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Here’s a quick list of simple budgeting tips from finance guru Dave Ramsey that you can start doing today to help you save money and stay on top of your family finances.
11 DAVE RAMSEY BUDGETING TIPS FOR SAVING MONEY
Dave Ramsey is an absolute finance guru in the US.
He’s a finance expert and successful businessman who has built a massive following based on his brilliant financial tips.
Financial tips that have helped change many people’s lives.
Changed their lives by helping them get out of debt, stay out of debt and, better still, find a way to be financially free.
What is financial freedom?
Financial freedom means that you are in control of your finances to a point where you can make choices in your life without being overly stressed about the financial impact because you are prepared.
It isn’t about getting rich-quick schemes.
Plus, it also doesn’t mean you are free of all the responsibility of managing your money.
In fact, the focus is firmly on managing your money well.
Being in complete control of your finances.
This takes time, especially if you’ve never felt in control of them.
But the effort of learning to be in control of your money is SO WORTHWHILE.
Get started with some simple tips to help you towards financial freedom
Here are some simple tips to help you get started working towards financial freedom for you and your family.
There’s a well-known saying in the UK…
“Look after the pennies and the pounds will look after themselves”
These tips are very much in line with this saying.
11 Dave Ramsey budgeting tips for saving money
1. Pay off your credit card balance in full every month
We use our joint credit card for most of our daily purchases.
Using one main card is convenient, keeps the monthly bank neat, and we get cash back.
But we do RELIGIOUSLY pay off the total bill each month IN FULL.
Of course, you have to be able to pay the bill off in full each month, which involves setting yourself a budget and being mindful of how far you are through that budget during the month.
If you can’t get into the swing of paying off your credit card in full each month, it’s time to cut that card up and use cash instead!
2. Stop eating out
Eating out is expensive compared to eating at home, even when it’s a meal-deal or special offer meal.
And especially when you’ve got a whole family to pay for.
So stop doing it.
Save eating out for super special occasions.
Meal planning is a great way to make meals at home more interesting – and it’s also a great way to save money on those meals.
Read my post on how to get started with meal planning and give it a go.
3. Plan a budget for grocery trips
What’s the first rule of grocery shopping?!
Don’t shop on an empty stomach!!
What’s the second rule?
Set yourself a budget and stick to it.
I find the best way to do this is to do your grocery shopping online.
I have been happily using Ocado for the last nine years.
It’s much easier to swap around what’s in your trolley and check for offers online.
You can also easily see your total and remove or change stuff in your basket accordingly.
I’ve got a whole post on ways to save money on your grocery shop, have a read and get saving: How to cut down your grocery bill.
4. Start couponing, but do it the smart way
The key to saving with coupons is only using coupons for products you already buy.
Much like the sales, if you go off-piste and buy stuff just because it’s cheap, you are essentially wasting money rather than saving it.
There’s a great post on Money Saving Expert about how to get started with extreme couponing.
5. Say farewell to cable and satellite
There are SO many free ways to watch TV or involve small monthly payments that you really don’t need to spend tens of pounds on big-name cable and satellite subscriptions anymore.
We have Freeview, Netflix and Amazon Prime Video in our household.
Amazon Prime Video is bundled in as part of Amazon Prime, which includes free next-day deliveries, which we use a lot of, so it doesn’t even feel like we’re paying for the video bit.
We buy Now TV subscriptions by the month as and when the latest Modern Family season comes out.
6. Ditch your barista
Have you ever added up how much that ‘little’ daily treat costs you over a year?
Buying a coffee daily is like cutting a hole in your pocket and letting your money slowly fall out of it.
Really can’t get by without a morning coffee?
Consider buying a reusable coffee cup and making yourself a cup to take with you every morning instead.
Ok, there’s the extra outlay to buy the cup, but you can offset the cost against the savings you’ll make.
7. Learn to say ‘no’ to yourself and others
No can be one of the hardest words to say.
But it is a powerful word, and if you use it well, it will help you set boundaries and, as a bonus, save you money.
It can be easy to give in to temptation and spend money unnecessarily.
I can let you into a secret… using the word ‘no’ can become quite addictive once you’ve got used to using it to stop yourself from spending money.
Seeing the savings mount up is also quite addictive!
8. Involve your kids in budgeting
This is a great tip to follow on from ‘no’!!
As parents, it can be incredibly hard to say no to our children.
So introduce your kids to the concept of budgeting and staying within a budget as soon as they are old enough to grasp the concept.
Not only will it help you all as a family to save money, but you are also teaching them valuable life skills.
9. Unsubscribe from emails with special offers
This also ties into the ‘no’ tip from above.
Email marketing is designed to get us to spend money.
The email may have a code that saves you money off a purchase.
But ultimately, you are making a purchase and spending money.
Free yourself from temptation by unsubscribing from newsletters from your favourite brands and stores.
Only sign up for a newsletter when you’ve already decided to make a purchase and signing up will give you a discount then and there.
Once you’ve used the discount, unsubscribe.
Harsh, but it works!
10. Stop upgrading your mobile phone
Get out of the mindset of always needing a mobile with the latest tech on it.
Do what I do and go for a SIM-only deal, then only upgrade your mobile when it’s on its last legs.
When you really need a new mobile, go for one that’s slightly outdated rather than the very latest; it’ll be SO much cheaper.
11. Build an emergency fund
We put a certain amount into the fund each year to cover us for unforeseen bills, like leaky roof fixes or vet bills.
It’s like having our own insurance policy.
The bonus is that the fund grows if we don’t make many claims.
It’s so much better to have the money set aside than resorting to using a credit or taking a loan with big interest.
So there you have it, 11 really simple budgeting tips that will help you and your family to save money each month.
Want more ways to save money? Read some of my other money-saving posts:
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Luci is the founder of Mums Make Lists (Est. 2011). Over the last decade or so, she has used her experience as a mum to create useful guides to organising family life. During that time, she has found the most joy in creating lists of ideas and inspiration to make it easier for busy parents to plan and host kids’ parties and find great gifts. Read more.