It’s not that difficult to save money. Ryan Carter, our Financial Stewardship Project Officer shares his top 5 tips for saving money.
1. Budget and track your spending
Budgeting is one of the easiest and most effective ways to save. Create a budget to identify and set your financial goals, including how much money you want to save each week, month, or year, and start saving and spending so that you can achieve them. Tracking your spending will help you to understand your spending habits and whether you are sticking to your budget. If you have a smartphone or tablet, you can download free apps that help you to budget and track your spending.
2. Cycle, use public transport, and walk
Cycle, use public transport, and walk whenever you can. Cycling, using public transport, and walking is good for your health, inexpensive compared to driving, and will make you more productive. Bonus tip: You can save even more money if you cancel any existing gym membership you have if you decide to cycle or walk to school, university, or work instead because you’ll be exercising more.
Do It Yourself (DIY) whenever you can. Whether its clothes, food, or gifts, you can create almost anything at home easily and inexpensively.
And if you make a gift for your family or friends yourself, it’ll have your personal touch, which is something money can’t buy, and something they will appreciate.
4. Implement the 28 day rule
Implement the 28 day rule whenever you want to make a big purchase. Take 28 days before you make the big purchase to pray and think about whether you actually need it or want it and you may find that you are glad you waited and that you have saved yourself a large amount of money. You may realise that you didn’t actually need the product or service, or that you didn’t even want it, and your desire to make the big purchase may have passed.
5. Plan all of your meals each week and shop like O.W.L.S.
Plan all of your meals each week and shop like O.W.L.S. If you don’t plan all of your meals each week, you’ll generally have to go shopping two or three times a week, and you’ll spend more money on groceries than you need to.
Instead, if you plan all of your meals each week, you can shop like O.W.L.S. and save large amounts of money.
- Once a week,
- With a full stomach and
- List in hand,
- Selecting by unit pricing.
If you plan all of your meals each week you can write a shopping list accordingly. This will mean that you can shop once a week and that you will only buy things you need for those meals, so long as you have that list in hand and stick to it, and shop with a full stomach! If you shop with an empty stomach, you’ll generally make impulsive and unplanned purchases to satisfy your hunger. O.W.L.S. are wise. Shop like O.W.L.S.
Bonus tip: You can save even more money if you plan all of your meals around what’s on sale at your local grocery and supermarket that week. Look at the biggest sales and plan your meals according to what is on sale and what you already have in your pantry.