8 Habits That Can Help You Save


Before the coupon clipping, discount cards, and bargain hunting begins, there are some healthy habits to adopt to help you start off on the right foot. Whether you are looking for big savings or small savings, you can develop habits that are geared toward saving money.   Miranda of FinancialHighway.com provides the 8 Habits below:

1.  Learn to say no: Just say "no" to more stuff.

2.  Practice conscious spending: Ask yourself why you are buying something. Just because you think you want it isn't a good reason. If you can't come up with at least two concrete reasons why you are buying something, put it back.

3.  Avoid spending triggers: Be aware of places that trigger spending, whether it's browsing on eBay, or window shopping in the historical district. Also, be aware of whether you are an emotional shopper. If you shop due to stress, or some other reason, recognize that and try to find other ways to beat your stress.

4.  Automate your savings: You can't spend what isn't there. Automate so that you save money in a retirement account and/or emergency fund first thing each month. Now you won't have the money in there to spend.

5.  Institute a waiting period: From three days to a month, sleep on a purchase. You might decide you don't need something after all.

6.  Comparison shop: Make it a habit to look for better prices elsewhere. Before you buy, find out if you can get a better deal elsewhere by looking online, or at another store.

7.  Consider used: Whether it's small things, like a video game or book, or bigger things, like cars and homes, consider buying used. You can also get a great deal on a refurbished computer - and they work just fine. Look for good quality used items before buying new.

8.  Cultivate contentment: One of the best ways to save money is to be content with what you have. Cultivate contentment with yourself and your life, and stop looking for happiness and fulfillment in material things. You'll find that you spend less and save more when you recognize that you have enough.

To read more of Miranda's tips on FinancialHighway.com, check out her complete article "45 Ways To Save Money"

Bonus Habit: 

Many sleepless nights come from the stress and anxiety of money management. One way to stop this sleepless habit in its tracks is to cultivate a habit of 'Powering Down' at night. Make the precious time after dinner a relaxing time for you and your family. Light some candles, shut off all electronic devices like laptops, cellphones, and the like and enjoy the evening. Read a good book, dust off that Scrabble board or wind up that old Victrola. (Yes, I have one at camp that we crank up every once in a while).  As a single mother, I have plenty of financial worries, but after adopting this habit myself, and teaching it to my daughter, we are enjoying our evenings, sleeping better at night, and are headed along the healthy path to saving money (and my sanity).

Do you have any money-saving tips or advice to offer? We'd love to hear!

Source: "45 Ways to Save Money" written by Miranda for Financial Highway. http://financialhighway.com/45-ways-to-save-money/. Accessed on 8/20/2012.

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