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5 Ways to Save Money for Financial Independence

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This post about 5 ways to save money for financial independence is a sponsored post written by me on behalf of Capital One 360.

Over the past several years, I think we’ve all been nervous about money and ever being able to reach or maintain financial independence.

While it hasn’t always felt like it the past few years when we’ve had to spend the majority of those years living check to check, Mr. Savvy and I have honestly been some of the lucky ones as we’ve actually seen new jobs with income increases and have been able to not rack up a ton of debt to survive.

Check out these 5 ways to save money for financial independence for how we’ve been working towards financial independence.

5 Ways to Save Money for Financial Independence

1. Buy Some Used Items or Get a Great Sale Price – It’s awesome getting new shiny things, but I have found used items usually work just as well to get the job done.

We like to have a larger vehicle since we live in a hurricane-prone area with pets and you never know when you’ll need to evacuate, plus it’s come in quite handy for moves and stocking up.

Big SUV’s aren’t exactly cheap, so we bought a 2008 Tahoe instead of a shiny new 2011 a few years ago. We’ve also used an used freezer to stock up on sale prices of meat and to preserve our own bulk meals.

I’ve been wanting a grill for forever but they are rather expensive and not a must have, so when I saw one marked down 33%, I took advantage of that pricing.

5 Ways to Save Money for Financial Independence

Growing our own tomatoes, peppers, squash, herbs, etc. encourages us to cook more, spend less at the store and be healthier.

2. Grow Some of Your Own Food – Growing up, we always have a garden each year and it became something I love doing and the produce just tastes so much better.

Since this year we moved into a rental house that has a real yard and deck, I planted several containers of tomatoes, cucumbers, squash, peppers and herbs to help save money and us eat healthier.

You’d be surprised at just how much you can get from a few plants!

3. Cook the Majority of Your Own Food, Too – Mr. Savvy and I both love cooking, but eating out is still a big temptation for us after a long day, we just don’t feel like it, etc.

But, the truth is, you can save a TON of money by cooking your meals. I’ve started cooking extra of meals that freeze well like casseroles, sauces, and soups to thaw for those nights we don’t feel like cooking.

You can even save big on traditional restaurant meals by making them at home. For example, when it’s all said and done with drinks, tax and tip, at a steakhouse we can easily spend $80+ for 2.

On the other hand, we can get 2 huge steaks that we can make 2 sizable meals from (and still larger than what you’d get at a steakhouse) for around $35. Talk about a no brainier!

5 Ways to Save Money for Financial Independence

With a little practice, you can make meals that taste just as good as the restaurant, for a LOT cheaper!

4. Budget Your Entertainment and Eating Out Funds – For most people I talk to about money, they say what they spend on entertainment and eating out is what eats away at their budget most before they realize it.

Mr. Savvy and I love movies, so when we must see a movie when it comes out, we go to the matinee. Otherwise, we wait for Redbox and record plenty of movies on the DVR.

We also love gaming, so we buy games that we can play together, which ends up being so much cheaper than constantly going out.

As I mentioned before, eating out can take up a huge amount of money if we let it, so we set aside some money for restaurants and once that’s gone for the month, it’s gone.

5. Don’t be Impulsive in Your Purchases – With the technology we have today, it’s easier than ever to get used to instant gratification.

Unfortunately, that’s one of the worst things to expect when it comes to expensive purchases.

Unless something needs replacing that is absolutely needed for your family to survive (which you hopefully have savings set aside for anyway), always give yourself at least a week to a month to really think about any purchases that will really impact your budget. If you still feel like you can really make the purchase without any hesitation, then go for it!

It’s been so nice that we’ve been able to take more and more steps towards financial independence as it is certainly easy to fall into various financial traps.

It’s always been important for me to stay away from those traps, having seen the impact poor financial planning had on my parents. I know financial independence means something different to us all, but to me it basically means that our family can continue to live comfortably no matter what unexpected events may happen.

#My360Independence sweepstakes

Regardless of what it means to you, Capital One 360 would love to know what you’re doing to get there. Are you giving up your daily coffee, eating out less, or taking public transit?

Head over to the #my360independence sweepstakes site and share and you could win a cash prize that Capital One 360 is giving away through July 14 2014!

I think this is such a great initiative in addition to all the other awesome financial products and services to consumers, small businesses and commercial clients Captial One 360 offers.

This post about 5 ways to save money for financial independence is a sponsored post written by me on behalf of Capital One 360.

Is financial independence important to you? What are some of the steps you’re taking to get there?

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Richard Buse

Tuesday 23rd of December 2014

Thanks for sharing this, Michelle. Gardening is a wonderful activity.As you mentioned, vegetables can be grown from containers, so someone who does not have a yard can still benefit. Growing a flower plant or two also ensures a steady supply of cut flowers to use in a vase. That's an inexpensive way to bring some outdoor beauty inside.

Michelle

Wednesday 24th of December 2014

Thanks, Richard. I agree cutting your own flowers is a great way to save money and enjoy their beauty inside! :)