Saving Money

Podcast Interview with Millennial Homemakers

Goals/Why Try to be specific and not just say, “Have a lot of money,” because there will usually be something that you want more than just a number in an account so you choose those things over saving

  1. Mine: Not having finances being a fight with my spouse, having it be conversation, and partnership agreement
  2. Take trips
  3. Not be weighed down and dread bills
  4. Be able to help people, not necessarily financially, by providing meals, clothes, etc.
  5. Be prepared if something goes wrong

Use credit cards like debit cards + never spend more than you have in you account

  1. Don’t buy anything the first time you see/want it, especially if it is massed produced
    1. Wait at least one week and revalulate if you still want it
  2. Ask advice from people in (multiple) stages ahead of you, That you look up to. Don’t pry into numbers but ask advice.
  3. If you have a culture in your family that is open to talking finances, tell your parents you are trying to save money
    1. Ask if they would open to giving to an retirement fund instead of gifts
  4. Give yourself grace. Don’t give up if you have slip-ups. You aren’t making these changes to put money in the highest priority in your life. You are doing this so that money doesn’t hold you back from enjoying life, helping people, or providing for yourself/family.

Practical Steps

  1. Look at credit card bill every month. It can be hard but it will show you your problem areas.

Start small

  1. Look at how often you eat out and try to cut it down by once working towards doing it half as much as you used to
  2. Look for recurring charges that could be canceled like unused gym memberships
    1. Next step: Do a ‘no spend’ week/month/year
  3. Save as much or more than you spend on “fun stuff” every month
    1. Next Step: Save it in a retirement account, 401k, Roth IRA,
  1. What are you spending money on? Research ways to do it cheaper
    1. Find ways to do what you love for free/cheaper
      1. Library
      3. Cut Cable
      4. Ask for Gift Cards
      5. Stubhub

Next Step: Work towards saving as much or more than you spend on ‘fun stuff’ so not mortgage, bills, etc

  1. Find a money mentor
    1. Dave Ramsey
    2. Clark Howard
    3. Rachel Cruz
  2. Look at ways to save on the necessities, like groceries
    1. Try out stores like Aldi, Lindl
    2. Go meatless 1-2 days a week
  3. If you have kids, swap date nights with other friends with kids

Look at what you have and really evaluate.

When you become more aware of where you money is going, eventually you often realize the abundance that is already in your house. Sometimes it’s because of your search for the perfect fall sweater, lamp, or other item that you had become convinced you needed.

  1. If you have duplicates or just things collecting dust. Let them go. Sometimes you feel guilty of getting rid of the stuff that you may have already spent too much on but forgive yourself and come up with a plan.
  2. Use Craigslist, Facebook Market Place, or a yard sale to let it go and earn back some money.
  3. Also have grace on yourself if you are a person who puts in a bag and takes it to Goodwill. Personally, we haven’t had many things that we have parted with that would pull in more than ten dollars if that and I am just not someone who is willing to coordinate and bargain over a mixing bowl that I just never used because I have three more just like it.
  1. Anita says:

    Great advise. Shopping online is another temptation monster : I try not to pay $50 for something I’d have to sell for .50 next year at a yard sale :

    • Leah says:

      That is extremely smart and I never thought about it quite that way and I should bc I don’t even do yard sales!

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