10 More Strategies For Managing Your Money In 2022
While there is often a negative stereotype for being “cheap”, we are proud to consider ourselves frugal. We’re always looking for ways to stretch our dollar and there’s nothing wrong with that. How do you think the wealthy become that way? They consider every buck valuable and they pay attention to its power.
You might not be investing in stocks or building a multi-million dollar company right now, but there’s no better time than the present to create an attitude and habit of handling every cent you earn like a pro.
According to consumer-action.org, here are some of the most efficient ways to manage your money wisely this year.
1. Buy clearance items
When shopping online or in the store, take a moment to check out the clearance areas. These are often stocked with discontinued products, out of season items and even returns. If you don’t see anything you need, that’s okay. However, the times when you find a fantastic deal are totally worth it!
2. Get common items in larger quantities
This is tricky because having too much on the shelves at home is like having money in a jar. It doesn’t do much and it’s not safe. For example, don’t buy food in bulk which may expire before you use it. Go ahead and buy the big pack of toilet paper if the price per roll is significantly lower.
3. Turn the lights off when you leave the room
This also applies to heating and air conditioning, televisions and other electronics, and appliances. While these items are more efficient than they used to be, they still drain power and it can add up.
4. Check for drafty windows and doors
Use foam weather-stripping and plastic to create fill gaps and improve barriers. A poorly sealed window or door is like having a hole in your home. Replacing a bad window will pay for itself very quickly, especially if you learn how to do it yourself.
5. Clip coupons
We get these in the mail constantly. Look for coupons and promo codes before buying online as well.
6. Turn the water off when shaving or brushing your teeth
The cost of water in some communities is quite high and will continue to increase. Pay attention to the water you’re running unnecessarily. You can also apply this rule when washing the car. If you must water your lawn, be conservative and use a timer.
7. Eat at home instead of dining out
This is a problem area for many because we love the taste and convenience of prepared food. A $25 fast food outing four times per month is $100. Some families can eat for a week when shopping wisely and cooking their own food for that amount. Eating out is another expense which adds up.
8. Fix leaky faucets
You’d be surprised how fast a drip in your sink or tub can fill a one gallon jug.
9. Take a list when grocery shopping
The list should include the raw ingredients for most meals, along with breakfast and lunch items. Avoid buying prepared foods and learn how to make your own delicious food. Look for sale items and find alternatives to items which are too expensive. And don’t go hungry.
10. Don’t shop when you are in a rush
Looking for good prices takes a little effort and planning. Those who buy spontaneously often pay more. Of course, if you come across a good deal for something you were going to purchase anyway, do it!
Bonus:
Create a budget of income and expenses and stick to it. Treat your personal finances like a business. Running out of cash each month? You have two simple options: Make more money or cut expenses. A combination of both is a solid way to improve the bottom line at home.
As you grow more comfortable with implementing strategies like these, you’ll discover that your respect and responsibility for the management of your money will change for the better.
This is how you can create wealth starting today. When you take control of your money, it can’t control you.
