I’m sitting here listening to an episode of the MadFientist. Great podcast btw!
He’s talking to Jim Collins. He’s such a smart man! Of course I’m enjoying a nice cold Henry’s Sparkling Water and really thinking about saving money. Imagine that!! Lol….it seems that saving money is all I really think about these days because I finally realize how important it really is. I’m listening to Brandon (MadFientist) and now he’s interviewing Mr. Money Mustache
and I absolutely love Mr. Money Mustache because he tells it like it is! I highly recommend listening to any podcast that he’s in. Great advice if you’re interested in early retirement. Hmmmmm…..who wouldn’t want to retire early?
We all think about having enough money to just retire and live the life we dream of……but for some reason unknown to me, we just won’t do what it takes to achieve this goal. Why is that? Why don’t we try harder and actually SAVE ENOUGH MONEY to just retire??? Why do we choose to waste so much money? Are we just totally ignorant or STUPID? Do we really want to work for the MAN until we’re 70 freaking years old??
It’s so easy to come up with excuses to NOT save money! One of the most popular is…. I just don’t make enough to save anything! (all while sporting the new iPhone and buried in a service contract lol). Or having every single channel known to man (although they only watch three lol). Or eating out five or more times per week (while also spending three hundred bucks on groceries lol). Or buying a gas guzzling machine to drive thirty miles one way to work. Or taking thirty minute showers while leaving every light in the house on lol…under these circumstances I can see why you have no money. You’re giving it all to rich people that could literally care less about you!
Guess what? When you’re old and can no longer work…..AT&T, Dish Network, Directv, Verizon Wireless, or Spectrum Cable will NOT BE SENDING YOU A CHECK EVERY MONTH! Every single dime that you’ve given them over five decades or more is gone forever without anything to show for it. You may as well stick all that money in a birds ass and watch it fly away!
It seems to me that cutting back some while you’re young could significantly increase your savings rate! Over decades of saving this could be HUGE! But hey, you don’t need me to tell you this because YOU ALREADY KNOW RIGHT?! I have a feeling you think you know everything about everything ALREADY lol. If that’s the case, you’re the type of person that nobody can talk to.
It can be hard to save money at any time, but it is particularly difficult when you feel like you are broke and are barely getting by. If you can barely afford your bills and you are living paycheck to paycheck, saving money is probably one of the last things on your mind. However, you can still save money when you’re broke. In fact saving money, even if it is a little, is a key step to NOT being broke!
As long as you are making SOME money, you should be saving SOME. Especially if you are constantly running out, it’s important to make a habit of saving money. Despite the fact that you have very little left at the end of the month, there are ways to save. Cutting costs, tracking your spending, sticking to a budget, and saving a little at a time are all ways that you can save money, but there are other ways as well. Here are a few ideas to consider.
1. Stop spending on ANYTHING extra
A great way to save money when you’re broke is to cut your expenses. You may think there is nothing you can cut out at first, but trust me, THERE IS. If you are truly broke then you need to let some things go. Do you really need such an expensive cell phone plan? What about cable television? Can you use the internet at the library or use WiFi instead of paying a monthly fee? There are many things that we considered necessities that are really just extras, and cutting some of those will quickly free up more money. I know this for a fact because I’ve done it! Take a look at your monthly bills, and decide what is really necessary. If you want to stop being broke, you may have to cut out some of the extras for a while. Trust me folks, it’s really not that big of a deal! Nobody REALLY needs 350 channels or a cellphone plan that costs HUNDREDS of dollars per month! I switched to Cricket Wireless and my service hasn’t suffered at all. I pay 35.00 a month and couldn’t be more happy! My savings rate increased significantly!
You also might need to re-think your spending habits. By just switching to store brand items at the grocery store more often, or shopping deals and using coupons can quickly save you money! I mean come on man, it’s easy! Just cut out your preference for name brand items in order to save big. And for the most part, you’re not sacrificing quality at all.
2. Don’t eat out so much
Eating out so often is so much easier and more convenient than bringing a lunch to work, but doing this constantly will really DESTROY your income! According to many financial studies, eating out constantly is a common way people get into personal debt. It’s easy to justify eating out because you are too busy to cook, or you are a poor cook, or maybe you’re just to damn LAZY to cook! However, making food at home will truly save you money and if you want to save money, you need to make the time and the effort to cook at home. Not to mention, it’s much HEALTHIER! WIN WIN!
You can save time by making several meals over the weekend and freezing them to use during the workweek. If you simply don’t know how to cook, buy a cookbook. It’s not that hard!! Apply yourself!
3. Do you have a budget?
If you don’t have a budget, your first step should be to make one. Perhaps you already have a budget, but there are several reasons a budget can fail. If you recently lost your job, or your income somehow changed but you are using the same budget, you will need to make a new one. You also may need to look at your budget and see if it is really reasonable and if you need to adjust anything.
According to Lifehacker, if you are broke and budgeting, there are several steps that can help. Start by assessing your financial situation, cut back on expenses (as mentioned in point one), be frugal. There are other steps you can also take, including paying down your debt.
4. Save a little at a time
If you’re completely broke, the idea of saving anything probably seems unreasonable. However, you have to get into the habit of saving if you are going to save more in the long run. It’s important to think about the future: write down your financial goals, even if they seem completely out of reach. Then, start saving. If you are saving nothing right now, then any savings is an improvement. Once you cut your extras and start following a budget, you can use some of the discretionary money to save for your future.
Everybody had to start somewhere. Why wait? Why not start today? You can make excuses until the cow’s come home but I’ve learned they DON’T come home until they have a reason to. You’ve heard it over and over and if you continue to read my blog….. YOU’LL KEEP HEARING IT. Save money like your life depends on it, because someday you’ll actually need everything you’re saving TODAY! Stop wasting your hard earned money because one day you won’t be able to EARN any money!
Thanks for reading,