Money Saving Tips for a Lifetime

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(Last Updated On: May 20, 2019)

Managing money is simple if we start by embracing the principle of discipline, with the knowledge that life is uncertain. Being human carries the gift of being emotional and unless there is the principle of discipline, we will end up buying or withholding our way out of, or into unplanned and unpleasant situations.  A feeling of disappointment regarding parental or family relationships may lead us to think “I struggle…no one has left anything for me” so we neglect putting aside something for our children or do effective real estate planning.

This mindset is quite common and can disadvantage or rob a generation of financial freedom. Let’s look now at some money saving tips to see how they can help us going forward.

The Value of Joint and Single Accounts

briefcase full of money

Our spousal relationships may be weak and lack trust or the proper understanding of the role of money, so we keep separate accounts even though financially, we are more likely to qualify for shared dreams if we pool our resources.

The joint account allows each person to contribute equally to shared predetermined activities such as;

  • general bills
  • insurance policies
  • groceries
  • children’s expenses

There will be no surprises concerning the predetermined conditions of the joint account being used. This is not to say that you don’t trust each other, but why not make life simpler by automating the process. The upfront agreement simplifies accountability and transparency. Read more about this topic here on Investopedia.

Having said that, I recommend that all couples have a joint and a single account. The single account allows each spouse to have their own financial independence should they need to do anything for themselves or otherwise. It also offers a level of independence and protection from uncertainties.  However, this an area that should be discussed and clearly understood and agreed to by both.

The Betrayal of Impulsive Shopping and the Emotions

Sometimes you may be feeling a bit under the weather, this is not the time for you to go shopping online or to buy anything immediately. At times like these, you are simply responding to that emotion. Put it in the shopping cart, leave it there. By that time the emotion would have passed and you may reconsider your options. As an added bonus, the item may even be on sale when you are more level-headed and ready to purchase.

Job Promotion and Salary Increase, Making the Most of It

Yeah! I got promoted, now what?

When you are promoted at work or given an increase and you already have disposable income, save the difference and pay off all high-interest credit, e.g. credit cards.

Pay to the principal and not to the interest of your mortgage.

Ignore the Credit Hustle. Resist the Urge of Instant Gratification

grip on wallet
Grip on walllet

Each month, keep track of the funds you are saving. Make sure that you avoid the allure of the ads for loans and credit cards. It may feel great to have the additional “buying power” at your fingertips, but the guilt is painfully overwhelming when the monthly bills are due and funds are not available. Resist now enjoy later. Remember, you are not adding to your wealth or increasing your financial worth, but rather, you are incurring additional liability. Use the principle of delayed gratification.

Save first and buy later.

Entertainment Tips – Dine at Home with Class

Avoid the exhilaration of expensive parties, dinners and the like. Within your circle of friends, there will be some who will welcome reciprocity regarding lunch and dinner. In other words, dinner will be by me today and at your home the next. Not only do you save money, but you get to build great relationships while avoiding the expense incurred at some restaurants. The restaurant experience may also be fleeting. So take out that unused fancy dinner-ware in your cabinet and smother each other with “the special treatment.” The fancy treatment practiced at restaurants will mean more in the company of genuine friends and family.

Don’t Be a Miser and Miss out on Living

The worst thing is to put “everything” away and struggle from month to month. Set aside something for you, your partner and children if they are any.

Teach Children the Value of Money While They Are Young

piggy bank

Get the children to save towards their next holiday. Teach them the value of money. Let them see the bills and how their behavior can influence what you pay each month. A good example is with electricity and water consumption. Help them help you change bad habits like leaving things on unnecessarily such as lights, fans, surge protectors and even video games, etc. If you have multiple televisions, make family time around things you can all enjoy.

An interesting activity would be to have them compare bills after two months or more, to see how their actions resulted in savings. A great opportunity for a life-lesson here on money saving tips that will last a lifetime certainly.

Family Budgeting Ideas That Are Fun

You can save a few dollars each week if you plant your own vegetables or if you barter… and instead of buying sodas, canned drinks, and juices, why not make lemonade with lemons from your own or trees. No trees? Then gather fruits from extended family and friends or buy cheaply. This not only saves money and helps the entire family during difficult times, but it’s also a healthier option. Pay attention to these safety tips for proper preparation, here.

Cooking, baking and experimenting with local recipes can also add a variety of vital culinary skills which are bound to come in handy in the future.

Money Is a Tool, Not a Goal, Use It Correctly

Most of all, understand money is a tool and like anything else, a tool used unwisely can destroy or maim, however, once done correctly, it can make the heavy lifting way much easier. Most of us see money as a goal. This mindset creates the wrong perspective and causes us to panic when we can’t meet our obligations. We can miss critical lessons in using money to our advantage by not employing proven methods to gain wealth. If we see it as a goal, we may spend our whole life pursuing it but not effectively be investing it, and enjoying the potential benefits it can add to the various stages of our lives.

Discuss ways you can use money to work for you with each other.

Engage Your Community and Help Others

There is no better feeling of satisfaction and fulfillment than helping those less fortunate. There will always be persons in need for one reason or another. This is not to say that you should allow yourselves to be taken advantage of. However, when you give, do it from a place of sincerity and not suspicion. That’s the purest form of giving that guarantees a reward.

There is a powerful biblical principle of giving employed by many. It resembles an oxymoron but it has worked for many. In a nutshell, you give a percentage of your income to reap a harvest over time. This can also be a freewill gift as well and not a necessarily the traditional 10%. This principle is still used and is practiced by individuals and companies.

Many rich people believe that there are many rewards in giving. Colonel Sanders of KFC, William Colgate of Colgate-Palmolive, James L. Kraft of Kraft Foods and Henry John Heinz of Heinz Ketchup are just a few famous businessmen who have given consistently from their income, using this principle.

John D. Rockefeller, Andrew Carnegie, and countless others throughout history have also practiced giving away sometimes up to half their personal wealth, to charity.

Giving of Your Time and Talent

helping old lady

There are various ways to give. It doesn’t have to be financial. Please consider some ways in which you can give.

  • Geriatric Hospitals
    • Reading
    • Musical renditions
    • Craft
    • Visiting to chat
  • Children’s homes and charities
    • Helping with homework
    • Mentoring
    • Building maintenance
  • Community engagement
    • Landscaping or/and running errands for the elderly or disabled
    • Sporting activities with the youth
    • Prison visitation/ministry

Work on your own list but remember whatever you do, please do it from a pure heart. The reward will be a great life-lesson and experience for you.

I hope you have enjoyed these tips for financial and general well-being.

We want to hear from you so let us know your thoughts in the comments below.


“Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.”

Luke 6:38

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10 Replies to “Money Saving Tips for a Lifetime”

  1. I like your idea of having both a joint account and individual accounts in a relationship. Currently my fiance and I have separate accounts. I want to combine but he doesn’t seem interested in doing that. I guess doing both could be a compromise and each of use could put in an allotted amount of our income into the joint account to pay bills and such.

    1. Hi Katie.

      Thanks very much for your comments. Not everyone is comfortable with commingling funds and that’s ok. That’s a matter that you would both have to agree to.
      Sit and discuss some guidelines and adopt a practical trusted method that will work for you.

      I do wish you all the best.

  2. These are great tips and I feel they should teach these things in school more but I also think it is a good idea for parents to start teaching children about saving money while they are young.

    I think one of the main reasons why most people are often broke is because rather than investing towards things which will better their life, they primarily focus more on instant gratifications like getting fast food everyday and saving up for that hot new toy.

    That being said, it is also always good to set aside money for the future in terms of backup which brings me to my question, what percent of a monthly salary would you recommend setting aside for savings?

    1. Hi Arie. Thanks very much for reading the article and sharing.

      There is a simple rule called the 50/20/30 rule. Basically…
      50% of your income – Necessities such as housing, food, transportation, utility bills etc.

      20% should be savings – debt payments and rainy-day funds/the emergency fund/sickness/unplanned expenses, car issues etc. Not quite savings but you won’t need credit to afford it should it arise.

      30% – Personal- This is your wants not your needs such as holidays, going shopping etc. You use this to enjoy your life but you can also adjust the overall ratio by cutting back here as well.

      Thanks again!

  3. Hi Jo, thanks for a brilliant post jam-packed with information and great ideas for family financial wellness. I loved your idea of not seeing money as a goal and focusing instead on investing it and putting it to work to care for our family and community. I’ve been thinking it is time to start teaching my 4-year-old the value of money, I’ll start with your tips. Thanks a mill.

    1. Hi Lauren. Thanks much for your kind words. I am glad you found something useful here.
      What a great time to start with your 4 year old. They will certainly be the better for it. Good parenting. Thanks again!

  4. I was expecting this post to be the standard motivational post that doesnt give you any specific things/ideas that you apply into your life. But that isnt what it was at all. this post showed me loads of techniques that i was partly aware of and explained them fully. you explained clearly how i can go and use these tips in my own life which i hope can have a good effect on my finances in the long term.

    thanks for posting

    1. Glad you liked it and have found something useful Jacob. 

      Thanks for taking the time to share your thoughts with us.  


  5. Hello there,

    Money saving can be quite a tough task especially for folks like me who can spend huge amounts of money in a short time.
    The tips you mentioned are very savvy.
    I agree with what you said about money – it is a tool and not a goal.
    I like the perspective of making  money work for you and not the opposite.

    1. Thanks for visiting this site and for your valuable input. I wish you well as you practice financial prudence as a way of life.
      All the best and more!

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