There is a scripture we may be familiar with... "Making the most of every opportunity, because the days are evil" (Ephesians 5:16). It is speaking to how we live our lives as believers in Christ. Have you considered how you can make the most of every opportunity with your spending and finances?
We will all make a number of repeated, routine purchases, some of them are needs and some wants. But by planning and applying wisdom and technology, we can make our finite amount of dollars go further, which will in turn help us pay down debts and avoid getting into debt as well.
Beginning with grocery shopping, 1) Make a list and stick to it 2) Focus on sale items and stock up 3) Buy generic and store brand items 4) Use coupons, but only for what you need 5) Use what you have before it spoils. Next, check out the following apps: iBotta, Checkout 51, Coupons.com and the Walmart Savings Catcher. Each of these harnesses technology that will provide savings every time you shop.
You can also put the internet to work for you saving money dining out. From fine restaurants to fast food, many offer e-mail clubs or apps that will send you free or reduced meal offers on a regular basis. Here are some we've used: Smashburger, Qdoba, Sweet Tomatoes, HuHot, Mimi's Cafe and Olive Garden. Also check out Groupon and the Entertainment books, which are discounted deeper online after the year begins.
Whether it is clothing or household items, many have a selling season and if you wait towards the end of that cycle you can save big. Some of the best are 1) Holiday cards and decor 2) Outdoor and lawn items 3) Winter/Summer clothing and sports gear. If you save 25-50% on these purchases and store them until next season, that is far more than you can make on any interest or investment gain.
With that in mind, credit card interest rates range from 12-22%. So what is important is to not carry a balance. If you pay off your card each month and utilize the savings methods shown you can cut your expense by nearly half versus paying full price, charging the item and carrying a balance.
And just like retailers which overbought and have to offer deep discounts to unload their excess, households do the same thing. Check out Craigslist to easily view specific items, even free items are offered daily. Stop by garage sales for a quick look, you may find a hidden gem for pennies on the dollar.
These tips are beneficial, but not for the purpose of just accumulating or eating more. Our mindset should to be towards spending less than we make and debt-free living. God's Word states it simply in Proverbs 21:20 - "There are precious treasures and oil in the dwelling of the wise, but a self-confident and foolish man swallows it up and wastes it."
Lastly, in turning the corner on your finances, know this encouragement from Psalms 118... "The Lord is on my side; I will not fear. What can man do to me? The Lord is on my side and takes my part, He is among those who help me..."
God Bless you and may He show Himself greatly to you,
Paul
