What is the number one misconception people have about saving money? It is that for saving money, you need to literally give up on every good thing in your life. It is absolutely incorrect. Keep reading for five simple strategies to help you save money. You'll be surprised at how quickly your savings will grow!
1. Stop spending money on things you don’t use: It sounds obvious, but we do it all the time. The biggest one I see is the gym. You don’t use it. But, you’re going to start going on Monday. I have witnessed clients play this mental tape for years. If you’re not willing to commit to canceling yet, try putting your membership on hold for a month. Ask yourself how hard would it be to go back and restart it? What do you have to lose? The hardest thing to give up is the 'idea' that you are going to use the gym on Monday!
2. Hook up with Fairway: I am not a big coupon clipper myself. It’s too time consuming for a nominal reward. However, Fairway offers generous discounts on your entire purchase. So, you don’t have search around for what’s "on sale." You can happily buy beer and chestnuts, grab your 15% discount and be on your way.
3. Pick-up the Match! If you get a match for your 401K, and aren’t using it, use it! You literally double your money. No number is too small. $10 from each paycheck can become over $300 a year! In 5 years, you’re easily on your way to $2,000!
4. Prepare the World’s Most Delicious Travel Pack: Convenience comes with a price, and at no place is it more obvious than the airport. I have a theory about airports. You are emotionally more inclined to spend money because "mentally" you are already “on vacation.” I always tell myself, I’m not going to buy anything. But, like clockwork, I always find myself doing the exact opposite. Every. Single. Time. Of course, 90% of the time, I am sorely disappointed. The $17 bagel with lox was stale, and covered with the thick cheap lox.
Here enters the world’s most delicious travel pack; sliced mango, jelly belly’s, freshly baked Ess-a bagels. Yes, you do have to plan a bit in advance, but it’s not the money that will be the motivating factor, it’s your taste buds! When I first started doing this, I got it wrong. I packed “what I should be eating” snacks. This did not stop me from buying at the airport. Remember, the real reason I was buying was because I felt like I was on vacation already. So, for it to work, you need to pack what your heart desires! This saves not only money, but it puts an end to the massive disappointment that comes with buying overpriced and tasteless food.
5. Phone a Friend: When I suggest this, most people respond with “but I don’t want to bother them.” What they are really saying is I’m afraid that they will think I’m cheap or needy or annoying or (fill in the blank with any negative adjective). Let me tell you a secret, people generally like helping other people. It makes them feel good. This is especially true if you are asking for something that doesn’t involve a significant time commitment or expense. It is an added bonus that you will feel closer to the people in your life because of it!