More than 1000 non-profit, government and corporate groups are encouraging individuals and families to save money and build personal wealth during America Saves Week (February 27th—March 4th). Your BBB® is among these organizations.
If you are thinking about saving money, but have no idea where to start, BBB recently spoke with Steve and Annette Economides, NY Times bestselling authors, TV personalities and bloggers who provided the following tips:
What is the biggest mistake one can make when trying to save money?
I would say that going crazy with your numbers, your research and the time you spend trying to save money is a mistake. If you are new to the frugal world, start small: take into consideration the amount of time you have when you do a research, think about the type of job that you have (the research you do for a full-time job will be different than the one you do for a part-time position). Also, figure out where to start saving money first. Some people realize immediately that the car they’re driving is not fuel-efficient or that they should cut back on entertainment. Also, you may want to consider planning your meals in advance: start small, with 3 nights of meal prep at a time.
What is the easiest way to save money?
The easiest way to save money is to use cash. If you can’t control your spending impulse, use cash and envelopes. This way, you will always know how much you spent and how much you have left. At the same time, you won’t be tempted to overspend.
What do you buy during the discount season?
We are not big fans of the discount season. If a store is going out of business and has very low prices, we don’t miss out on it! We take our time to look through their entire selection and stock up on non-perishable items. This is our favorite type of discount.
Do you use binders and folders and have everything planned like we see on TV?
No, you don’t need to complicate things that much. All you have to do is decide how much you are willing to spend on your items and then look for a store that matches your purchase price.
Do you ever feel like you’re missing out on things?
Never! The general misconception is that frugal people eat leftovers and wear rags when the truth is: frugal people have really nice things that they got really cheap! When our kids were little, we used to give them haircuts, but now they are all grown up and free to do whatever they want. Being frugal doesn’t mean obsessed, crazy about numbers or losing sleep over a certain deal. Being frugal means knowing exactly where your money goes.
For more tips, you can visit Steve and Annette’s blog, moneysmartfamily.com.
“The opinions expressed here are those of the individuals, and do not necessarily represent the views of the Tri-State Better Business bureau, its staff, management or board of directors.”
And for more information you can trust, go to bbb.org/Evansville!