3 Ways to Save Money Right Now

We all go through periods of time where we realize we need to start watching our expenses. I know firsthand how difficult it can be when you realize your account balance is lower than it should be. My family lives on a tight budget, and although we are immensely happy and healthy, the issue of money does come up from time to time. I often sit down with my spouse and try to brainstorm ways we can immediately start saving more money. Although it isn’t the most pleasant conversation to have in the world, I know that it is going to be good for us in the long run.

What I’ve discovered in many of our conversations is that both my husband and I occasionally lose sight of staying on a budget. We both have personal hobbies and items we value that sometimes get in the way of our budgeting goals. However, I firmly believe that there is always a way to negotiate a budgeting goal. In fact, here are three immediate things you can do to get your family budget back on track.

1) Cut Out Minor Expenses Immediately

Both my husband and I have our little budgeting downfalls. I sometimes buy one too many magazine subscriptions and sale items. He loves his strong Starbucks coffee. Yet when it comes down to it, there is no reason we should waste money on items that are too frivolous. Most of the time, I don’t even have enough time to read the magazines I subscribe to, and I never really want to buy anything until I see the word “sale” written on it. And, even though he may not be in love with the idea, I’ve convinced my husband to start brewing coffee at home. By going through your bank account statement and evaluating all the small areas you tend to waste money, such as going out to eat too much, buying expensive shampoos and conditioners, etc., you’ll start to figure out how you can cut out those extra expenses.

2) Distinguish Your Wants From Your Needs

For me, budgeting comes down to one major task: deciding what you need to get by. If you think about it, there are probably a lot of things in your life that you have that you really don’t need. Sure, it’s nice to own a beautiful pair of designer high heels and a fast sports car, but at the end of the day, those aren’t the things that will keep you alive and well. Sit down with your family and start having conversations about what it is you absolutely need to survive and then build from there. Try writing out a list and separate what it is your family absolutely needs vs. what they want, and then only purchase the needs for a few months. The first few weeks of budgeting like this will be extremely difficult, especially for families who aren’t used to budgeting, but after a while, it will get much easier and you’ll start to feel more financially stable and secure.

3) Pay with Cash

We live in a day and age where people will swipe a credit card to pay for a $1 item. It seems rather absurd, but it’s one hundred percent true. The big problem in paying with credit cards is that it’s so easy to not see your money slipping away. When you have cash, however, you start to see your money dwindling each and every time you purchase something unnecessary.

Here’s an idea: take a certain amount of money out of your account each month and divide that cash into allowances. For example: have an envelope for food, have an envelope for clothing, have an envelope for rent, etc. Always keep your envelopes separate from each other and spend the money in each of them wisely. Furthermore, whenever you finish going through one envelope, do not pull from the other ones to help pay for its purchases. That’s completely undermining the whole reason for the envelopes in the first place. By doing something as simple as paying for items with cash, you’ll start to see yourself rethinking purchase decisions, which always helps with budgeting.

It may not be the most enjoyable thing to do, but budgeting will save you a lot of stress and nail-biting through the years. By embracing simple things such as cutting out minor expenses, deciphering your wants from needs, and paying with cash, you will have you and your family back on the budgeting track in no time.

1) Cut Out Minor Expenses Immediately

2) Distinguish Your Wants From Your Needs

3) Pay with Cash

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