Learn practical tips for saving money through mindful budgeting and spending choices without sacrificing life’s pleasures.
Cash-Conscious Living: Saving Money While Still Enjoying Life
The following is a guest post from my bloggy friend Teri Silver on behalf of homegnome. Interested in having a guest post on my website? Click here for my guest post submission form.
No doubt about it—life is expensive. Prices are going up every day and it takes more money to buy less. But you can save money without being deprived of the “pleasures” in life.
If you want to have “things” and experiences, saving money toward these expenditures is the best way to achieve them…without going into debt. Highlighting life’s milestones with something special (such as a gift for your 40th birthday) is important—each step is a moment in your own timeline.
Sometimes you can say yes but you must also learn to say no. A savings plan starts with attitude and decision. Here are ways to save money without feeling (completely) deprived of life’s pleasures. It all starts with making a budget.
Monthly Expenses
Expenses are necessities and desires that pull from your income. Things like clothing and “toys” add up when you pull out the credit card. Control that debt by paying for items in cash. If you don’t have the cash, you don’t get the stash.
Make a list of your set monthly expenses. Typically, they’ll include
- Rent or mortgage payments
- Insurance
- Phone bills
- Credit card bills
- Car payments
- Utilities
- Television/cable/streaming expenses
- Student loans
- Groceries
- Gym or other membership
- Miscellaneous expenses, such as money spent on eating out, drinking in bars, etc.
What can you cut back on? Well, certainly not the rent, insurance, car payment, and student loans (if applicable). Utilities vary with how much heat, water, and electricity is used in one month. Turning off lights and computers when not in use and turning down the thermostat in winter help to reduce heating and power costs.
Credit card bills are less when you don’t use plastic (you’ll pay more in interest than you would make back in loyalty points). Pay TV isn’t really necessary—check out the free-with-ads sites for entertainment. Gym memberships are nice but exercise is free when you do it on your own.
Atypical Expenses
Keeping track of those “sliding scale” expenditures can be a challenge if you’re not really paying attention to them. For example, monthly expenses automatically deducted from your bank account are easy to forget unless you’re diligent about checking statements weekly or monthly. Negotiating with yourself will help you save a few bucks on things that aren’t really necessary.
Flexible expenses include gasoline usage, electronics and video games, car maintenance and repairs, home maintenance, stuff for kids and pets, clothes, and food. Decide what is important and what can be put off indefinitely. If you need to furnish your home or apartment, start with a trip to a “nearly new” store to save some money.
Do you really need designer brands? Do you have to spend $10 on an appletini? Resist the latest “ooh shiny” tchotchke that will sit on a shelf collecting dust. Skip the morning coffee shop drive-thru… fill a thermos with your own home brew.
Booze and cigarettes are expensive. Are you really depriving yourself without them? Quit drinking. Quit smoking. You’ll feel better and you can save the money you don’t spend for a vacation or special gift for yourself.
The not-always-necessary expenses are negotiable, have a talk with yourself about when to say yes and when to say no.
Discipline Shopping
Shopping is not entertainment. Heading to the mall for a fun day out leads to unplanned spending. Shop when you need to—not when you want to. The same goes for grocery shopping… impulse purchases bump up the bills.
Make a grocery list and stick to it (or at least try to). Disciplined grocery shopping keeps costs down. And yes, it’s OK to put Oreos on the list, if they’re in your budget. Pay with cash whenever possible. Will you feel deprived? Only if that’s what you’re telling yourself.
Savings Place
Saving money is easier when you pay cash for most of your expenditures. With cash, there are no credit card fees or late charges. Keep cash on hand for everyday layouts like groceries and dry cleaning. (By the way, dry cleaning “washables” is a waste of money!)
Get a strongbox for saving cash. You can either add a few dollars a week and save one lump sum or you can use the envelope or “cash stuffing” system to save for monthly and annual expenses. Piggy banks are fun to use for the loose change in your wallet.
If you come in under budget and have extra money, add it to your emergency fund.
Side Hustle?
Increasing your income is a way to feel less financially vulnerable. (Tip: Now that you’ve cut back on pay television and streaming services, you’ll have more time for making money).
Getting a part-time job is always a possibility, but you can also add some money to the pot by selling things you don’t need anymore. Marketplace websites like eBay, Poshmark, and Mercari are selling platforms for new and used items.
Driving for Uber, Lyft, DoorDash, or other delivery companies allows you to set your own schedule and working hours.
Save money by spending less and earning more.
Feeling deprived of something is all a mind game because we tend to look at the negative instead of the positive. Saving money is a huge positive, especially when you’re working toward a goal. Goals can be as simple as creating a nest egg, working toward a prize, or just being able to pay the bills. Anything you do to save a few dollars here and there is a step forward, not backward. That’s something to feel good about!
About The Author
Teri Silver is a journalist and outdoor enthusiast. She and her husband live on 5 acres with a vast lawn, three gardens, a farm, a pond, many trees, and a lot of yard work! The best parts of the year are summer and fall when home-grown veggies are on the dinner table.
