Introduction
Co-Writer: Reece Evans
What are the best money saving tips & techniques practices one can have? How do one keep more of your cash in your pockets and with your money saving?
Indeed, money saving on a tight budget requires prayers, diligence, creativity and persistence. What are the best strategies in consistently money saving tips and techniques? How do you effectively manage to pay your recurring monthly bills and still have enough left over for the rainy days?
You can always save for you and your family’s future and yet enjoy life right now. The key is to be strategic in how you handle best money saving tips and spend money at the same time.
Table of Contents
Money saving. Save for rainy days.
~Proverbs 30:25~
The ants are not a strong people, But they prepare their food in the summer.
10 Best long Term Money Saving Tips & Techniques
1.Make a budget for everything
You need to set certain financial limits for yourself to avoid overspending your money on a single purchase. Whether you’ll be spending for a family special occasion or for your regular weekly expenses refrain from overspending and follow your set budget. Establish a monthly budget. Encourage yourself to create a monthly budget including the recurring bills, your kids’ education, lifestyle, emergency, investments, savings, retirement.
Always practice the helpful Money Envelope Technique. It helps to minimize your weekly shopping and almost daily restaurant shopping. Get promos and discounts on entertainment. Record your expenses as well as this will help you track, plan and watch your spending to achieve your financial goals. A budget is a detailed plan for how you will be spending your money on a monthly basis. It helps you see where your money is eventually going weekly or monthly and helps you where you can cut back.
2. Practice comparing prices
Find long term savings techniques by shopping smart. Always prep prior for your grocery shopping, check your pantry first before generating your grocery list to avoid impulse buying and clutter on your pantry. Join the loyalty programs form stores and gyms, avail discounts, freebies and the free coupons to maximize your savings. Moreover, whether it’s a pair of ladies or men’s trousers or a car insurance policy, have more patience in comparing prices before buying and searching for better alternatives.
And restrict your online shopping. Delay your purchase with the 30 days rule. this enhances your skill in finding better deals and thus prevent you from unnecessary overspending. Moreover, shop on grocery stores and supermarkets one hour before closing time wherein they reduce prices on perishable items like bread and pastries, fruit and veggies.
3. Take care of your health.
You’ll find it extra challenging to save money if you have been getting habitually sick over and over. Despite if you have a pre-existing health condition or not, still you should always keep oneself healthy and fit. It is toweringly costly for your pockets to be hospitalized nowadays not to mention the pricey medications.
Hence why not embark on wonderfully rechanneling your foodie corner with a great plant based healthy diet of fresh fruits and vegetables, coupled with a water therapy. Always eat right, have a regular outdoor exercise twice a week, attend regular Sunday service with a Christian church pastor. embark on joining a regular group prayer meetings and group bible study,
4. Build your emergency fund ASAP
While saving for the afar future is important, saving for the near future is equally as important. The emergency fund you set aside goes to the unexpected expenses like the car damage and repair, medical fees, house renovations or repairs among others. Hence it is inevitable that you invariably set aside a certain amount for emergency fund of you and your family once a month every payday.
Once your money is safely in your savings account, you won’t be lured to spend it on unnecessary things. You can likewise slash from your monthly budget those things that are least and not necessary at all for your emergency fund. Learn to adjust your budget as you refine your monthly expenditures and numbers. This helps you see areas of impulse buying, lack of savings, unused subscriptions, or other of financial mismanagements. It helps you change and manage your spending habits.
5. Buy energy-efficient appliances
Not only will it save you money on electricity bills, it will also help prevent greenhouse emissions to protect the environment. Greenhouse gases coming from homes and factories are the leading global warming and climate change deep-seated causes. Energy efficient appliances help save money, office and home appliances reduce your energy usage and costs by 20%-50%.
Replacing your very old light bulbs is a big help in reducing electricity consumption with LEDs that can help you save more than half of your current electricity bills. Purchasing appliances with inverter like home television with an inverter, fridge with an inverter, washing machine with an inverter, electric fan with an inverter and air-conditioning with an inverter helps you cut more on your electricity bills.
Replacing and upgrading a 1990s washing machine with a new model with inverter will save you as much as PhP5,500 (US$ 110) and above per year, or PhP110,000 (US$2,200) and above in 20 years as it largely vary per home and family.
6. Start a money-saving hobby
Instead of spending money on things that don’t add value to your life, why not pick up a hobby that can help you save money? For instance you sell your homemade products, or you do love knitting warm clothes or sweaters and bags which you could sell online or at your own home, or you enjoy working with kids you can teach them knitting via video thru an education platform called Outschool.
Live streaming or channels like YouTube, Twitch, Facebook Gaming, TikTok, affiliate marketing, online courses, tutoring, podcasts etc. Enterprise on which of these revenue online streams you feel would really suit you, your persona and the kind of business line you’d like to create. You can likewise buy a book or books on DIY learn a new skill that interest you. aside from saving money you also have been able to acquire a new skill for future reference.
Getting equipment’s and materials you need for your hobbies from second hand stores is another great money saving hobby strategy. And you can even sell them if you dont need it anymore.
7. Recycle your old and unused stuff
When you do recycle stuffs, you are helping in reducing the waste in landfills, preventing pollution, conserve natural resources and help combat climate change or global warming. The practice of recycling is an excellent way in helping reduce the pollutants that directly goes in our environment.
After you did a Marie Kondo on your closet, collect your junk and find new uses for said junk. Or better yet you can sell your unused stuff online at second hand online stores instead of throwing it away.
DIY techniques can help you save. DIY techniques can help you save and recycle. You can make gifts instead of buying them, cook meals instead of ordering out, or fix torn clothes instead of buying new ones.
8. Teach yourself about saving
Saving is important because it helps you prepare for unexpected expenses and reach your long-term goals. Make it a habit to always include savings in your monthly budget. Set savings goals. Look for business opportunities to increase your monthly savings. Include a savings category in your monthly budget.
Aim for an achievable amount that vitally feels comfortable for you. Save enough for four to six months’ worth of living expenses. And once you’ve set your goals, it would not be hard for you anymore to save and save after for you and your family’s future.
Plan on gradually increasing your savings semi-annually. You can always reward yourself on Xmas holidays like buying a new gadget or smartphone which gives a psychological boost for all the hard work.
9. Encourage yourself to invest
Investing can help you grow your money over time. Customized a plan designed to help grow and protect your money. Plan around your financial picture, covering topics like retirement, taxes, healthcare for you and family.
Get your investment in order. Investment on buy and sell, or on stocks or individual shares of companies that you think will really increase in its monetary value over time. Or investment on bonds that allows a company or government to borrow your money to fund a project. They typically generate a regular interest payments to investors like you.
And the principal amount is then being returned in full on the set maturity date with the interest. Your money grows. Real estate investment is a way to diversify your investment outside the traditional mix of stocks and bonds. These are just a few of the common investments, you can learn more online– whatever you decide to invest your money its highly significant that you give it a thorough study and study its pros and cons and the risks involve with it.
10. Start gardening
These technique and tips can surely help yourself manage your money better. You can consider putting into writing to determine how you’ll approach money and caregiving on it. A garden has a great potential in saving money as you will be able to cut your expenses from your grocery bills on fresh produce from your garden– from garden to table and ensure good health for your kids and family.
You will have less sickly kids and family and save on pricey medicines as plant-based foods (fresh fruits and veggies) are natural source of healthy vitamins and natural medicine for human race. What’s more, with gardening you can sell your fresh produce from your garden from your extra fresh fruits and veggies to flowers and ornamental plants to local grocery stores, local restaurants and market.
Start with growing plants that are appropriate with the climate in your area. Its significant that you learn and research what specific kinds of plants, fruits and veggies that perpetually grow well in your climate.
3 Tips on How to Enrich Oneself
1.Learn a new skill
Like how to repair a car, plumbing, electrical, or most important skills in the digital world in this era keeping abreast of new technologies in the market, technical skills like program a software, software developer, computer repair, complex decision-making skills as all people are much intelligent in this era prone to info overload that’s why decision-making skills is a necessity, creativity and problem-solving skills, etc. It can also be something you wanted to learn on how to do. Don’t just stop there. teach a new skill to someone like teaching in IT school after learning new skills in IT. Or venture into reading. Bill Gates reads a phenomenal 50 books annually and learn more eventually.
2. Learn a new language
Learn a new language, regular exercise, praying and eating healthy plant-based foods on a regular basis, all of which boost your memory and cognitive mental health. Eating a balance healthy food of fresh fishes, fresh fruits and veggies have a great impact on our happiness and success in life. Learning a new language is an excellent way to explore other distinct cultures and wonderfully change your way of looking at the universe.
3. Develop an Entrepreneural way of thinking
Develop an Entrepreneural way of thinking and start earning additional income. You can engage in a variety of business activities from freelancing, teaching online, tutorials to consultancy business and many more.
We teach our children bad habits as they are trained to watch tv and movies and live an unhealthy sedentary lifestyle. There are a lot of research showing the negative effects of such sedentary lifestyle on a child development due to both inactivity and the influence of tv. your children will imitate your lifestyle. so any choice you make will be echoed in the generations that follow.
3 Vital Financial Techniques You Need to Know
1.Dont spend when you dont need to. Always practice needs over wants.
2.If you want to spend more, then simply earn more.
3.If you have kids, work more. Have additional income. Advance yourself in your career and venture into an advance study. Professionally upgrade your credentials, improve your capacity “to learn” and “to earn more”.
1st Fruits. Proverbs 3:9
Honor the LORD with your wealth and with the first fruits of all your produce.
Money Saving. 1 Corinthians 16:2
On the first day of every week each one of you is to put aside and save, as he may prosper, so that no collections be made when I come.
It can be overwhelming in this everchanging fast paced era wherein success and happiness matters– hence you need to take extra care of oneself and your family. Just as one needs to give time on money saving for the family, one also has to invariably give time for self-care and to the LORD Almighty.
You need time to invest in a regular exercising, lowering stress by having a positive mind-set, eating nourishing plant-based healthy foods fresh fruits and veggies coupled with healthy fresh fish to live longer, maintaining a healthy sleep routine, getting in tune with nature and unwind from everyday worklife, spending quality time with the people that matters your family and close friends, attending regular Sunday service, personal enhancement on group prayer meetings and group bible study.
Inspirational Songs
Who You Say I Am – Hillsong Worship – YouTube
Don Moen – Still / Be Still and Know (Live) – YouTube
Oceans (Where Feet May Fail) – Hillsong UNITED – Live in Israel – YouTube
