Spending money is one of my favorite hobbies and greatest talents. I honestly deserve some sort of award. While shopping can be a lot of fun, it is far more important to save your money and be financially responsible. Winter is a great time to get a job and start earning (and saving) money, so here are 11 tips to help you retain that moolah.
1. Get a job…or three
Step one might seem obvious, but in order to earn money, you have to get a job. It can be full time or part time and can range from mowing lawns to working at a bank. As long as you have some sort of income, you’re good.
2. Find alternative ways to earn cash
Now, I’m not talking about dealing drugs or selling your organs on the black market. Instead, you can earn some extra cash by selling old clothes back to places like Plato’s Closet or holding a garage sale. Yes, you will become one of those people that has a garage sale, but if you’re desperate for money I guess it’s better than prostitution.
3. Have a change jar
Have a jar that collects all of your loose change. Over time it will add up and you’ll have some extra money. Cha-ching!
4. Pay in cash
This is one tip I learned from a personal hero of mine, Dave Ramsey. According to Dave, it is scientifically proven that people who pay in cash spend less money.
5. Buy clearance and sale items
Don’t buy items if they are full price. Try and find coupons or negotiate deals with sales people to get a reduced price. If you are making a large purchase, negotiating a deal with cash on hand can be very persuasive. That’s another tip I learned from my pal, Dave. Thanks, Dave.
6. Learn to cook
Eating out too often can really burn a hole in your pocket. Instead of going to a restaurant or grabbing fast food on the way home, learn to cook with the food you have on hand to save a few extra dollars.
7. Avoid online shopping
I am not a fan of online shopping because I end up buying more stuff than I would in store. Then if the items don’t work out when they come, I’m often times too lazy to go through the process of sending them back and I justify my laziness by saying I’ll make everything work. I never do.
8. Don’t impulse buy
Don’t randomly buy any item that catches your attention. Take time to think about purchases before committing and research different prices online to find the best deal.
9. Make shopping lists
Create shopping lists and stick to them! This will help you avoid impulse buying and make you think more seriously about your purchases.
10. Create a monthly budget
Creating a budget every month can help you delegate how much money you spend and what you spend it on. It is a very effective way to monitor your spending so that $200 doesn’t just disappear and you’re left baffled, wondering how you could have spent that much on pizza in two weeks. No judgment…Okay, there’s a little bit of judgment.
11. Save first then spend
The most important tip is to remember to save first, then spend. Pay off your bills, put a certain percentage of your paycheck in a savings account each month, and then spend what is left over – in cash – on the items of your choosing.
With these tips, you’ll become the next Dave Ramsey in no time! Dave Ramsey is awesome, so you’re definitely going down a good path. Happy saving, friends!