How to Grow Your Savings – Save Money Tips

How to Grow Your Savings – Save Money Tips

Being frugal means that you are using your money wisely, it does not mean you are cheap. It means that you do not take what you have for granted and that you use everything that you have and buy only what you need. Becoming frugal is a great one of the great saving money tips that we can give you. If you rethink all of your mindless spending you will wind up making better decisions which will in turn help you to figure out your own tips to save money. The idea that we are all spending too much on housing is not a new idea and should be looked at very carefully. If you need to live in a certain area for your kids to go to a good school that is one thing that you might be unable to compromise on however, there might also be good schools in an area where the housing is much cheaper. We live in a great town with good schools and happened to find an apartment that was smaller than what we were used to but, still big enough for the three of us and we still have a guest room. We compromised on the bathroom space, meaning we have only one now but, we are only paying half of what we paid before when we lived in the city.
Save money tips and tricks

When it comes to saving money, there are hundreds of little saving money tips out there that show you how to do small changes in your everyday life and save a bit of cash. This article takes a different approach. It will mostly focus on save money tips with a large payoff – tips that have a very large impact on your finances. Thus, it is also natural that implementing these tips won’t happen overnight. Rather, it will take planning and time to put them into action, but once you do it, it will be worth it.

Common Sense Saving Money Tips

One of the most effective saving money tips is to rethink your living space. This is economically beneficial both in the short term and in the long term. Rethinking your living space is about looking into how much space you really need. A lot of people own and/or rent a lot of space which isn’t actually essential, and as we all know space is certainly not a cheap commodity.

Rethinking your living space begins with one step – getting rid of all your clutter (this is one of the best saving money tips in its own right). It means going through everything you own and deciding what to keep, what to donate, and what to sell. You should keep in storage only seasonal clothes and a few other items. If you need a storage unit or a whole room to keep all your extra things, then you are keeping too much. Just from selling some of your things you will get some extra money in your pocket and you could put the earnings into an emergency fund or a savings account. Also, this tip goes both ways – when you need something, always try to look for used first. Without any preconceptions or assumptions, just ask around, ask friends and family and check online. Even with that little effort, you might find exactly what you need for a steeply discounted price.

Moving to a smaller space is a great way to put into practice one of our saving money tips. Smaller spaces do not need as much heat or cooling, use less electricity, less upkeep and probably even less water. Meaning you will spend less to live and have more to save or invest for the long term. This in turn will be a turning point for you into becoming frugal. I now rethink everything I see while I am out shopping. I ask myself is this something that we need? If the answer to that is no, I usually will not buy it, where before I would just purchase the item without giving it a second thought. There are so many people in this world with saving money tips and tricks that it should be easy to find some that you can identify with and use in your own life to help you build a better future. If you implement four saving money tips into your life now, over the course of a year you could have thousands of dollars set aside.
Change your lifestyle so you can build up your nest egg with saving money tips

The second step in rethinking your space is to assess whether it makes sense to move into a smaller house or apartment. If you are facing serious financial difficulties, then the answer will probably be yes. But, even if you are not and you are just implementing these saving money tips to save for retirement or investments, you should still take this question into serious consideration. Moving into a smaller place can save you serious money and it’s worth considering what you could do with the savings. Also, while you are calculating the benefits vs. the costs, also look into renting and owning as housing alternatives. A lot of people think that owning your house/apartment is an investment and clearly the way to go, but that is just a preconception. Whether it is true or not depends on the circumstances i.e. the mortgage rate, insurance cost, rent, etc. of the specific places you are considering.

The second set of saving money tips has to with transportation. A car costs a lot to obtain and to maintain. On top of that, it costs a lot to store – you need a garage and you probably have to pay for parking most places you go. But is it really necessary? With carpooling, public transportation and bicycles, you have three great alternatives to using a car on a daily basis. Public transportation can be a great way to save money, especially if you obtain seasonal or yearly passes which come at a significant discount. Using a bicycle to get around is a great way to be environmentally-friendly, keeps you active, and it’s basically for free.

This is our best recommendation

You don’t have to pick one of these alternatives – you can find a combination that suits your lifestyle. For example, you could carpool to and from work, use the bicycle for traveling in your leisure time, and use public transportation occasionally as the need arises. Selling your car and making a switch to these transportation alternatives probably won’t be easy at first, but the savings really are considerable. Thus, if you have committed to a frugal lifestyle and taking saving money tips seriously, then you should at least read up on each of these transportation alternatives for the area where you live and see what people have to say about feasibility, practicality and cost-efficiency.

Leave a Comment