Living the Frugal Life: Tips on Saving Money

You have probably been living under a rock somewhere if you still think that in this day and age, money is easy to come by. It doesn’t take a rocket scientist to know that money doesn’t grow on trees, and that the words “inflation” and “economic crisis” define the state of the world today.

Man’s financial struggles have dictated that living a frugal life is the wave of the future- and the trend of today. Although the idea of living frugally may seem daunting to some of us, it is actually something doable. Here are some tips on how to save money:

Spend within your means. This is a no-brainer. How can you possibly splurge on a red hot Ferrari, when all you can afford is a second-hand sedan? For some people though, their emotions get the better of them, and do all they can just so they can keep up with the Joneses. They bury themselves in debt just so they can make those exorbitant purchases and put on a wealthy front for other people to see.

Use online vouchers wisely. Because you can now get almost anything online, people have turned to online shopping for their needs. Online net voucher codes have sprouted like mushrooms, giving us unprecedented discounts on everything from toilet paper to a new fridge. Tempting as it is, we should resist the urge to abuse these vouchers. Remember to buy only the things you really need, and don’t easily fall prey to discounts. Always compare prices from various online shops.

Bring a list when grocery shopping. Never underestimate the power of lists. Jot down only the things you need to buy, and make a firm resolve to stick to that list. If the kids come with you and can’t help but pull things off the grocery shelves, make it a game. Tell them that whoever picks anything which isn’t on the list loses.

Save power at home. Saving money around the house is something we can do as a daily habit. One way to do this is by cutting down on your monthly electricity consumption. Turn off lights when not in use, use energy efficient appliances, don’t use the water heater when not needed, etc. The list can go on for miles…

Penny pinching is something we can all do. A little discipline definitely goes a long way. Who knows, maybe someday, you’ll be driving that red hot Ferrari?

How to Encourage Your Children to Save

Pink Piggy Bank

I want to thank Insular Life and sis Ellen Cayaba for this cute pink piggy bank. As soon as I laid my eyes on it, I know that it’s for RJ. Our daughter loves saving money for the things she wants to have. My Mom said may be it is because of her Ilocano blood (Ilocanos are known for being thrifty and frugal), but I know it is because of the values she learned from us. Hubby and I taught RJ to save at an early age because we believe that the earlier we educate our children about saving and spending, the earlier they will learn the value of money and the better prepared they will be to handle their very own money in the future.

So, how can you encourage your children to save?

Save Money in Front of Your Children  Keep your own piggy bank to show them the way you value money. Learing about the value of money, the way to budget, spend and save wisely, are the most important abilities that your kids will learn from you.

Encourage Them to Set Goals  If there’s something your children really want, take a seat with them to work out exactly how much it will cost, what they need to do to achieve it and how long it will take them to buy it. Let them know that if they’ll save everyday, the sooner they will get what they want.

Give Monetary Rewards (need not be a big amount) It’s a way of saying well done for every good deeds your children do. Giving your children monetary rewards after they helped you with the household chores will not just encourage them to save but to help you again the next day.

Hang Picture Cut a picture of what your children are aiming for then hang it on the refrigerator door or on their bedroom wall or anywhere they can see it often. This is to remind them of what they are saving for.

Praise your child for any amount of savings Telling your children that they are doing well in saving money will help them know that they are doing the right thing thus, they will feel good about themselves. This will encourage them to safe more.

If you think that it’s too early for your children to have money talks, think again. You don’t want to talk to them when they are older and the habit of wasteful spending is already formed. Why wait when it could be too late?