S
aving has this cliché that if you do it, you may be deprived of some amenities and luxuries in life. But, there are ways that saving would not be much of a burden. Instead, it is a fruitful sacrifice to gratify the material needs.
One way to save efficiently is avoiding debts. Do not make any purchases through credit cards. Ed Haskell from Liberty, Montana, had this frugal habit of not buying anything if there is no cash. His family bought their first house worth $105,000 located at Macon, Georgia in cold cash. And in 2001 they bought their second house located at Kansas City for $200,000. Ed has already estimated a $2.5 million cushion on their retirement funds.
Another way of saving is delaying gratification for any material wants. Nicole Elovitz from Lake Oswego, Oregon, has been practicing this abstinence from purchase. Her family is currently following a budget that would satisfy each of them. They have budgets for their property taxes that they repay to avail on a 10 percent discount. They also have budgets for entertainment and vacation at $400 per month and $250 per month respectively.
Making multiple sources of income could also make a saving effective. Tiffany Murray of Atlanta, who earns a six-figure salary, already has a good income but still she does other jobs to generate additional income. She writes articles tackling on career advice, reconstructs resumes and she even creates plans for certain events. This has given her an additional $25,000 income per year.
Another way is living below your means. Marcus Seitz from Alexandria, have lived below the means and simply have a modest 1,700-square-foot townhouse. His gamily go for camping trips in vacations, and they just avail on the free entrance to the museums in D.C.
Lastly, people can save effectively if they cut down daily expenses. Ralph Arnheim, a lawyer from Los Altos Hill, California has been saving effectively as he utilizes the resources around him. Eventhough his family is successful economically; they still are on thrift mode. His wife Julie gets eggs, fruits, and vegetables in their miniature farm at home. Also, their family just simply swaps items with their neighbors to avoid spending.
