Let’s admit it, we all love to “Save”. Save a pet or an endangered species, save time, water, paper, trees ... save the world, the list is quite long.
But WAIT! What about “Saving Money”? Yes. We love that too.
The challenge with saving money is that we continuously encounter marketing and advertisements that tempt us to Spend. “Spend & Save”, “Save Up to 50%…. 40%…. 30%…. off Sales”, “Buy in bulk and save”…
This can work both ways! It’s an opportunity to save some money, especially in current times when there is so much uncertainty around us, but it can also cause us financial distress if we continue spending our hard-earned money on impulse purchases.
So, let’s take a moment to answer a simple question: WHY do you want to save? WHAT is your purpose?
Are you wanting to save some money to enjoy the benefits now (short term) or are you wanting to save to enjoy the benefits at a later date (long term)?
The answer you give to this question will influence and affect your future financial situation.
6 Practical And Effective Ways To Save Money, Increase Your Cashflow And Grow Your Wealth
1. Save…Save…Save, With A Savings System
Start your journey to “Financial Freedom” by setting up a “Saving System” that allows you to automatically channel money from your income to a savings account on a regular basis.
2. Improve Your Health, Reduce Debt ... And SAVE
Most of us are aware of the negative effects of Smoking, Alcohol, Junk Food (fats, salts, sugars). If you can be resourceful & creative in finding ways to avoid or reduce your consumption of the above, you would improve your health, wellbeing and in-directly also improve your financial future.
Re-direct the money you save towards paying down your loan debt or mortgage and save tens of thousands off your loan and as a bonus you would have also reduced the length of the loan period.
3. Make A Change To Positively Impact The World ... And Save
You might feel a responsibility to protect and preserve our world for now and for future generations. But quite often we are overwhelmed by the enormity of the task.
You can be a positive influencer by doing what you do … just better. Find "new ways" to reduce the cost of your utility bills, transport cost, or cost of living. Have a vegetable and fruit garden.
4. Practice Financial Self-Discipline ... And Save
Discipline is said to be the bridge between the goals you set and your achievements.
Here are some things to consider. Avoid impulse purchases – Unsubscribe from emails that regularly send you offers to “spend and save”. Avoid spending by buying items out of habit, be mindful of “Brand/Store Loyalist”. Recently I needed to purchase a washing machine, after finding the product I wanted, I did another search to compare prices and was able to buy the same product, warranties and all for $100 less from a different store.
5. De-Clutter Your House, Your Mind ... And Save
Declutter your home of physical items that you do not use by selling them or donating them for charity.
Declutter your mind of stress and anxiety by exercising regularly, practice mindfulness, eating healthy and setting aside time for yourself.
6. Save The Lazy Money
Are you aware of the money that is “slipping away” from you every month on - subscriptions, memberships and other automated payments that were set up years ago perhaps that you have forgotten!
Here are a couple of things you can do right now. Review and cancel all automated subscriptions and memberships that you no longer need. Every year shop around to check if you can get a better deal on your Phone, Internet, Insurance etc. You will be amazed how much you can save.
