- Money Mentor
6 Money Saving Tips
Updated: May 16, 2022
One of the most important life skills is being able to manage your budget wisely. Financial wisdom is not taught in school, so when it comes to money saving tips you need to get creative and think twice – if not thrice – before making a purchase, no matter how small. And yes, that cup of coffee does add up over the long term.
1. Plan, cook, pack
A large amount of our monthly income goes on coffee and lunch, which leads to the following money saving tip: pack your lunch.
While it does take some organizing skills, cooking at home comes with significant savings in the long term, which makes it one of the top money saving tips. And there is more: if you take up batch cooking you will be able to cook once and eat twice.
As for leftovers, they are gold, as they are highly versatile and can be the base for a whole new meal.
2. Smart shopping
Learning how to shop is essential when it comes to saving money. Before you go shopping, plan your meals for the next week, check the cupboards and then make a grocery list.
Once in the store look for yellow sticker discounts and avoid buying big brand products – there are plenty of cheaper, quality alternatives for most products, so why would you pay for the brand when you can pay only for the product.
3. Coupons go a long way
No list of money saving tips would be complete without mentioning couponing and loyalty cards.
Most stores offer significant discounts on coupons, both online and offline. Another smart way to save money is by using loyalty cards, which offer great incentives.
4. Create a budget and stick to it
Budgeting is not something particularly pleasant, but it gives you more control over your spending. When it comes to money saving tips you want to know if your daily habits are damaging your bank account.
Budgeting will reveal where your money go each month and you can easily adjust your spending.
5. Declutter and make money
Open the closet and take out all the items you don't use anymore. Do the same in each closet, every room, and you will end up with a pile of money!
Unused items clutter your house and trap your money, so get your detox by selling them online.
6. Set goals and reward yourself for reaching them
Saving money is always hard, but if you establish a goal, it will gradually become easier.
Your goal can be anything, as long as it keeps you focus on saving. Some of the best money saving tips are the famous “divide and conquer” rule and “what doesn't kill you makes you stronger”.
When you want to conquer your financial goals, divide them into smaller goals; for example, set the main goal to save 100 pounds per month, then focus on saving 25 pounds each week.
The other rule applies when it comes to challenge yourself: establish a set of money saving challenges for the year and work on completing them.
This is a fun, motivating way to save money; as you will be able to save more money with each challenge, money saving will turn into a healthy habit.