A saving money game can help set you up for saving and then investing success. When money is tight, often the first step os to just look for even more ways to save money. It is important to follow the basics like prioritizing debt paydown first, putting 10% of all money aside for this or saving, living more frugally etc., but often the missing link is your money mindset, and a saving money game is the perfect way to break the pattern of barely getting by financially to the abundance path. It is so important to make saving money a priority and create a plan that sits well with you, but also take away the emotional shackles.
Your own financial psychology plays an over-riding part and it’s worth looking into beliefs you may have that make saving/spending easy or hard? Many times people win major lottery prizes and within years are back to struggling because they didn’t look at their money patterns and so they ended up exactly where they emotionally thought they should be.
If in your formative years from parents or your own observations you decided that ‘Money is always hard to get’, or ‘Easy come easy go’, or ‘always forgoe todays temptations to create tomorrow’s treasures’, they will each support or hijack your money efforts. To be effective you need the right mental attitude, as well as the right physical skills. For this reason we created a Money Game to help uncover some of your beliefs, that of your partner or friends too, and become more confident in the fact that you are the master of your own money saving game of life and therefore your financial freedom, but it definitely needs a well considered understanding of your emotion part in the process, and after dealing with that, adding on the good physical saving (and investing) habits.
Here is an overview of the money saving game and also a summary on the key ways to save money on a tight budget:
1. Saving money game
The ‘Couples Money Edition’ is a fun, educational and enjoyable way to learn, share and bring out topics to discuss well after the game is over.
You learn about money, get comfortable with the terminology no matter what your current level, understand you and your partner’s money patterns or biases and open ways to communicate further and make a meaningful change towards an easier and more fruitful financial future. There are over 150 cards and follow up tasks and it ends up a really fun way to learn and explore.
While this game is in final testing and manufacture, we recently launched our ‘Couples Intimacy Edition’ game to help couples communicate and learn about their relationship beliefs, and the Money Game will follow in the coming months.
You can get an early taste by adding your details to our early access form for How Game are You? Money Edition cards, or just subscribe for our updates and as soon as the full game is ready we’ll let you know and give you an early-bird discount.
Once you have your money mind sorted, the rest of these topics will be much easier to achieve and will be the result of focussed choice, rather than just vulnerable will-power.
2. Find a way to cut back on big expenses
Look at your overall budget. Like checking if your car payment is too much or finding a cheaper place to live that is still nice. These options may be the last steps you take as you look for ways to increase your savings and can help you save a good amount of money on your bills each month.
The lower you keep these costs, the easier it will be to stick to your budget. If you do decide to sell your car, be sure that you know how to handle it correctly and that you buy a reliable inexpensive car.
3. Work on paying off your debt
High-interest debt, like credit cards, can eat up your monthly income. Taking steps to pay off your credit cards as quickly as possible will free up additional money in your budget and make it possible for you to do more things with your money. If you want to be more comfortable and save getting rid of your debt is an important step.
4. Look at your food bill
This is another good way to save money on a tight budget. Many of these changes will also benefit your waistline, though it may take a bit longer for you to prepare your food each day. The best thing you can do is to stop eating out.
If you are eating out every day, you can easily save more than $50 a week or even more if you are eating out at more great establishments. If you rarely eat out, you can save money by cutting the convenience foods and cooking your own food.
5. Change Your tselevision ervice
One of the easiest ways to find extra money to put towards saving money is to cancel your cable bill. You may want to cancel everything entirely, but if that does not appeal to you consider using Netflix or Hulu to get your television fix. The combined services cost about $16.00 a month, and you can put the extra savings in the bank each month.
6. Taking advantage of online deals
It is important to budget money for entertainment costs, but you can save money on these costs by taking advantage of online deals that you can get through Amazon Local, LivingSocial or Groupon.
The trick is to buy the ones that you know you will use and to stop once you have hit your limit for the month. You can score some great deals on everything but need to be careful that you do not end up spending more than you planned once you are there.
7. Switch to cash for your daily expenses
While it may not be practical to pay your rent or utility bills in cash, switching to cash for entertainment expenses and your grocery bill can help you cut back on your spending. It not only helps to have a hard limit on your spending but will also help you determine the best way to use the money that you do have since you will be prioritizing the money you spend shopping.
8. Cut every expense category a little bit
When you are on a tight budget, you may have already cut all the extra from the budget that you can manage. This would have no gym memberships, no cable television, and very little entertainment. But when you are just getting by, you still need to save money each month.
Find ways to save $5 to $10 per category in your budget and put that money toward your savings or emergency fund. You can often save another $5 per week at the grocery store by dropping one item from your list.
If you conserve fuel, you may be able to cut back on the amount you spend on gas each month. Adjust your thermostat so that you are not paying as much in heating and cooling costs.
So there you have it. Work on the mind first and discover your empowering and limiting money beliefs, then refocus that energy using the physical skills of money saving and investing. We wish you well on your journey and hope you’ve subscribed to get early access to the Money Game when it’s first available.