Smart Money: How to save in ways you never thought possible

Some will argue that saving money isn’t about spending less or even having a budget that works. Instead, they like to think that they’ll always have a leg up on the saving money mentality simply because they never stop looking for ways to make money.

Of course, you have to have a budget that takes into consideration how much you make and quite simply what you spend as far as expenses. If you’re obviously well over your expense amount versus what you’re taking home, then revenue streams are a moot point.

But if you’re someone who has budget carefully but wants to save more than the amount that is showing in the black, you’re always going to be on the prowl for paying a little more on those credit cards, putting a little more into your savings account and just having that peace of mind that a few hundred dollars can go longer than not having anything at all.

Most assume that making extra money simply means getting a second or even third job, but that isn’t always the case. You might have extra money just lying around and if you’re not adept at seeing it, you might miss cash on hand.

Think about your at home electronics (or even the on the go ones) and you’ll see a boat load of money that can be used to pay bills or put in your savings account. Your old cell phone is just asking to be traded in for cash, and the same goes for old PC’s, tablets and anything else gadget wise that might be considered outdated by those who have to have the latest and greatest but could be seen as valuable by others, yourself included.

When you talk about extra money and the idea of getting another job comes into play, you want to work smarter not harder. All the rage these days is becoming a driver part time and making your own schedule (Uber comes to mind immediately). That, coupled with other making money ideas, should adhere to your schedule, such as being a freelance writer or babysitting a neighboring child so you can walk to work. Furthermore, making money can be just about not spending double, and the easiest and most obvious example are those individuals and families that spend money on groceries and yet eat out at restaurants as well. Why not take the time to meal plan, rather than have that food sit, while you spend $20 on a dinner for one and up to $50 for a family of four.

No one can argue that saving money can be difficult but that doesn’t mean you can’t keep you eyes wide open for even the smallest way to earn just a little more

Retirement Fun: How to save when you’re behind

Preparing for retirement is something we all think about, no matter if you’re 30 something or in your 50s, but the latter demographic tends to think a little longer and harder since calling it quits at work is much closer and at the forefront of their mind.

That said, being a 30 something should signal that retirement comes sooner than you think, and that saving starts from the moment you take that job and you’re asked if you want to pay into some sort of retirement fund, and you decide to jump on it, versus the alternative of letting free money (company match) fall by the wayside.

But those who are in their 50s tend to fret a little more than the 30 something crowd, particularly if you’ve been saving (or not) and are close to retiring but need one last gasp to get to the dollar amount you want and need in order to feel comfortable leaving work once and for all.

Those who want those extra dollars for retirement start by focusing on one huge elephant in the room, and that is paying off what should be very little of your mortgage leftover.

Those payment turn quickly into money saved, and that fact can’t be undersold when you are talking about heaping amount of money in your pocket for retirement.

If you aren’t in a position to pay off your home, consider downsizing your living area, perhaps selling your home for the last five years you plan on working and taking a $2,000 mortgage and turning it into a $800 per month rental in the form of an apartment. That, over the course of five years, means $1,200 per month in your pocket or $72,000 in that time period, for some an entire year of salary.

And as far as that work retirement plan, 401K or IRA, you might want to rethink your contribution there in relationship to your budget at home. That means increasing how much you’re putting toward your retirement and cutting expenses on your budget currently. For example, maybe that $200 per month for cable can be better served going into your retirement account when you change your contribution from the bare minimum, let’s say four percent, to eight percent. Yes, that’s more out of your paycheck but consider where it is going and that you might not miss cable all that much when you’re able to retire at 55 or 60, exactly as planned and without reservations that money is going to be a problem.

Save Bet: Some saving money tips are simple

Anyone who has ever tried to save money knows just how difficult it can be. But why is it so easy for some?

When you talk about “easy,” you have to put that term into perspective. “Easy” might be defined as someone who has money, and the rest of the world sits back in awe and wonders just why you can’t be the same way and how they did it with what seemed to be effortless.

The truth is those who save money with the greatest of ease aren’t supermen or superwomen, but rather have the whole saving money mindset with everything they do, and everything they buy or how they track both of those items.

It begins and ends with a budget, but beyond that they know how to save money in ways that aren’t difficult but common when you dig a little deeper than surface saving.

Food, surprisingly, is a cause for concern and one of the main reasons why you can’t save money. Ironically, it’s one of the easiest ways to save when you start to think about it.

First, you should be planning meals ahead of time and shopping accordingly. The biggest downfall as it relates to saving money and food is that you’re not necessarily overpaying but you’re paying twice.

You’re spending hundreds in groceries, and if you’re not thinking about your meals, you might end up throwing food away and losing hundreds via your garbage can. Furthermore, if you’re eating out at restaurants on top of the groceries, you’re planning and buying food in a store and also out, so what happens to the food in your fridge if you keep eating breakfast, lunch and dinner outside of your house.

In addition to saving money by not eating out, another simple way that the smart money managers use is their acumen and ability to cut out of their budget and modify accordingly. They may cancel cable in exchange for streaming, or make date night an actual night and not something that occurs every single weekend.

They’ll forgo the Starbucks in favor of Maxwell House, and they’ll buy their clothing in the offseason, such as that winter coat in April or the swim trunks in September.

No matter how you slice your savings, you can always do better. The once who do it best are the ones that look at it with a sense of casual common sense and no urgency, just in a way that is cool and calm, while of course they collect that extra money to save.