It’s been almost ten years since I was nicknamed the “Saving Freak”.
My knack for finding a deal and being able to remember techniques for saving money have helped us to adjust to fluctuations in income that most people would not be able to because their monthly finances cannot take the abuse that we can in my family.
Spend Less on The Things You Need
There are things we have to spend money on that are not necessarily a lot of fun. This includes, every day expenses like groceries, gasoline, and family bills. It also includes less frequent expenses like life insurance and buying a car.
If you are dedicated to spending less on these types of expenses so you have more to spend on more fun stuff then you are well on your way to being a Saving Freak!
Head over to my How to Save Money Page to get all my best tips for minimizing your spending on necessities.
Manage Your Finances Better
My wife and I have a budget meeting at the end of every month. We implemented this meeting the first month of our marriage as a result of going through the Dave Ramsey FPU course.
By having a written monthly plan for how you are going to manage your finances you can maximize your spending and saving. By getting a written plan, you can clean up your credit.
See all my advice on managing your money and find the best resources on my Manage Your Finances page.
Save More Money for Emergencies and the Future
Once you have your spending under control by having a budget and cutting your cost with money saving strategies, the next step is to start saving. Depending on you personal situation there are a bunch of things you should be saving for.
Right now I am saving for retirement, college for my kids, upping our emergency fund, and for future fun adventures. Saving is a major part of being a Saving Freak.
Get more information on where and how to maximize your savings on my How to save money page.
Make a Little Extra
Once you have your spending under control and your finances in order you can supercharge your efforts by making a little extra money.
When you are using a budget to manage your finances, infusing a little extra cash each month can really go a long way toward helping you achieve your financial goals.
I keep a running list of ways to make money and any inventive or simple ways to get an extra cash into your budget are listed there.
Whether you have some extra time or are a stay at home Mom looking for ways to add some cash to the family budget, there are easy things you can do to make more money.
Take Care of Your Future
Getting your finances in order means preparing for upcoming events. There are two things we can be sure are coming.
The first is emergencies. Simple emergencies can be taken care of with a properly funded emergency fund. This means when you have an emergency the money is waiting there.
For larger emergencies that are not financially feasible to save for, it is important to purchase insurance. Insurance moves the risk of a catastrophic financial loss away from you and to the insurance company.
This could be as simple as an auto insurance policy, or purchasing ID Theft protection to keep identity thieves away.
Finally, we can be sure that one day we want to retire. This means we need to start investing as soon as possible. This can be through employer plans or personal accounts, but it is imperative that we learn how to invest well for our future.
Spend More on What You Want
Budgeting, spending less, saving more, it all sounds like not that much fun for those who are of the free spirit bent, but all this self control leads to a big payoff. That payoff is spending more on what you want and not feeling guilty about it later.
The spending freak life is full of debt and regret. The Saving Freak life is full of fun and fond memories. Yes it is harder to choose to be a Saving Freak.
You have to want to maximize your finances and stick to a plan. What makes it fun is that you get to be in charge instead of always wandering where your money went and why you always feel like you have so little.
So take the leap! We’ll have a lot of fun and I am sure I can learn just as much from you and your experiences as you will from me. I look forward to it!