Live Well And Save Thousands
Join 1000's of Authors at StreetArticles Today!

Live Well And Save Thousands

First, know the enemy. Marketing, the herd mentality and credit buying are among the principal causes of money management problems. Advertisers spend millions of dollars creating a herd mentally that promotes the artificial need to purchase unnecessary goods and services. The fact is that there is a significant difference between your mandatory fixed expenses and the goods and services you desire.

Fixed Expenses:

  • Shelter
  • Utilities
  • Food
  • Clothing
  • Transportation
  • Child Care
  • Health Care
  • Taxes
  • Saving

Within each of these categories there are many money conserving choices such as low cost, subsidized, or shared living arrangements, buying bulk foods for home preparation, buying clothing, toys, and electronics from garage sales and second hand shops, taking advantage of annual low cost auto lease plans, using public transportation and car pooling, co-op child care and utilizing subsidized or public health care.

Non- fixed expenses:

  • House mortgage
  • Car lease
  • Cable or satellite TV
  • Commercial entertainment
  • Luxury items and services
  • Credit Cards

It should be clear by these examples that you do not need a costly house mortgage, car lease, cable/satellite, TV, high-end phone plan, or commercial entertainment. Furthermore there are many creative cost saving alternatives to achieve your goals and manage your money effectively.

Your best defense against living beyond your means is to start from zero and assume nothing. Now build your budget by identifying your income and your fixed expenses. Next identify creative money conserving methods to save on both your fixed expenses and the goods and services you desire. Here is an example of saving that is guaranteed to save you thousands of dollars each year.

Best Ways to Save Money and Live Well On Less

• Do not use credit cards, instead use cash or debit cards.

• Reduce commercial entertainment instead utilize free entertainment: parks system, library books and movie rentals, school playgrounds, public pools, free community events.

• Discontinue cable, satellite, and wi-fi and use public wi-fi and regular TV.

• Shop at garage sales and second hand stores for clothing, toys, electronics, etc.

• Utilize discount beauty treatments and DIY alternatives.

• Ditch the expensive phone and get an unlimited, no contract, phone plan from a discount outlet for $35-45 per month.

• Apply for federal insurance subsidy based on income.

• Rent only the living space you need.

• Utilize public transportation or opt for a small/older model car you can afford.

Summary

Marketing, the herd mentality and credit buying are among the principal causes of money management problems. You can save thousands of dollars per year by using zero based budgeting and being creative with money saving strategies.

Saving money is a challenge that is both fun and rewarding. Budgetary guidelines help to keep expenses in appropriate balance. For example the usual recommendations call for no more than 20-30% on housing, 12-15% on food, 10-15% on transportation, and 4-7% on entertainment. In my experience, two more lessons are also important: the more material items you own, the more they own you and the more you spend for commercial entertainment, the less you enjoy it. Once you have mastered basic money management, investing in yourself by studying for a career is the ultimate way to improve your standard of living and achieve your financial goals.

Read more informative articles at James W. Siddall on Facebook.


Street Talk

You are a Master. Cheers!

Reply
  about 3 years ago

Thank you Andrew, I hope you picked up some good ideas to make life easier on your budget!

Reply
  about 3 years ago
Yasir  

Wao really informative article nice

Reply
  about 3 years ago

Thanks Yasir, I hope you can make good use of some of these money saving tips.

Reply
  about 3 years ago
Yasir  

Yes James i will and thanks to you too

  
  about 3 years ago

Juan, I am glad you enjoyed the article.Thanks for your feedback.

Reply
  about 3 years ago

Great article James! I believe just about everyone can benefit from the guidelines you present. It's not easy to control expenses, especially when you have special needs such as unusual healthcare. But this makes it all the more important to learn how to keep tight control over your expenses.

Reply
  about 3 years ago
You May Also Like
Auto Insurance Frisco Tx: Three Ways to Save Money
The simple fact of life is that you will need auto insurance Frisco TX if you drive a car. Auto insurance will save you any out-of-pocket expenses if you are involved in an accident. Additionally, most states require the driver to have insurance in place to legally operate a vehicle.…
By: Ellen M. Hahn in  Finance  >  Budgeting   Mar 17, 2016  
0
  Likes: 0

Avoid Temptations While Learning How to Budget and Save Money
Learning how to budget and save money is critical to the success of your financial future. You need money to survive in this world. Not only do you need money for everyday living expenses, but you should also put aside some for retirement or for backup in case of job…
By: Rod Sanders in  Finance  >  Budgeting   Mar 07, 2011  
0
  Likes: 0

Money And Family Values
Money is essential. I grew up in a traditional middle-class home; my father had a job and my mother stayed at home. Over the years, I have spent a great deal of time and money trying to figure out why I was not making more money. I believe that I…
By: Adrienne Scott  in  Finance  >  Budgeting   Jan 04, 2012  
0
  Likes: 0

Dressing Your Teenager On A Budget
Back to school shopping is coming soon. As a parent of teenagers, I used to dread this time of year. We would spend so much on clothes that are just going to go out of fashion in a few months. After years of this, I started to develop a method…
By: Mila Reeter in  Finance  >  Budgeting   Aug 22, 2011  
0
  Likes: 0

Budgeting That Makes Sense
Budgeting does not have to drive you crazy or cause you to feel like you're in a vortex. Sometimes it is the small steps we take that create a big effect, so here are some tips to help you trim your budget without making you feel like you’re in chains.…
By: Jean Dewitt in  Finance  >  Budgeting   Jun 01, 2011  
0
  Likes: 0

Budgeting for the Future
In life the people that run into the most trouble are the people who have no real plan. The other day I asked my friend if he was making $5,000 / month what would do with it or how would his life change. He reported he’d get a new bedroom…
By: Koko Ishe in  Finance  >  Budgeting   Jun 08, 2011  
0
  Likes: 0

Taking Care Of Your Finances
You do not want to be one of those guys who does not take care of your finances because the world is one big vacuum waiting to suck up the careless, the person void of wisdom, and the person who does not plan well. In Proverbs chapter 27 verses 23,…
By: Koko Ishe in  Finance  >  Budgeting   Jun 02, 2011  
0
  Likes: 0

How to Budget And Keep Your Sanity
Is budget a dirty word to you? Do you think of it as too restraining and a bit of a fun-killer? If so, you may want to rethink that, because making a budget and living within its boundaries can give you a whole new lease on life, and more than…
By: Jean Dewitt in  Finance  >  Budgeting   May 31, 2011  
0
  Likes: 0

Buy Homes In Chennai After Reading Through the Tips
The process of buying a house is a thrilling experience for every buyer. In fact, for many people home buying is the most significant decision and the greatest financial investment of their lifetime. In countries like India, buying a house is a major investment for those living in major cities…
By: Martin Raj in  Finance  >  Budgeting   Nov 13, 2013  
0
  Likes: 0

Save Money And Live Healthier By Fixing Your Own Food
Tomorrow is going to be a very long day. You will have four classes, the first of which begins at 8 a.m. Your next class, Psychology 1010, is at 9:00. There, you will be taking a test. It will be multiple-choice on a scantron, but still, it is a test.…
By: Hollie E. Townsend in  Finance  >  Budgeting   Jan 30, 2012  
0
  Likes: 0

Dare To Be Frugal
Living frugally and being thrifty are my new obsessions. There are a few reasons why an individual would embark on the frugal life. Some individuals choose to renounce their attachment to material goods in order to lead a more spiritual life. At this time, that is not my goal. There…
By: Adrienne Scott  in  Finance  >  Budgeting   Dec 31, 2011  
0
  Likes: 0

Organising A Budget
Creating a budget is the first important step in organizing in your financial life. We cannot overemphasize the importance of a budget for successful financial planning. To start with you have to provide as much financial information as possible. The purpose is to know where your money comes from and…
By: julius ngunjiri in  Finance  >  Budgeting   Nov 24, 2011  
0
  Likes: 0

Top 5 List Of Easy Ways to Save Money on Every Day Things
There are several easy ways to save money and the benefits are many. It goes without saying that the more you save by reducing your spending, the more money you can apply toward paying off debt. Contrary to what we are told about the importance of saving money for retirement…
By: Rod Sanders in  Finance  >  Budgeting   Apr 03, 2011  
0
  Likes: 0

How To Afford A Vacation
She let her tired fingers fall on her keyboard as the word came to her mind , “Vacation,…” For a long minute she let her mind wander to sandy beaches. She could almost feel the warm sunshine on her body and feel the cool breeze of the ocean blowing on…
By: Candy Statts in  Finance  >  Budgeting   Jul 07, 2013  
0
  Likes: 0

How To Coupon-tips for Beginners
Over the last few years, the economy and job market have made it difficult for most of us to get by. Because of this, many of us had to get creative with our budget. Personally, my family’s budget is so tight, I feel guilty when I have to spend $20…
By: FertieStaff in  Finance  >  Budgeting   Oct 06, 2011  
2
  Likes: 1

Article Views: 881    Report this Article