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Tips to Finding money you never knew you had
Here are some practical ideas to help you "find money you never knew you had." This list is not meant to be exhaustive, but should prompt your own thinking so you can allocate your resources effectively and accomplish your financial goals.
Buy used goods
Contrary to popular belief, buying used goods is not risky and does not take a lot of expertise. It does not take planning and research. If at all possible, anticipate your need. If you know you will need a major appliance or a car, begin shopping three or four months before replacement becomes necessary. Consider buying used automobiles, televisions, stereo equipment, refrigerators, freezers, furniture, children's clothing, and tools. Two tips for buying a used car: (1) have a mechanic check it out, and (2) buy only from someone who can produce service records and who you feel has taken good care of his car.
Rent
Some things you just don't need to own: vacation cottages, timesharing arrangements, boats, major tools, etc. It's easy and comparatively inexpensive to rent state-of-the-art equipment, return it when you want, and avoid maintenance, depreciation, obsolescene, property taxes, etc.
Shop Garage sales
These are excellent sources for clothing and other needs. Shop in better neighbourhoods and you can often get name-brand clothing that has simply been outgrown at a fraction of the original cost. Churches or service groups often have used clothing sales as well. Having your own garage sales can help you clean out your closets and make a tidy sum as well.
Pay cash
This offers two advantages: (1) you can sometimes buy an item for less by offering cash instead of charging; (2) it is a lot harder to plunk down cash than plastic; therefore you more carefully "count the cost" and avoid impluse purchases.
Buy generic brand
Major grocery stores often sell generic or house brands. These are sometimes made by the same name brand manufacturer. You may find the money you save is well worth any minor difference in quality.
Wait
You may see something you "have to have". Make it a policy not to purchase the first time you see it. Go home and think (and pray) about it for at least 24 hours. If married, talk to your spouse about it. You may discover you really don't need it.
Stockpile anticipated needs
If possible, buy products in quantity, canned or dried foods, paper goods,etc. Shop clearance sales, membership warehouses, or other special sales.
Pay promptly
Pay in cash whenever possible; always pay bills when due. If the merchant has been flexible on price, you should do everything you can to fulfill your part. That only builds goodwill with the merchant.
Don't always shop price
Sometimes being a regular "valued" customer at a store that may be slightly more expensive pays off handsomely in the long run. Often such stores will do favors for you that will save you greatly.
Caution:
Don't try to squeeze every penny out of every dollar and make saving money some kind of "second religion". Do make it you aim to be a good steward in order to provide you and your family not with more money, but with more freedom - the freedom to give to the Lord's work, to help other people in need, to be flexible in your budget, and to be spontaneous in your spending without being destructive to your overall financial plan.
Today's Bottom Line
Living expenses and debt go hand in hand. Typically, debt is used to fund living expenses and, conversely, without the ability to borrow, the ability to increase the lifestyle is not there.
Adapted from Master your money workbook
