Have you ever wondered how some people managed to make luxury purchases or take extravagant vacations without incurring debt? I have! Years ago I discovered I wanted nice things but didn’t want to still be paying off these items years later. I began to research, reading everything I could on the subject, ask questions, and probably make a general nuisance of myself to unsuspecting friends and relatives as I went about my task. Over time I managed to find five money saving secrets of frugal people. Have I always followed them? No. Do they work? Yes.
5 Easy Ways To Save Money:
1. Don’t Try to Keep up with the Joneses.
Owning a corvette has always been my secret dream. A couple of years ago everyone in our neighborhood began buying Corvettes. Some people even bought two! Talk about your middle age crises. “I want a Corvette!” I told my husband. His response, “Bwahaha,” was not encouraging. After careful consideration, I decided I liked my house with indoor plumbing and electricity more than having a Corvette. I still envy our neighbors but I can deal with it.
2. Delay Instant Gratification.
Do you need the latest technology the minute it comes out? Do you have to “have it now?” By waiting a few months to pick up the latest “toy” or “gadget” you’ll often find the price has dropped or it’s available on sale. The worse case scenario? It will be obsolete and a new model will have appeared on the scene.
3. Use Coupons for Splurges.
With the struggling economy, more businesses are offering coupons and great deals to get you to purchase their items. When I want to go out to eat, I check the company website or the local paper to find coupons. I get the treat I want (not cooking and cleaning the kitchen) and still save some money.
4. Buy Gently Used Items.
This is especially good for the kids. Toys, sports equipment , clothing they will outgrow quickly, and more can be found for low prices. Case in point: My daughter decided to join the school band, asking to play the trumpet. I didn’t want to purchase a new, expensive trumpet for something she might not enjoy. Many companies will allow you to sell or buy, gently used musical instruments. This turned out to be a bonus for us because she hated playing the trumpet.
5. Save up the money and pay cash.
I wanted a large LCD flat screen Television as soon as they were released on the market. I stared longingly at the televisions whenever we passed them by in stores. Since our old television worked and we didn’t watch a lot of television anyway, I couldn’t justify purchasing a new one. Still, I wanted this TV! Finally, I set aside a “slush fund” for the television. I put in money I received from birthday and Christmas presents so I wasn’t taking away from the household fund. I saved for years (seriously) before I purchased my television and cabinet. And guess what? I love it! Having waited so long for it has made me appreciate it more. Plus, someday I will have that Corvette!
What are your favorite money saving tips? Share them with us!
I love garage sales, I purchased a jogging stroller that I could never afford for $25 and it looks brand new. I always coupon, it is the only way I can donate to people in need. Love the other ideas, great post.
Number one and number two are some of my favorite tips to share with people as well. If you have patience and you really want something, it will always go on sale. I love video games, but I have never been one to stand in line at midnight to buy a game. Why do that when you can buy the game later for near half the price?
Great tips! Especially delay Instant Gratification – I’m not so great at that one but working on it:-)
Fantastic tips! Since having kids, I moved away from this one: never buy on credit without having the money already IN the bank to buy it.
Also, when I look at sale circulars, I’ll mark up things I think I want to buy. Unless it is an absolute must have necessity at an awesome price, I wait until the end of the week to go through it again and make a final decision.
Great tips. I think that paying with cash is my favorite one.
I love it! What great tips, we are always trying to save money for vacations, and this will help a lot.
These are such great tips, I need to get more frugal!
Great tips!! I’m big on saving 🙂
Wonderful post! For 20+ years I’ve experienced first hand the benefits of all the above you mentioned, and have managed to pass down some of these frugal lessons to my children. Delaying instant gratification/impulse expenditures is a biggie. And, it actually becomes fun to see how much one can have/experience/enjoy without breaking the bank. Think of it as a game.
Also, one tip I’d add is sweepstaking … you wouldn’t believe all the fantastic goodies you can get for FREE! Though a lot of people might say they don’t have the time, you can find time for just about anything, if you want to badly enough. Luck isn’t the deciding factor so much as patience and persistence. Like couponing, thrifting, etc – these things become second nature after a while lol
One other tip – when it comes to savings – ALWAYS PAY YOURSELF FIRST! No matter how much you owe, no matter if that paycheck doesn’t stretch to cover enough, always set a small amt aside for a rainy day 😀
Mary, you have added some great tips. I totally agree you can find time for anything if you want it badly enough. I have won some nice things from entering giveaways too. It does take time for these things to become second nature but it’s worth it to see the savings.