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VCNB Blog

Changing Your Money Mindset And Habits To Save Money

Saving money isn’t exciting. Looking for ways to reduce spending so you can save money is even less exciting but it’s a necessary evil for most of us. As the cost of living increases, it becomes more important to build savings but much harder to actually save.

We have some practical tips for finding savings but the best tip of all is to adjust mindset. We aren’t talking about lowering expectations but do suggest keeping in mind:

  1. If you aren’t independently wealthy, you can’t do and have all the things you likely want.  You may want to remodel, travel, update your wardrobe, and save but doing all of these things at once is hard for most normal people.
  2. Chasing trends isn’t sustainable. It’s expensive to continuously chase after the next best thing when there’s something new coming along again soon anyway.
  3. Appreciating and using what you already have is almost always the most affordable solution. Using the food in your freezer, wearing the clothes in your closet, and reorganizing your pantry with baskets you own will typically meet your goal of being fed, clothed and organized without buying something.
  4. Everything you buy represents the time it took to make that money. How many hours do you have to work to pay for a meal out? How many weeks are you working to afford a vacation? We trade time for money and money for things. Is the thing worth the time you’re trading for the money you need to afford it?

 

Each one of these points could be an article of their own as mindset changing is a strategy to itself. Once you have time to think about how each of these strategies can apply to your lifestyle, here are some big and small thoughts for cutting costs.

Question ALL Expenses - Whether it’s a $50 membership or a $500 insurance payment, it doesn’t hurt to ask questions. Do you really need the membership? Can you get a better deal by shopping for different insurance? A phone call or web browsing could reveal a discount code or a better deal with another company.

How Much Do You Really Need? – Look at the packages you buy. Do you need the unlimited phone plan when you use less than 5 GB a month?  Do you need a big internet plan when you just use it for surfing and to watch an occasional movie? Do you need that streaming services for a year when you just binge a single show for a month once a year? How many streaming services do you really need?

Have A Plan B – If you often swing into the drive-thru because you don’t feel like cooking, it’s time to come up with some back-up plans for those nights. A frozen pizza is cheaper than a sack of burgers. Once in a while, double a batch of soup, lasagna or some other things that freeze well. It doesn’t take any extra work but you’ll feel smart when you have a homemade meal ready on a long day!

Learn To Cook – Improve your health and your savings by cooking. Come up with 5-10 easy recipes that use minimal ingredients to keep in your rotation. Don’t know how to cook? There are social media videos that will help you learn!

Stop Paying Convenience Fees - Delivery fees and pre-chopped veggies are two of the most common things people pay for because they’re convenient. Buying lunch is the cost of not having something at home to pack. Convenience can be an important factor but it can also be unnecessarily expensive.

Refinance Your Home Or Car – Here at VCNB we help a lot of customers improve their lives by refinancing their home and vehicles. Circumstances change and it’s possible to get a better rate now than was available at the time of purchase. Our bankers can help you down the path to refinancing.

Be A Problem Solver - An occasional inconvenience isn’t a problem. Learn to identify the difference between the two and find creative ways to solve what needs attention.

Shop Your Home – There are so many tools and things for the home that get used just once before being pushed to the back of the closet. Many libraries lend things beyond books and a friend may loan what you need. 

Take Care Of What You Own – Throw away culture is expensive. Extend the life of any item by keeping your possessions clean, maintained. and stored properly.

Fun Doesn’t Have To Be Expensive  - There are a ton of free activities and resources in Ohio. Our libraries tend to offer clubs and events plus we have a ton of public parks and playgrounds. It is possible to venture out with a packed picnic and have a great time!

 

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