2967: Money Saving Hacks for Non Cheapskates by Renee of The Fun Sized Life on Practical Money-Saving Strategies

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[00:01:00] Good tomorrow starts with a good night's sleep. Just search for good sleep in your podcast app, and be sure to pick the one from Optimal Living Daily. This is Optimal Finance Daily, money-saving hacks for non-cheapskates, by Renee of thefunsizedlife.com.

[00:01:19] I was recently viciously attacked for my post, 87 extreme cheapskate money-saving hacks. Not really, but a little dramatics are always fun. Someone left a comment stating that in all of these 87 money-saving ideas, none were original.

[00:01:38] While I could argue the fact that if this person had heard all of these tips before, why were they still broke? But that's besides the point. Maybe.

[00:01:47] Nonetheless, I kind of get it, which is why I've tried to steer clear of cheapskate talk.

[00:01:54] So what about us non-cheapskates of the world? How can you see results in your money-saving capabilities without dumpster diving?

[00:02:03] Let me break it down. Make a list of three things you want in life.

[00:02:07] In my opinion, the best way to make every life decision, including with your money, is by starting with the end result and working your way backward.

[00:02:16] When it comes to money, first ask yourself what you actually want to accomplish from your life.

[00:02:21] Like, really accomplish.

[00:02:23] What is it you want your life to look like once you've reached the end of it?

[00:02:28] Find your spending gaps.

[00:02:30] After you've decided on what you want the most in life, take the time to go through your last one to three months of spending and find the major gaps.

[00:02:39] What are spending gaps?

[00:02:41] I'm referring to any spending habits you have that are super far away from the long-term goals that you set for your life.

[00:02:48] For example, if you have a goal to run a marathon and every month you're paying $150 for cable, which causes you to sit on your butt for hours on end, that's a spending gap.

[00:02:59] If you have a goal to travel to Paris but you spent $50 on gas station snacks last month, that's a spending gap.

[00:03:07] Less gappy.

[00:03:09] Other areas might feel a little less gappy.

[00:03:13] For example, maybe you spend $300 going out to eat, but you love trying new local restaurants with your friends and good relationships are a part of your life goals.

[00:03:23] The truth is then that you're not spending money on food, you're investing in relationships and time together.

[00:03:30] Be sure you take the time to make these distinctions.

[00:03:35] Reduce the gaps.

[00:03:37] Once you've decided what is a gap and what isn't, find ways to make your gaps a little smaller.

[00:03:43] If you're in the habit of getting gas station snacks every time you go to the gas station, chances are you're not going to kick that habit overnight.

[00:03:51] Instead, look into ways to reduce the gap instead of completely eliminating it.

[00:03:56] Maybe aim for one less snack than normal.

[00:03:59] Just get a drink and not a donut, then next time switch it up.

[00:04:03] Buy yourself a $20 gift card to that gas station and use this to help you stick to a budget for next month.

[00:04:09] Of course, this isn't all about gas station snacks.

[00:04:13] This same type of mentality can be applied to any spending gaps that you have.

[00:04:18] Set automatic goals for your wants.

[00:04:22] Once you have decreased the gaps in your spending, start planning other automatic goals for the additional money you have freed up in your budget.

[00:04:30] You can do this by setting up an automatic savings plan through a savings account that pays you to save.

[00:04:36] My personal favorite savings account gives you high paying interest rates when you set up automatic savings of only $100 per month.

[00:04:44] This is a great account for people who are just getting started on saving and would love additional incentive, also known as money, to help them do it.

[00:04:53] Choose cash or card for your problem areas.

[00:04:56] Here's my favorite money saving tip of all when it comes to your biggest problem area in your spending.

[00:05:02] Maybe you get too carried away on drinks when you go out or you can't pass up new outfits every week.

[00:05:08] There are a few steps you can take.

[00:05:10] Look at your biggest struggle area, calculate how much you spend, set a new reasonable goal, and put that money on a cash up card or take it out in cash.

[00:05:23] Designating a spending amount and then separating it from your other spending helps you hone in and be more aware of when and how much you spend without totally taking it away from yourself.

[00:05:34] Focus on big wins over small ones.

[00:05:37] The biggest mistake people often make, especially at cheapskates, is focusing on small wins and living with a lack mindset.

[00:05:46] Small wins are things like reducing your electricity, clipping coupons, or going to the gas station with 3 cents cheaper prices.

[00:05:53] Yes, you will save money, but I want you to focus on bigger wins instead.

[00:05:58] If you can reduce your monthly spending, make reasonable spending limits for yourself, and open a savings account and make it a priority,

[00:06:07] you will be steps ahead of people with 800 coupons and thrift store clothing.

[00:06:11] I promise.

[00:06:12] If you're sick of messing around with the small wins that aren't getting you anywhere, I encourage you to commit to change.

[00:06:20] Have fun making money.

[00:06:22] So many of us end up getting stuck at jobs we tolerate for a paycheck.

[00:06:27] The truth is, you can have a lot of fun making money if you look at the right places.

[00:06:32] I personally love earning an income online, and while running this blog, I have learned about so many great ways to bring in an extra income.

[00:06:40] Like Uber or Lyft, flipping items online, selling your own stuff, and bartending.

[00:06:46] I would go back to my beer cart girl job at the golf course any day.

[00:06:50] The truth is, if you're looking to beef up your bank account, a side hustle can be the best way to do it.

[00:07:00] You just listened to the post titled, Money Saving Hacks for Non-Cheapskates, by Renee of thefunsizedlife.com.

[00:07:09] And I'll be right back with my commentary.

[00:07:12] I believe that where we spend our money is a reflection of what we value.

[00:07:15] So if there's a discrepancy between what we value deep down and how we're spending the extremely important resource of money, that's going to feel uncomfortable.

[00:07:25] It's the same thing with our other important resources, namely our time and energy.

[00:07:30] If we're spending too much time or energy on things that aren't high value to us, over the long run, our life starts to feel less thrilling than we'd like.

[00:07:41] So I think getting really clear on what we value most and making sure that we're spending our money, time, and energy on those things is very important.

[00:07:50] I love this Ramit Sethi quote, spend extravagantly on the things you love and cut costs mercilessly on the things you don't, end quote.

[00:08:02] If you struggle with ideas around frugality and reducing expenses, I think this could be a very helpful way to look at it.

[00:08:09] But I'd also take it a bit further and think about ways that you can be even more resourceful regarding the things you love.

[00:08:17] So for example, in this article, it was mentioned that trying new restaurants may not be so much about the food.

[00:08:23] It could be more about spending valuable time with people you love and investing in relationships.

[00:08:29] I'd argue that there could be more resourceful ways to do this.

[00:08:33] You can host a potluck at home and everyone can contribute to the meal.

[00:08:37] You could also plan a hike or an afternoon at the park.

[00:08:41] You're still getting that valuable time with your friends and also saving money.

[00:08:46] But that should do it for another edition of Optimal Finance Daily.

[00:08:50] I'll be back tomorrow as usual.

[00:08:51] So I'll see you there on the Friday show where your optimal life awaits.