Simple Tips for Saving Money

If Jan. 1 is the day for resolutions — weight loss, reconnecting with friends, etc. — then April 15 could be the day to aim for financial improvement. Nothing brings your financial situation into focus like doing your taxes. For many people, saving money may come to mind. Whether you made a comfortable living in 2020 or you barely squeaked by, there is room to make 2021 better.

Saving money doesn’t need to be hard. It just takes some discipline. Simple changes can create little victories that will make noticeable differences.

First and foremost, you need to stick to a budget, which can be one of the hardest parts of being an adult. Yet, without a way to keep track of your spending, you may put yourself at financial risk.

Tips to Get Started Saving Money

After you estimate your income, it could be helpful to:

• Review your outgoing expenses
• Determine your living expenses
• Decide what to do with any extra income
• Never buy on impulse
• Decide what to do if there isn’t any money left over

This plan works for many people, but what if you find yourself staring face-to-face with the last bullet point? What if there isn’t any money left over?

This likely calls for a change in your lifestyle.

You can look to multi-billionaire Warren Buffet for inspiration. He still lives in the house he bought for $31,500 in 1958. He rarely buys new cars and drives the ones he does buy for a long time.

“I buy everything I want in life,” he was quoted in People Magazine in 2017¹. “Would 10 homes make me more happy? Possessions possess you at a point. I don’t like a $100 meal as well as a hamburger from McDonald’s.”

With that wisdom in mind, don’t overlook simple ways to save money. Get thrifty — buy a used car rather than new (like Warren), take advantage of free city entertainment and maybe even cut the cable cord.

Things You Can Do Right Away

Quick successful tips for saving money involve food, which makes sense because you need it, like, every day.

• Fight the urge to dine out often
• Grow your food
• Preserve any extra harvest

Grocery Shopping Tips

• Plan meals beforehand
• Use coupons
• Join a rewards program
• Try generic or store brands
• Choose less expensive cuts of meat

Other DIY Tips for Saving Money

DIYs are another way to stretch your dollar. An easy way to start is repairing broken items, rather than replacing them. Check out websites like YouTube for handyman knowledge. You could also:

• Make your own beauty products
• Make your own cleaning products, including laundry detergent
• Tailor/fix your own clothes

Other tips for saving money include collecting loose change and taking full advantage of your employer’s 401(k) match. You just need to make your plan, and work your plan.

How WoodmenLife Can Help

WoodmenLife offers affordable life insurance options for cost-conscious families. In addition to life insurance coverage, you would also get access to extras² your family can use now, such as scholarships, student loan relief awards, help after a natural disaster, and discounts on brands most people use every day, plus discounts³ at local businesses.

Contact a WoodmenLife Representative today to learn what it means to be a part of the WoodmenLife family^4.

1. Living Like Warren Buffett is More Affordable Than You Think, by Jodi Thornton-O’Connell, https://www.gobankingrates.com/money/wealth/living-like-warren-buffett-affordable-think

2. WoodmenLife Extras are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These extras are not contractual, are subject to change and have specific eligibility requirements.

3. WoodmenLife has entered into sponsored marketing relationships with companies that agree to offer discounts to WoodmenLife members. WoodmenLife is not affiliated with these companies and does not administer these discounts for products or services.

4. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.

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