What saves one person money may not save another person money. This is something that a lot of people don’t realize when they approach their savings in a cookie cutter fashion. Not everyone’s financial concerns are the same and saving goals are never alike. One of the many things about saving money that people should remember is that they should do things that make sense for them.
When people take the time to examine their life, they see things that they can do to save money. When these things are done consistently, their savings build and a fortune can quickly accumulate. There are savings in taking a less than popular approach to saving money.
The Off Beaten Track
When people look at their habits and their life, they can see where they can stand to tighten their belts. There are things that will work well for a family of 5 but it can spell disaster for a single person with no children. Saving can be done in different ways and should be done in different ways.
Thrift Store Shopping: Not everyone can afford to have the hottest brands and shop at a department store. Not being able to afford something doesn’t stop the need for new clothing and assorted items. Rather than going shopping at a department store first, many people save thousands of dollars a year by going to a thrift store first.
While shopping at a thrift store isn’t anyone’s first thought, amazing thing can be found there. Every year, millions of dollars in clothing is donated to different thrift stores around the country. Those that can afford to donate it feel good because they are helping those that can’t afford the things they can and it’s possible they are getting a tax deduction. Those that need the clothing can purchase trendy clothing and stay within their budget.
The Savings: Thousands of dollars each year. Clothing is expensive and the expense of the item doesn’t stop it from being necessary. Those that shop at thrift stores first often find they can find everything on their list, gently used and save more than they knew they could.
Eliminate the Hobbies: Everyone needs something to relax them. Most people have a hobby that they enjoy. There is nothing wrong with that until it becomes an expensive hobby one can’t afford. There is no written law that says a hobby should send anyone into bankruptcy or that it’s only enjoyable if it’s expensive. Those that have hobbies that cost money should evaluate those costs by eliminating the hobby and finding a cheaper alternative.
The Savings: The savings can be impressive. There are some people that love to build model cars and doing that can become expensive. If buying $50 worth of materials every 2 months is straining the budget, it should be put away until the financial investment can be afforded. When a person normally spends $25 weekly on a hobby, eliminating that hobby can save roughly $1,300 each year.
Is It an Emergency: If it is not an emergency, stay out of the emergency room. There are millions of people that go into the emergency room for things that can be attended to by a regular physician. Emergency room visits are expensive, especially if brought to the hospital by an ambulance. Rather than go to the emergency room for a minor ache, pain or accident, it’s best to make other arrangements.
The Savings: Thousands in insurance costs and out of pocket costs. Those that go to the emergency room without insurance are responsible for paying that bill entirely. Depending on the treatment and things that happen while receiving treatment, one emergency room visit can bankrupt a financially strapped person. Those that have insurance can still be asked to pay a co-payment or meet a deductible. Rather than go to the emergency room, try to locate an urgent care clinic or acute care clinic. If it is an emergency, please go to the emergency room. If not, call the doctor or find an acute care clinic.
There are millions of ways that people can save a significant amount of money. There is no set way to do it and amass a small fortune in a short amount of time. The key to saving a significant amount of money is to save consistently and save in a way that makes sense for that particular person.