Funding What Matters Most Is About Making Choices
How do you accomplish this? In order to be carefree around spending on what is important to you, you may want to think about saving in other areas. Forgoing more expensive choices in your daily spending or shifting some habits in order to free up money toward what brings you joy.
Frugality can be a choice that can be dialed up or down depending on what you want your money to do for you. Are you dreaming of taking a luxury vacation? Maybe you’ve been itching to purchase a car, take a class, or create a special event for your family. While contemplating these goals, you may find yourself feeling as if these expenditures are financially out of reach.
By planning ahead, you can choose to cut back on some of the spending you take for granted to direct your savings toward what really matters to you.
Here are some ideas that you can adopt either short term or for the long haul to increase your cash flow:
Buy generic brands
Did you know that generic brands are produced by the same companies that manufacture the brand names? Generic items cost less because of lower advertising costs. According to www.The Pennyhoarder.com, we can save as much as 35 percent on everyday items! Take a look at some of their price comparisons.
Watch your consumption!
How much water are you using to wash your dishes or take showers? While I am super vigilant about cleanliness, I have made a concerted effort to use less water. While cutting back in this specific area, I became more aware of using too much of almost everything-dish soap, body wash, shampoo, and cleaning products! I know by using a little less, I am stretching the need to buy these items more frequently.
Have a grocery shopping plan
Taking some time to plan our grocery shopping has saved me a ton of money and time! My husband and I plan 4-5 dinners in advance and make certain that we have every ingredient we will need for those meals. This eliminates those “quick” in-between runs to the store, where we would invariably buy extra items while we were there.
We also have a master pantry list, so that our frequently used condiments and staples are always on hand. Again, no need to go back to the grocery store repeatedly.
Review and update your auto insurance policy
In the past year, we have all been driving less. Many of us are now permanently working from home. Contact your insurance agent to make sure the mileage on your policy is realistic. I saved significantly by taking this step!
When you save money, make sure that your “saving” is an action step!
We all love to find bargains! Whether you save money by using coupons or cutting back on expenses, calculate what you actually saved and take the action step of depositing it into your savings account! If you miss this action step, you really haven’t saved, but just not spent the money yet!
Here is an article that has some more ideas in taking a frugal approach to money management.
You have choices in where and how you spend your money. Adopting some frugality can allow you to be frivolous with funding what matters to you most. Visit the website of our content partner Money Mentor Group for tips on how to best manage your money as you age.