By practicing a number of clever ways to save money, we can incorporate many strategies practiced faithfully over time that can have a huge impact on our financial bottom line.
Small savings can add up, and little changes can grow into big results. The beautiful thing is that none of these steps will affect our quality of life in a negative way. The upside is fewer money worries, more financial freedom to focus on the things that matter, and in many cases, a more sustainable, earth-friendly way of life.
Maybe we cook a few more meals at home, grow a little more produce in our gardens, get creative with leftovers, use up things we already have in our freezers and pantries, and the net result is that we save $100 on our monthly food bills.
Perhaps we fix some drafty places in our homes, conserve water by retrofitting our toilets, switch a few more incandescent lightbulbs to CFLs, and save $25 on utilities every month.
Maybe we continue decluttering and creating space, and sell a few unused items each month to net an extra $25.
Perhaps we put our credit cards away in a safe place so we’re not tempted to use them for impulse buys, and faithfully apply the extra $150 to our balances each month, so that our interest payments drop, too, until on day we have the glorious feeling of being debt-free.
Some of the steps we take to steward our money wisely will produce bigger results than others, but together they form the basis for a better financial foundation.
Small Changes, Big Savings
This month we explored many strategies:
▪ Giving generously to others
▪ Whittling down monthly expenses
▪ Saving energy and water to reduce utility bills
▪ Eliminating wastefulness
▪ Cooking good food at home
▪ Fixing and maintaining the things we have
▪ Growing our own food in a garden
▪ Setting up an emergency savings account
▪ Using things we already have at home
▪ Paying off debt
▪ Figuring our net worth
▪ Making things with our own hands
▪ Nurturing our health
▪ Creating peaceful, uncluttered spaces at home
▪ Earning extra money
▪ Finishing projects
▪ Saving for the future
▪ Being mindful about every dollar spent
Future Spending Strategies
Many of us will continue to stay on a modified version of the January Money Diet in the coming days. As needs arise, we will inevitably shop again. Perhaps we might ask ourselves these questions before handing over our hard-earned money:
Do I love it?
This is now my mantra for every single clothing purchase. Do I love this? Do I feel great when I wear it? Is it well made? Will I want to wear it for years to come? Do I need it?
I no longer buy something just because it’s a good deal. I have to love it. Consequently, my wardrobe has shrunk quite a bit. I don’t shop that often, and when I do, I don’t often find clothing that I truly adore. But interestingly, my smaller cache of clothes is evolving into a better selection of nice pieces that I truly love to wear.
Can I plan for the purchase?
If your old hot water heater suddenly breaks, you’ll have to raid your emergency savings account and make a fast buying decision based on what’s in stock locally.
On the other hand, if you know your water heater needs to be replaced and you have the luxury of a little time, you can research the best quality models with the help of Consumer Reports (at the library, of course). You can figure out the exact size you need for your family, and choose whether you want a tank or an on-demand heater. You can comparison shop, and watch for sales. Best of all, you can save up the money for the water heater, and replace it before your old one breaks and causes damage and stress.
Can I wait?
Some years ago I wanted a particular energy-efficient ceiling fan for the kitchen that was out of my budget. I created a custom search on eBay, and several times a month I received e-mail notices about auctions featuring my fan. I bid several times unsuccessfully, stuck to my budget, and finally got lucky.
By being willing to wait, I finally upgraded the fixture and got the fan I really wanted at a 60% discount.
If you know what you want and can be patient, you can often find the item of your dreams on sale or at a greatly reduced price. It’s when we want something NOW that we usually pay top dollar.
Will this purchase lower our overhead?
Certain purchases might quickly pay for themselves in future savings — a rechargeable lawnmower that you use instead of paying a lawn service, or canning supplies to preserve food from your garden, or quality scissors that you use for kids’ haircuts.
Other things might be worth investing in for long-term savings: rechargeable batteries, an antenna that brings in free television, solar lights, perennial food plants like berries and asparagus, fruit trees, window film, insulation, and energy-efficient or hand-powered appliances. These are decisions we will have to weigh carefully and research thoroughly.
Can I innovate instead of spending money?
Figuring out a solution for little or no money is not only fiscally rewarding, but personally satisfying. I keep DIY ideas on Pinterest, including a Made By Hand board where I save future craft projects.
Organic Gardening is where I save ideas for edible landscaping, container gardens, flower borders, growing organic food, upcycling and using old things in new ways in the garden, and Happy Home is where I keep home DIY ideas, photos of beautiful, peaceful, uncluttered spaces, and thrifty design ideas.
How About You?
What are some of your clever ways to save money? Drop a comment below!