Spend Wisely

To harvest savings, you must spend wisely and live below your means. This means putting a stop to money being wasted on frivolities. Don’t worry, you won’t feel deprived. On the contrary, you will feel glee at the thought of creating growth.

Remember to be grateful for all that you have. Smile when you pay your suppliers, and bless them in your heart for their services. Money is a boomerang, and it will come right back to you. Trust me, money is meant to circulate.

By weaving these tips into your life, you will soon be flourishing in wealth.


Home Spending

Having a roommate or renting a room in your basement helps in reducing home costs. You will find many ways to save on utilities, insurance, cable, Internet, and phone costs. Have fun finding furnishing and decorating treasures at garage sales. Most people sell items at 20 percent of their original price or less. Challenge your property tax assessment if you feel the value is unreasonable.


Daily Spending

For more savings on groceries and personal supplies, look at sale ads each week. Some families are very successful in saving thousands of dollars each year by using coupons. Don’t be shy to step away from your regular brand. You may be pleasantly surprised by both the quality and better prices of other brands. Take advantage of customer reward or loyalty programs that offer discounts, dollars, or points that can be used to purchase items.

Buy in bulk when possible, and shop only for items on your list. Be creative when it comes to meal planning. Choose less expensive ingredients, but still make your meals tasty with spices and sauces. Bring your lunch and coffee to the office. Set a clothing budget for each family member and monitor their budget closely. To save a few dollars on clothing, shop during sale seasons. Wash your clothes rather than sending them to the dry cleaner.


Transport Expenses

Buy a bus pass and commute to work to reduce your gas and car maintenance costs. Take advantage of reduced prices offered by some gas stations on certain days of the week. Buying a demo or used car can save you money. If you go down this route, do your homework.

Remember to verify the past history of the vehicle for accidents, recalls, exposure to flood, and theft. Take a close look at the overall condition of the car and its mileage. Verify outstanding debt and availability of guarantees, as well as the actual value of the vehicle. Do a proper road test, but first and foremost, seriously consider having the vehicle thoroughly verified by a qualified mechanic before putting any money down on this type of purchase. Shop around when buying a new car. In addition to price, pay attention to the warranty, fuel efficiency, and insurance costs, which are important factors in making a final decision.


Fun Spending

By spending less on entertainment, you will find yourself with some extra dollars in your pocket. Watch movies at home rather than going to the theater. Go to the library instead of buying books and magazines. Choose less expensive restaurants. Don’t order an appetizer and wine, as they add up quickly on your tab. Consider ordering from take-out restaurants. Invite friends over during weekends and enjoy a nice, home-cooked dinner. Organize a pot luck where everyone brings a delicacy.

If your purse is tight, say good-bye to your massage therapist and hairdresser. Get your spouse to give you a massage. She could even cut your hair, but understand that this suggestion is at your own risk! Cancel your fitness membership and exercise at home. Choose outdoor recreation: take a walk, play tennis, roller skate, or go for a bike ride.

Do not travel during busy seasons when prices are higher. Go camping, or exchange houses through a certified agency if you can’t afford hotels. While on vacation, limit your time away from home to one week, and make some family fun around town upon return. If you choose air travel, compare prices for the cheapest fare. Plan your bookings ahead of time, as date and time of departure affect fare prices. Suspend your newspaper subscription while away from home, and consider shutting off the electrical power to your water tank if gone for more than a week.


Goodwill Spending

Even on a tight budget, you can still open your wallet and give with a smile to someone else in need. In doing so, you are affirming your belief that you are a prosperity channel. Of course, you won’t be able to give much, but it’s the gesture of hope that counts, not the amount. When it comes to family gifts, agree on a gift value that aligns with your budget.


Income Taxes

I encourage you to consult a tax professional to take advantage of all tax measures to help you create wealth. These professionals can help in planning your retirement, mapping a tax-efficient investment strategy, and reducing the burden of education, amongst others.


To sum it up, the whole idea of minimizing your expenses is to amass more wealth. Before spending, ask yourself: Does this expense align with my goals? Is this purchase really urgent? If the answer is no, turn around and run out of the store.

With a view of creating growth, frugal living is not as terrible and austere as it seems. On the contrary, it is a positive way of life that will create more pleasant moments and freedom in the future. Enjoy, be creative, and let time do its magic. Soon, your net worth will be going up, up, and up.

So be wise. Spend carefully and create abundantly.