Hello friends, and welcome back to my blog. This is the year we take charge of our finances, in short, TAME THAT MONEY!!!. and generate sustainable wealth. Money matters need not be daunting. Don’t forget to share my blog link with your friends. Also, if you like the content, kindly leave your feedback comments below, I’d love to hear from you.
Today I’ll be discussing 7 things to do now to save money for the rest of the year. Here goes:
- Have a budget: I will continue to stress the importance of budgets for as long as I live. They provide an organized way of keeping track of your inflows and outflows, to really get a good idea of where your money goes. Not a month goes by in my household without using budgets plus it helps hubby and I be on the same page and keep track of our money. Go to my website: www.themoneytamer.com, on the ‘resources’ icon at the top and download a free copy of my budgeting template for your use.
- Air dry your laundry: I am a line-drying girl hands down. Not only do I hate the effect drying machines have on clothes, they burn a lot of electricity in the process. Depending on how often you do laundry in a month, you can easily shave off up to $100 on your electricity bill when you decide to air dry your laundry that month instead of sticking them in the drying machine. Plus, clothes / fabrics last longer when air dried. I have some outfits I bought over 10 years ago which I still get compliments on everytime — thanks to air drying (and skipping the drycleaners).
- Have a ‘buy one bye one’ rule: What I simply mean is this month, for any item on your budget you buy, skip the next item and save that money. So, if you have budgeted $500 for meals and entertainment, say 4 dinners out that month, skip 2 dinner trips and bank the $250 or skip one dinner and bank the $125.
- Prep for the week — helps save time and money (meals, outfit for the week etc): when you fail to plan, you plan to fail. Well in this case, your failure to plan for the week will cost you — impromptu lunch expense every week day at work, take outs for dinner, running the risk of being late to work because you had to iron your outfit that morning, I could go on and on. Take the time in the weekend to prepare for the week — make several meals for lunch / dinner and stock up the fridge, iron out your work outfits for the week etc. At an average of $20 for lunch and $25 for take out dinner, if you fail to plan, you could be out of pocket $225 for the whole week (i.e. just feeding a family of two).
- Have a ‘pay one, pay yourself’ rule: So for the rest of the year, for every car note payment you make, make another one to your savings account. It’s that simple.
- Ask and ye shall receive – babysitting, help with taxes: My mantra these days is: don’t be afraid to ask for help. If you need to run a quick errand, ask a trusted neighbor to baby sit your children. If you need help with your taxes, reach out to your accountant bestie or brother.
- Buy generic for some items – Rx, everyday household cleaning items: We all know that generic brands are most times manufactured by known brand companies – they just simply slap on a different label plus the price is cheaper too. So, for mundane prescriptions or cleaning items, go generic and save your cash. Same goes for designer items especially for babies. Please, never ever buy designer items for your baby — not worth spending all that cash for designer baby clothes only for your baby to outgrow them after the 4th use.
So viewers, follow me on this journey to save some money for the rest of this year by imbibing the 9 pointers I have just elaborated on. We can do this and your savings account will thank you for it, I promise!