Make a Reward!
When I started this journey a few years ago it came after realizing how in debt I was with my now ex, due to buying a home, his school debt, credit cards and, etc. My “Why” became, how do I become financially free and never have to owe money again? Even though I have always been quite independent and never lived above my means, when you are in a marriage for example,, you often combine finances and each partner must bear the weight of the other’s monetary situation.
Once I knew my “why” (becoming financially free so that no matter what I could stand on my own two feet and live fabulously), then I decided to be bold.
Long story short, I did something so simple, yet effective…I grabbed a colorful index card and a sharpie and I wrote down my 4 goals for myself that could get me there. It looked something like this:
1. Make X amount per year
2. Swimsuit model body
3. 52 private events
4. Buy land
I then took this index card and placed it visibly in the wallet so everytime that I opened my wallet to grab my debit card to make a purchase, I would see these goals and it would make me consider if what I was purchasing would add or take me away from those goals that would lead me to fulfill my “why”l.
I know this may sound too simple for some, but doing this ACTUALLY helped. With every purchase I now became aware and mindful and was reminded about what the bigger picture was.
Next, don’t stop there, make this visible around your house! Write it out for all to see on a dry erase or chalkboard and hang it up. Place it in your bathroom, your office, etc. The point is, the more you see it and become reminded of the goals, the more likely you are to integrate it into your life and make change happen.
My reward is so good (living fabulously and being financially free) that everytime I see my savings grow and the quality of my life improve, I feel fulfilled happier and I take a tiny amount from side hustle earnings (more on that later), and buy myself something I value and love with it for myself for every big savings goal I cross.
So if you think about it, if you want to learn about how to save money, it all comes down to understanding and LOVING your reason behind it and refusing to settle for less than what you deserve.
Create an Inspiring Budget
I am so perplexed when I see posts or some people reacting negatively to creating or even lying about their budget. A budget is a tool to simply track where you are right now. When you dive deeper, it is also tracking where you are in achieving your next dream or goal! A budget is such a positive asset, and when in a relationship, being on the same page and respecting each other with your budget is so powerful.
When you can see with your own eyes how the money is stacking up in the savings account and what things actually add value to your life, I promise you, you may even become addicted to it and ENJOY checking your account balances each morning when you wake up (that’s me lol!).
I am serious. Arguments or negativity can occur due to an underlying fear or what you may find, being at a place that is worse than what you thought or etc. but the second step, is to be honest and clear about where you are now with your finances so you can create an AMAZING plan to get to here you want to be.
What To Include in a Basic Budget
I offer budgeting services among many other money coaching topics, but what you need to hone in on when creating your budget are the following key points:
1. How much do you typically make per month?
2. What are your necessary expenses to live and have a roof over your head?
3. What are other expenses that you have that are important but NOT necessary to survive?
4. How much credit card debt, student loans, car debt, etc. do you have and pay per month?
5. How much are you saving (if at all)?
6. How much are you investing (if at all)?
7. Other: big things like repairing the brakes on your car that is coming up, big vet visit coming up, dentist, etc.- future big payments to keep in mind)
Get a Membership & Get Creative!
One of my favorite tips for saving money is to find ways to get more for less by joining membership/programs specifically made for this reason. For example, food expenses are one of the highest expenses for Americans after paying for their bills/rent. I for one, LOVE to eat high quality, fresh food and will not lower my standard. I do not enjoy things out of a can or that is highly processed. I am all about clean eating and that can easily add up compared to others who prefer to eat at Mcdonalds or Taco bell or eat a canned soup. For me, health is everything, and it starts in the kitchen. Anyways (that is a whole other blog topic), I noticed that I was shopping at a well-known Florida grocery store and spending quite a chunk each month. I began to get curious about BJ’s which is a food club where you can buy brand name produce and household items for less. It requires that you buy in bulk, but if these are items that you know you eat every week, 52 weeks a year, it makes perfect sense to buy in bulk and get on average 30% more food while saving, on average, 20% of what I would have paid for it at a traditional big grocery store.
Then I turned to my local farmers market to see how their prices for produce compared to what I was paying. I was floored….not only did I pay ⅓ of what I was spending weekly for my fruits and vegetables, but the quality and freshness was even better.
After trying this out, I can say with 100% confidence after doing this for a few years now, that I cut my grocery bill in half, and not only get more food, but spend less for more. You don’t have to take my word for it, go ahead and try it.
These membership clubs are great and having access to a farmers market is also extremely beneficial. I don’t know why I didn’t try this sooner. My clients can’t believe the savings either.
Open Another Savings Account for Quick Transfers
One of the best ways to succeed when learning how to save money is to see the savings pile up in your account. Money talks as they say, and as you see the money grow, it is extremely motivating. It is like a game almost! Something I strongly recommend, is that when you begin this journey, you create a savings account where all of this saved income can instantly go to. So say you typically spend $60 on your cell phone bill and you switch to another provider and now only pay $45, immediately place $15 into your savings account for the month (automate this even). If you typically spend $100 on groceries and there was an epic sale or you received a free lunch at work, Immediately take what you would have spent, and without hesitation, move it over into that savings account. The quicker you are at this, the more likely you will succeed. Each day, you will see progress. Every dollar counts, and I can’t believe even after so many years of doing this, how much it adds up to every week/quarter/year/etc.
Snag Deals on AMAZING Lightly Used Items
I love fashion and clothing and take pride in my appearance every day. If you love brands and high-quality items, you can find unique deals online or at a local boutique. For example, I can’t tell you how many times I found a z-gallerie furnishing or accent piece, practically new, on Facebook Marketplace. A barely used $1200 cuddler, become mine for half the price. If you are really into designer clothing, a second hand boutique can offer you what you need and it looks and feels like new. This is different from Goodwill. These boutiques are quite picky about what pieces they accept, they ensure everything is properly cleaned and inspected before reselling it, and you can feel confident that you are investing in a quality clothing item.
The same applies for appliances and so much more. You can buy the floor model at a major retailer of a fridge, overn, etc. and get it at a nice discount simply because it was out of the box. At the end of the day, you have the power to find ways to save and get great deals if you choose to.
Get an Accountability Buddy (or Better Yet, Several)!
Tell your friends and family about what you are doing. Oftentimes, it is our close circles that lure us into spending more than we should, so having an easy and simple conversation about what you are doing and what you are trying to achieve will go a long way. Your accountability buddy or partner can check in with you to see how you are doing emotionally during this positive journey, can help you decide when you are caught in a bind in trying to decide whether or not to make a purchase, or can even compete with you to see who can save more that month and make it fun!
Again, you choose your reward after each hurdle is crossed, but saving money alone to help you create a better future and achieve your goals is an amazing feeling!
Get Your Side Hustle On!
Not everyone is where they want to be financially right now and that is ok. If this is you, it is time to get brave. Doing something easy like asking for a raise, working a few extra hours, or making and selling a few things will go a long way.
For some really easy and effective side hustle ideas, check out this youtube video! I have tried many a side-hustle myself and love it. Entire vacations can be paid for or a financial goal achieved with them depending on how much you want to earn. You have the ability to manifest money at any point in time. It is up to you to simply DO SOMETHING.
Some examples of what I myself have done and continue to do are: mystery shops, selling handmade items, teaching classes, freelancing online and furniture flips.
Anyone can do a side hustle, so there is no excuse not to manifest more money.
Negotiate and Haggle! Seriously…
I know I know, many of you are going to roll your eyes when you see this. But if you are committed to your journey of saving mula (money), then why not? What is the worst that can happen when you ask for a discount.reduction….someone says “no”? Big whoop! Ask your landlord, ask your service providers, haggle at the local market. You will be surprised at how many people out there have a hard time saying “no”. I was surprised myself when I started doing this. Of course, this won’t apply if shopping at a retail store, but for other items where you have a relationship with a service provider, landlord, etc…this actually happens!
Stop & Compare
In the journey of learning how to save money, taking an extra moment to stop and think about something before you buy it, can also go a long way. Oftentimes you might find yourself at the store, with a cart full of items because they simply look cute, but do you stop and truly think about it? Will this purchase fit in with what I currently have? Will it last a long time? Does it fit me properly? Does it add value to my life or increase the clutter? Will it be easy to clean and maintain? Can I really afford this right this second or should I wait until it is more feasible to do? Is there a better deal elsewhere? Are there coupons out there I could apply towards this purchase?
Take a few minutes to evaluate and make sure it’s not “stuff” you are buying, and actually something you truly will love and enjoy for a long time to come.
Enjoy FREE Dates!
I don’t know about you, but going on dates during COVID has really changed things, and in many ways, for the better. Where once it was just about going on a nice dinner or a movie, now my significant other and I find ourselves doing more of the following (great date ideas for those of your looking for safe things to do at this time):
- Visiting the beach
- Exploring new trails with the dogs
- Going to the dog beach
- Taking fun online quizzes
- Investing in our futures and taking courses together online
- Making romantic meals and cocktails at home and enjoying a netflix movie
- Going on “treasure hunts” where we try to find furniture to flip
- Visiting open houses for luxury homes and dreaming of our future house and learning about details and materials that we want to utilize for our own home build
- Decluttering and selling items online together
- Taking long walks and enjoying deep conversation in fancy neighborhoods we hope to live in one day
- Game nights indoors
- Wrestling matches. Yes, we actually wrestle each other sometimes and it is hilarious and also a great workout!
- At home spa/massage night where you can give each other massages, draw a bath, put on a face mask or etc. Pampering is never a bad idea
All the money you would have spent ordering food at restaurants each week, going to the movie theater and etc. can go straight to the savings account. We reward ourselves during special occasions such as birthdays and anniversaries or when a goal is reached.
Believe in Yourself
None of this will work unless you believe in yourself and that you can achieve this savings goal. Again, there may be days where you fall off the horse and have a few blunders, but what is important is that you jump right back on.
I used to think that the only way I could stay fit or get a quality workout was by going to the gym everyday. Since COVID, I had to learn how to workout at home, stick to a schedule for it and find ways to get the resistance needed to continue to grow muscle. And you know what, it is working out very well! Gyms now have strict protocols to make them safe for use, but if you are in a position or at a level of comfort where you are not ready for that, you can take those $30-$60 per month and place it into savings. Will you need to invest in a few quality pieces like dumbbells, bands and etc. yes, but that expense compared to the yearly gym expense is an immediate savings tactic. But you have to be devoted and believe in yourself enough to do it.
I recommend that you watch or listen to inspiring videos of people that are achieving what it is you are doing on Youtube via podcasts or read blogs like these. Mindset is everything and if you believe you can do something, then you will.
Journal about it if you have to. Learn new skills and be brave. If you have a piece of furniture you have been wanting to repair, go ahead and watch those tutorial videos and do it. Nothing can stop you but yourself.
Are You Ready To Change Your Life? Let’s Talk!
At Financial Coaching For Women, empowering YOU to improve your financial position and life is the goal. If you live in Orlando, or anywhere across the United States, we can help. Learn how to create an honest and inspiring budget, how to save money, tips for saving money and much more. Schedule a free 15-minute consultation today and let’s get the conversation started. You only have something to gain from this experience and I applaud you on wanting to improve your life. Contact me today.