10 Ways to Save Money Without Being Stingy

It is always wise to save money. However, some people are overly frugal that they become too stingy. They get too emotional and preoccupied in making lots of money that they sometimes are not able to have fun anymore.

Don’t let money rule your thoughts and feelings. It may make you miserable and it can’t surely buy happiness. While it is good to save, being stingy isn’t. Be wise in spending but not too much that you are not able to enjoy the fruits of your hard work.

Happy woman saving

You can be a happy saver without being stingy.
Photo Credit: Fashion Industry Network

Here are 10 way to save money without being stingy:

1. Set a budget, and save for items you’d like to buy.

Set a budget and set aside funds for an item you’d like to buy even if it is something which you think is a little pricey. You will take pleasure in your purchase even more if you know you can really afford it.

2. Compare prices.

If you want to save money, scout first for the most affordable price before purchasing. If it’s not yet urgent to purchase that item, look out for seasonal sales and wait. Just make sure you don’t compromise quality. Remember, don’t buy cheap items, buy affordable ones that have good quality.

3. Know when to spend.

Think twice before spending and know when to spend. There’s no fun in going home after a lavish vacation when you’re already broke and find that you have nothing left to pay the bills. Prioritize expenses that are important so you can be stress-free.

4. Don’t buy on impulse.

When you find something you’d like to buy, pause for a moment and leave it on the shelf. You can always return to the store to purchase it. If it’s already the last of its size or its kind, ask the store to hold it for you. If you go back to the store after a few days or weeks and you still think you need the purchase the item, then do so, if you have enough money to purchase it.

5. Learn to compromise.

Learn to compromise. Don’t always say “no” when a family member wants to buy an item. If the item is needed, try to find a more affordable alternative. If the kids just want to spend some time out of the house, try going on a picnic and pack some food. There are creative ways to spend money instead of always saying “no”.

6. Buy things only that you are sure of.

Ask yourself these questions before purchasing. Do I need it? Will I use it? Do I want it that much to pay for it? Do I have more than enough to purchase it? If your answer is yes to all these questions, you will feel confident with your decision to purchase the item.

7. Keep track of your expenses.

Keep track of your expenses. Someone once said that people who know where their money goes are wiser than those who only know where their money comes from. When you know where your money goes, you can assess how much you are spending on things that are important and things that are not essential. Evaluate and assess your spending habits and always be open in revising your budget in order to maximize your purchasing power.

8. Snack before you leave home.

It’s good to splurge money on food once in a while, but if you are on a tight budget, don’t go out on an empty stomach. If you do, you will spend a lot on buying food. Eat a light snack before going out.

9. Involve your family in your financial decisions.

Don’t carry all the burden in making financial decisions. Be honest about your financial situation. When your family members know your financial situation, they would understand and even help out in saving. Set financial goals together. Even your kids will learn the value of money if they know where your money goes to.

10. Remember, experiences and memories are priceless.

Sometimes it’s difficult for thrifty people to pay for meals out and hotel rooms when they are used to saving. If you have to travel for a family reunion, for example, don’t worry about money to spend. Enjoy the bonding time and reconnect with your family. Money can’t buy the happiness you all get when reconnecting. Remember that memories and family experiences are more valuable. If you feel that it’s too expensive, always find alternative solutions. Better yet, keep a recreational fund for these unplanned activities.

The amount of money we have should not dictate our happiness or misery. Learning how to budget and living within your means will give you financial liberty. Adopt frugal living without being stingy by making wise choices about money.