I’ve tried to save money through couponing, but it just doesn’t seem to be working for me…
I don’t know how you do it…
I guess I will just always be in debt…
If saving money were easy, far fewer people would have financial difficulties. The truth is, no matter the motivation, whether you’re trying to get out of debt, saving up for a big purchase, or simply trying to live a frugal life, saving money is not a clear-cut “do this, not that” prescription. It is personal, situational, and requires a fair bit of work.
Bottom line: saving money is about more than making a decision to do so and it doesn’t happen overnight. Each person or family needs to look at their particular situation individually to develop a workable money-saving plan. They also need to be truly committed to a difficult lifestyle change over the long term. Otherwise, “saving” money just won’t work.
There Is No ONE Answer
We each have a specific set of circumstances that have led to our financial position. We may live in a particular area that lacks a lot of choices when it comes to shopping. Many people work long hours and have little time to cook. Stress, illness, children, and even weather all affect our daily activities and options, including the ways we can effectively save money. Therefore, it is essential for each individual or family to come up with a personal plan for saving and cost reduction which takes all of these circumstances into account:
- How much money do I/we make?
- How much money do I/we spend?
- What are my/our fixed expenses (i.e. rent/mortgage, insurance, car payments)
- What are my/our revolving expenses? (i.e. food, entertainment, recreation)
- How much money do I/we need to save?
These are the same questions you ask when generating a budget which, of course, is step one in effective financial management. However, even those with a budget need to step back and ask these questions periodically to refresh their answers. Then, they need to take these answers and use them as a means to answer the most important question of all…
…how can we do this?
If You Really Want to Save, You Have To Commit
There is no substitution for good old fashioned time and effort when it comes to responsible financial management. While each of us surely has our fair share of financial waste, reducing some – or all – of that waste still won’t make a drastic difference overnight. Rather, spending weeks, months, sometimes years working towards a financial goal is the only way to make most money-saving strategies work. The problem is that most of us simply cannot or will not make that sort of commitment.
Why?
Because change is hard and we live in a materialistic world obsessed with instant gratification.
But that doesn’t help anyone, now does it?
Instead, it is important to take money saving strategies one at a time, to prioritize and reorganize your life in order to gradually change your habits rather than quit cold turkey. Here are some examples:
- Start saving something, anything. Start small and put the money in a shoebox under your bed if you have to, but don’t spend it. Gradually increase the amount and/or put in pocket change as well. Leave the shoebox for a year, at least.
- Plan to eat. Take time to plan and buy what you need in advance, even for just one meal a day. Over time, you will not only generate less waste, but have more money (takeout is expensive!).
- Begin a cash envelope system for one revolving expense. Start with something small, like fun money. Put aside a set amount at the beginning of the month for expenditures like coffee, movies, and other little treats. When the money is gone, it’s gone. As you get used to paying cash for one budget line, it gets easier to do it for others.
- Surround yourself with like-minded people. One of the most common deterrents to saving money is a “lifestyle” that doesn’t allow it. While ditching friends and shunning family isn’t a great strategy either, finding other people who live a more frugal lifestyle, either online or in the real world, is an easy way to make your own more palatable and give you the support you need to persevere.
- Read various guides on www.utilitysavingexpert.com and see what is the best way for you to save.
Saving money is not automatic for most people. In fact, many of us need to muck up our finances first, just so we understand how “necessary” responsible financial management really is in life. The most important thing to remember is that you are not alone and that messing up is natural. Your situation is unique, but it is not impossible.
**Join the discussion: Have you struggled to save money because it “didn’t work”? What helped you turn it around? Or, if you are still struggling, what is the biggest question you have about the process?**
