This is Talk Money Week!
The hope behind this week is that more people will start talking about money. If people can share their financial problems, then they should find it a lot easier to deal with and manage their money.
Click HERE to find out more about this special week.
Today, The Morning Thing shared 13 money saving tips from Crown Financial Ministries.
They are a great program partner of WNZR. You can hear their program “My MoneyLife” each weekday at 3:50pm on WNZR.
Click HERE to connect with Crown for biblical financial resources.
Click HERE to read the FULL article with these money saving tips.
1. Act Like You Receive 24 Paychecks a Year Instead of 26
If you are paid biweekly, you actually receive 26 paychecks a year instead of 24. Instead of budgeting based on those 26 paychecks, budget based off getting paid twice a month – 24 times – instead.
2. Compete With Yourself
Sometimes you can be your best source of motivation! Challenge yourself (or your spouse or a friend) to spend $3 less per meal every time you go out to eat.
3. Set Up Automatic Transfer
Automating a certain amount to go straight from your paycheck to your savings account will help you reach your goals quickly. If you can’t see the money to spend in the first place, then you won’t be tempted to spend it!
4. Adjust Your Tax Withholdings
Adjust your withholdings so you have that extra money in your account every month. However, you will need to plan in case you owe the government money come Tax Day!
5. Always Check For Coupons and Rebates
Apps and browser extensions make it easy to shop with coupons and earn money back from rebates. Download apps like RetailMeNot, and Ibotta. Install extensions like Honey so you never miss a deal when online shopping.
6. Plan Ahead and Never Go Shopping Without a List
A lack of planning is a major spending trap. Before you go shopping anywhere – the grocery store, Walmart, the mall – make a list. Then stick to it!
7. Ask For Discounts
It may be uncomfortable if you’re not a natural bargainer, but it’s always worth it to ask for a discount. Try this especially with your cable and internet provider once a year. Ask about loyalty discounts, sales, or other offers they have going on.
8. Find a Buddy
Ask your friends to share when they find good sales. Ask around for the best prices.
9. Do Your Research
Before you purchase a big item, spend time researching to see if you can find a better deal. If you find a better price non-locally, ask for a price match. A few minutes online can save you lots!
10. Start Christmas Shopping Early
One of the Crown staff members has most of her Christmas shopping done by September. She finds and purchases gifts for members of her family throughout the year when she finds a good sale. By doing so, she avoids the stress and markups of the Christmas season and can actually relax and enjoy the holidays!
11. Set Goals
Goals will motivate you to keep saving. Proverbs 29:18 says, Where there is no vision, the people perish. If you don’t have a vision for your savings, you won’t make any progress. Decide on a realistic amount of money to have saved by a certain date and then align your budget to reach that goal.
Every time you reach a goal, celebrate, make another, and keep going. You should always have short-term and long-term goals!
12. Save Every $5
If you use cash for all of or some of your budgeting categories, commit to saving every $5 bill you touch. Proverbs 21:5 says, Steady plodding brings prosperity. Start plodding!
13. Drink Only Water
Switching to only water can save you hundreds, if not thousands, of dollars a year. A latte out costs around $5. A soft drink or tea at a restaurant costs around $2. If you have one coffee and one tea or soda out every day, by switching to water, you’ll save around $2,550 a year. And it’s significantly better for your health!
Crown also recommends that you start by saving $1,000 in an emergency fund.
Once you have $1,000 in an emergency savings account, work your way up to 12 months’ of living expenses. The Money Map can help you set and track financial goals like these. Download it for free here!
Rise and Shine 