Now that you’ve learned why it’s so important to save a percentage of every dollar you earn (also known as paying yourself first), let’s look at some of the ways you can make simple financial and lifestyle changes that can add up to big changes in your financial status. By following just a few of these simple tips, you can build wealth and hardly notice a difference in your lifestyle. You can even improve your health and have more fun in the process!
Did you know you can open a free checking account online that pays more interest than a 1-year CD? Choose a high-interest, insured account with no minimum balance with easy-to-follow requirements like using your debit card and receiving electronic statements. Simply search for the check finder online.
Once you have your money working for you and you can see your bank balance starting to add up, you’ll probably get pretty excited about saving money. You see, saving money can and should become a habit. Next, you’ll look at more ways to save money. One of the best ways to do this is to reduce your expenses.
Entertainment is usually the first goal that people love. Why? Because it is easy to reduce. While we like to do things in our free time, like go to a concert, go to the theater or buy that daily latte. If money is tight, learn to get creative with your entertainment plans.
There are probably several free events in your community or city. Check the newspaper or entertainment guide and see what’s coming up. Most cities and towns have a wide variety of activities to choose from. Where I live, we are fortunate to have several state parks that offer educational walks and guided tours. We also have a monthly movie night under the stars. There are events at the library, book signings at the local bookstore, art walks, and even free concerts. You may be surprised at how many fun and free things there are to do when you take the time to search for them.
Have a movie night at home. If you don’t have any movies in your library that you haven’t seen many times, Redbox is a great resource. Just $1.00 plus tax and you can rent a newly released movie to watch with family or friends. A Redbox movie night at home will save a family of four around $39 on movie tickets alone, and don’t forget that drinks and snacks usually cost at least as much as their tickets! Total savings, approximately $80. If you usually go to the theater once a month, that works out to $960 a year.
Game nights are also great alternatives to an expensive night out on the town. How long has it been since you played Uno, Charades, or Monopoly? This is a great way to relax, have fun, and bond with your family.
For whatever reason, many of us equate family time with going somewhere that costs money. Actually, most kids enjoy staying home and playing board games or card games and interacting with their family members more than other activities that require travel and money. Another great added benefit is that you will be teaching your children by example that you can live a frugal life and accumulate wealth and still have fun.