5 Ways To Save Money Fast
This is Robyn and I just wanted to give you the ‘5 ways to save money fast.’ Maybe you spent a lot during the holidays or you’re feeling a little broke right now. Or maybe you just wanna get ahead this year and put more money away toward your goals, which would be awesome. So here are the 5 ways to save money fast.
#1 WATCH OUT FOR THE “LATTE FACTOR”
I’m not sure if you’ve heard this before, but the “Latte Factor” is a concept that you spend little bits of money on little things, like coffee like lattes, maybe chips, maybe drinks, whatever. And all those little things add up. If you were instead to save that money you could build your wealth. So stop spending money on the little things and be very conscious of those little things and then you can save a bit of money and put that away toward your goals.
#2 GET CREATIVE AND RESOURCEFUL
My friend was just telling me that she usually goes to get a mani pedi a couple times a month and she she likes to do that, it feels to do that. Well, how can you get that same result, the same feeling without maybe going there? She said she started to paint her ownnails and she actually thinks she’s much better at it anyway, so she thought that it was a waste. But maybe she wants some girl time too, so I said ‘why don’t you invite your friends over and you can have a little mani-pedi party, that would be super fun.
So get creative. Instead of just going out for drinks all the time, have people over and have a “bring a bottle of wine” party, even just with a few friends, do your own happy hour. Even if you go to happy hour, that’s better than going out later when it’s more expensive, but happy hour adds up too. So get creative and resourceful. Figure out ways to still connection with your friends, doing what you want to do but in a creative and resourceful way so you don’t spend as much money.
# 3 DON’T JUST RECYCLE – FREECYCLE
So there is a website (it’s freecycle.org) – where you can get free stuff. So, instead of just throwing things away, people want someone else to enjoy it – because maybe you don’t want this treadmill anymore or you don’t use this futon anymore or something like that. You can put it on Freecycle. Someone can go on there, like you. You can go on there. Say, ‘Hey, I’d like that and go pick it up for free.’ It’s pretty awesome.
I got to tell you, our Jacuzzi was from Freecyle. Our pool table/ping pong table, Freecycle. That’s right, and there’s more. There’s probably a ton of things in our house that are from Freecyle because I say, if you can get it for free, get it for free. Saves money. Pretty awesome. Try it, okay?
# 4 DON’T JUST SET IT & FORGET IT
What do I mean by this? Maybe you had an iPhone or cellphone for years and you’ve been on the same plan and you’re paying automatically. So you maybe don’t notice that there are other options out there and that you can save. So take a look at, especially at the automatic payments, to see what other deals are out there and to see if you’re even using the service.
I’ve had so many people say, ‘Oh, I’ve been subscribing to this magazine and I never read it.’ Maybe it’s only gonna save you 20 bucks a month, but all those little things add up. Maybe you can find a better plan for your phone. This happens all the time, there are promotions all the time. Maybe it’ll cost you less for data. Maybe you’re not even using all the data. So you’re like, ‘Oh, I’m paying for 10 gigabytes a month but I’m using 5.’ So, get clear about that.
So don’t just set it and forget it but look at what you’re spending your money on, especially on those automatic payments.
# 5 CATEGORIZE & REALIZE
This is really, really huge. My clients do this all the time. Maybe you’re not tracking your money and then all of a sudden you start tracking it. And what I mean is, you put it into categories. i.e. You’re spending money on ‘going out’ – you add all those up… On clothing, on your groceries… all those little things, you put into categories.
By the way, you don’t have to do it yourself. There are services out there online like Mint.com or FinanceWorks or you can get QuickBooks. There’s a ton of things you can use that will categorize it for you, automatically, so all you got to do is go in there and check.
But it’s so valuable to realize where, what categories and how much you’re spending in each category, so that you can make a conscious choice to actually spend less (if you don’t value it that much) or change it up.
Maybe you’ll realize that you’re spending a lot of money on going out to eat for lunch, let’s say, and you don’t care that much about it. Or maybe you’re realizing you’re a little “quick with your click” and buying a ton of stuff on Amazon or eBay and you may be like, ‘Wow, that adds up to 500 bucks a month. I can stop being click-happy and be a lot happier in my life.’ So categorize and realize. All right?
Let me break it down one more time –
The 5 Ways:
- Watch Out For The “Latte Factor”
- Get Creative & Resourceful
- Don’t Just Recycle, Freecycle
- Don’t Just Set It & Forget it.
- Categorize & Realize
And yes, some of those rhyme to make it more fun. But seriously, you can have what you want. Get into this now. Start saving and you’re gonna have a much better life.