3 Money-Saving Moves That Failed to Work for Me

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There are some techniques for saving money that I tried and that just didn’t work. Find out why, and learn what I did instead. [[{“value”:”

Spending less money and saving more of it is important and is a good way to get ahead financially. But, not every technique for slashing spending is going to be effective for every person.

I tried three money-saving moves that were utter failures in my life. Here’s what they were.

1. Cutting back on dining out

One technique I tried in the past to reduce spending was to dine out less. Like many people, I enjoy going to restaurants, and I also tend to like trying out fancier places with higher prices. After looking over my credit card statements, I found I was spending quite a bit on this habit and thought I could reduce my spending if I cut back.

Unfortunately, this didn’t really work out very well for me. I found myself making excuses for why I had to try out that new restaurant in my area or “forgetting” we had no food at home and takeout was a necessity to feed my kids. Ultimately, it was a constant battle against my desires and I often found myself losing it.

Since I didn’t want to constantly feel like I was involved in a financial struggle, I gave up. I realized that eating out was important to me and that it made sense to make cuts elsewhere instead of on restaurant expenditures since trying to cut spending in this category was making me miserable.

I’m not alone in my love of dining out, with the Bureau of Labor Statistics reporting that around 44% of all food spending occurs on food away from home. And, honestly, that’s not necessarily a terrible thing. Eating away is a time saver, it allows you to try new things, and it can foster more social connections. If you love dining out, you don’t have to make this something you cut from your budget (unless you’re really out of control and spending so much you can’t possibly put any money into savings). Instead, if this is important to you, look for other things to cut so you can keep your restaurant spending at a level that makes you happy.

2. Extreme couponing

Extreme couponing is another technique I tried that I’ve since given up on. I was able to save a lot of money on stuff by using coupons, but it was rarely stuff we wanted or needed. For example, I could often get name-brand toothpaste for free, but we prefer to use a certain kind of organic toothpaste that never goes on sale. Or I could get discounts on processed foods, but not on the kinds of local fruits and veggies from the farmer’s market that we try to eat most of the time.

I wasn’t willing to compromise my health or my tastes just to get stuff for free by couponing, so I gave up the habit. Instead, I shifted to meal planning based on things I like that are on sale and buying the things I like in bulk when they are on sale anyway. I can still keep my grocery costs down this way, but I do it by buying what I want instead of what manufacturers are trying to entice me to purchase.

3. DIYing home improvements

Finally, every time I’ve tried to DIY home improvements, it has frankly been a disaster. From blotchy paint to spending hours trying to figure out how to hook up a new faucet, the savings have rarely been worth it since the jobs took too much time and didn’t turn out as well as they would have if a professional took care of it.

Ultimately, the reality is, these money-saving techniques just weren’t the right options for me given my desire and talents. And that’s OK. I found other ways to cut spending that make sense for me because I focused on what I value and what gives me the most bang for my buck. And you should do the same.

Take the time to think about what’s really important to you. This should include things like saving for big purchases and retirement — but it may also include your shoe collection or your expensive truck or your restaurant spending. Budget around the things that will bring you joy and eliminate the stuff that doesn’t. If you are splurging on the things you love, sacrificing elsewhere won’t really feel like a sacrifice, and you’ll be far more likely to stick to your personal financial plan.

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