Many financially stable people will tell you that they had to learn how to be frugal in life to get where they are. When people think of ways to make money and become rich, they forget to think about ways to save money.

 

The key to becoming financially stable is the ability to delay gratification. To delay gratification in my opinion is the ability to invest that money you have today in a business venture, there by converting that wage into income in the future.

 

There are many easy ways to save money ranging from saving money on groceries to saving money on mortgage.

 

Saving money on groceries

 

Grocery bills take a big bite out of the pay checks of families across the nation. Americans are so used to leaving from pay check to paycheck that they think it is normal. Many people living this life are very frugal but many others are not.

 

According to the US department of agriculture (USDA), average monthly tabs for a family of four run some where from $ 568 for the very frugal family to $ 1293 for those on a more liberal budget.

 

Many people spend so much when they go shopping on things that they end up not using. There are many ways you can save on groceries but first you have to avoid spending on things you don’t really need. One way to do this is to make sure you make a list before going to the store and stick to this list.

 

You can also avoid spending on things you don’t need by making sure you eat before leaving for the store. People have the tendency of buying things they don’t need when they go to the store on a hungry stomach.

 

Here are some tips on saving on your groceries;

 

 

1. Before you go grocery shopping, do an inventory of your pantry and freezer and make a list of what you need. Doing this will make sure you do not spend money on something you already have.
2. Use up the things in your pantry and freezer before buying more so nothing goes to waste. Go through your supplies regularly and use food items before they expire.
3. Try to shop less because the less you shop, the less you will have to spend on impulse. Plus, you will also save on gas. Shopping about once a week or less is recommended.
4. Plan your meals by what is on sale and in season. Foods that are in season are usually cheaper and healthier and things that are on sale are well .. on sale.
5. Download coupons by visiting sites like coupons.com and save on groceries that are available in your area.

 

Saving money on gas

 

 

You can save a lot of money on gas by doing the following things,

 

 

1. Buy fuel efficient cars like hybrids or diesel cars. A hybrid car will not only save your gas, you will also get tax breaks from the government for buying a fuel efficient car.
2. Buy smaller cars because they generally consume less.
3. Investigate the best prices around your area and fill your gas at this place
4. Always make sure your car is properly maintained because cars that are in top shape are more fuel efficient.
5. Limit your driving by limiting the distance between your home and work if possible. The closer your home is to your work, shopping centers, kid’s school and other places you frequent, the more you will save on gas.
6. Make sure your tires are properly filled with air for more efficiency.

 

Saving on utility bills

 

You can save some money on electricity by doing the following,

 

 

1. Make sure your heating system and AC system are well maintained and working efficiently
2. Turn of lights and appliances when not in use
3. Use energy efficient appliances and light bulbs. You could get a tax rebate for doing this.
4. Close curtains on the sunny side of your house in summer and leave them open in the winter
5. Set your thermostat to turn off when you are out and turn on an hour to when you will be home to make sure your home is at a comfortable temperature when you return.
6. Use water judiciously not just to save some money but also because it helps save the planet.

 

Save on cable and phone bills

 

Cable and cell phones contribute a good chunk of what people spend on bills monthly. Some phone bills are as high as $ 90 or more a month and cable bills can go as high as $ 200 or more a month. You can save  on these bills by trying the following,

 

 

1. If you have Wi-Fi at home and at work, you can save on phone bills by choosing a plan with less data or no internet at all.
2. You can also save on phone bills by avoiding big name companies. Most of the bills you pay for these big name companies could be cut in half by choosing a less popular company that offers pretty much the same thing.
3. Many people pay for huge TV packages just to use a couple channels. Many cable companies have more personalize plans that can save you money but they don’t make it  easy to find. With some research however, you can find a plan that cost a lot less but still have those two channels you love so much.
4. You can save on cable by using sites like Netflix, amazon prime and Hulu to watch those shows you love so much for just a fraction of the price you pay for cable.
5. Don’t pay for more internet speed than you need. If you only use your internet to check your email, there is no reason to spend an extra $ 20 to $ 50 for high speed internet.

 

Save on car insurance

 

If you drive a car, you have got to have car insurance. Car insurance can be very low or high depending on your insurance plan. There are many ways to save on your car insurance but still get the necessary coverage.

 

You can save on car insurance by doing the following,

 

 

1. Do comparison shopping before you enroll your car for insurance. You will be surprise how much the price vary from one company to the other.
2. Choose a plan with higher deductible on collision and comprehensive coverage. Changing your deductible from $ 300 to $ 600 could bring down your premium by 15% to 30%. So the higher you deductible the lesser your premium. Your deductible is the amount of money deducted from your insurance claim check in case of an accident.
3. If you have a very old car, you can save money by dropping collision and comprehensive coverage.
4. Get a car that is cheaper to insure. For example, you can buy a “just like new” 2010 car or a small SUV instead of a brand new 2016 sport car that will cost more to insure.
5. Ask your insurance provider about all the discounts you can get and try to qualify for them.

 

Save money on mortgage or by investing

 

This is the last thing many people will think about when it comes to saving money because it is not immediate. However, it is very important to consider saving money on your mortgage.

 

You can save money by paying a little more towards your principal every month. By doing this, you will reduce the time it will take you to pay off your mortgage and thus reduce the amount you are going to pay in interest.

 

You can also consider investing in stocks or a business instead of putting your money in a regular savings account that generates little or no interest. If you choose carefully you can generate good income from this investment.

 

 

There are many other ways you can save money other than those I have listed above. Please leave us a comment on other ways to save money. 

Please remember to share this post.

Cheers Denise