Looking for ways to squeeze just a few more dollars out of your budget? Sometimes, just a single tip can save you a tidy little sum each month. But bundle a few of them together and now you’re really saving money! The Bible teaches us to be wise stewards of God’s resources and that starts with living on a budget. On this MoneyWise, we have some great tips to help you stretch your budget.
<ul><li>One of our favorite verses about stewardship and living a frugal life is Proverbs 21:20, “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” The word “budget” doesn’t appear in the Bible, but it’d be difficult to live up to that verse without living on one. We need to always be on the lookout for ways to make our budgeted dollars go further.</li><li>First, take advantage of your grocery store’s option to order online. When you order online you always know exactly what you’re spending. If you go over budget, you can easily remove something from your digital cart. Some folks have reported saving over a hundred dollars a month that way. Plus, this saves a lot of time.</li></ul>But let’s say later in the week you have to pick up an item or two on the way home from work. When you walk into the store, don’t get a cart or basket. That way, when you have to carry the items to check out you won’t be able to impulse shop. That might seem simple, but it works. And speaking of stores, don’t go into places where you’ll be tempted to overspend. If you’re on a diet you don’t want to hang out in donut shops! The same holds true for living on a budget. If you’re tempted to overspend in big box stores, just don’t go there.
<ul><li>Here’s another simple trick. Keep your checking and savings accounts in different banks. If you can’t see your savings account you’re less likely to tap into it. This is another reason to have your savings account in a higher interest online bank. You can connect it with your checking account to transfer money. But otherwise, your savings are out of sight.</li><li>Are you struggling to pay off debt? Do that first! Don’t wait to see how much you have left over at the end of the month. Budget an amount for debt repayment and transfer that money when it comes in. That way you know it’s done.</li><li>Another trick is something financial teacher and author Howard Dayton always recommends, having a weekly budget meeting with your spouse. He calls them “money dates.” Sit down and discuss how well you did last week staying on budget and how you’re doing at meeting your goals.</li><li>Have an accountability partner, probably your spouse, for large purchases. Agree to consult the other person before spending, say, more than $50. By talking about it, you may discover that the item isn’t necessary. Often, just the thought of having to clear it with someone makes the desire to spend go away.</li><li>Here’s another neat, little trick and one that you won’t need once your emergency fund is sufficiently built up. Let’s say an unexpected expense crops up and blows your budget for the month. Don’t give up and say you’ll try again next month. Instead, write up a temporary budget to get you through the rest of the month or until your next paycheck. Cut out all unnecessary spending and try to stay as close to budget as possible while living on as little as you can. Don’t let it become an excuse to overspend just because you hit a bump in the road.</li><li>And for our next trick, make it just a bit more difficult to buy stuff online. These days, with just a few taps on your smartphone, things automatically appear on your doorstep. It’s so easy to overspend that way. But if you delete your credit or debit card information from online stores it’ll slow things down. If you have to get up and hunt for your wallet, you’re more likely to think twice about making a purchase.</li><li>Now, let’s say you’re a cash-only kind of person. Kudos to you! You’re automatically spending less that way just from the psychological factor of having to use real dollars. But did you know it can save you money another way, too? Let’s say you have to make a major purchase and you’ve saved up cash for it. Ask for a discount because you’re paying with cash. The store is automatically saving 2 or 3% by not having to pay a vendor fee and they might pass some of that savings on to you. Hey, every little bit helps and it doesn’t cost anything to ask.</li><li>By the way, did you know that you can often negotiate your medical bills? In many cases, a doctor, hospital or clinic will give you a break, especially if you’re paying with cash. That way, they don’t have to go through an insurance company to get paid.</li></ul>On this program we also answer your questions:
<ul><li>I keep hearing about Roth IRAs. I don’t have one. Am I too old and will it benefit me much? I’m 57 years old.</li><li>Just how much money do you need for retirement anyway?</li><li>What is a SEP IRA and how can it benefit me as someone who’s self-employed?</li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a>
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FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Sometimes, just a single tip can save you a tidy little sum each month but bundle a few of them together and you’re really saving money! The Bible teaches us to be wise stewards of God’s resources and that starts with living on a budget.

Budget Tricks

FaithFi | Jul 28, 2021

Show Notes

Where Faith Meets Finance

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