When it comes to improving your financial health, there are quite a few life skills that will save you money.
In fact, in this post, we’ve compiled a list of 25 essential skills you can learn to boost your monthly savings.
So, if you’re ready to adopt some simple habits and skyrocket your financial success, you’re going to love this post.
Let’s dive in!
1. Budgeting
It’s a crime that we’re not taught the fundamentals of budgeting at school. But it’s no excuse not to take it upon yourself to incorporate budgeting into your adult life.
As a bare minimum, you should know exactly what your income is and plan out your giving, spending, saving, and investing every month. You should think about everything from debt repayments to monthly utilities and everything in between.
If you’re new to budgeting, be sure to check out some of our other helpful resources to help you get started:
- Zero-Based Budgeting: What Is It? And How To Do It?
- Why Is Budgeting Important? 10 Key Benefits
- 7 Budgeting Tips For Singles [Save Money And Enjoy Life!]
- 7 Budgeting Skills That Will Make You Rich
- Living On A College Budget: 21 Tips That Won’t Wreck Your Fun!
- Budgeting For Couples: 10 Tips To Ease The Tension!
2. Saving First
If you want to build wealth, one of the most important habits you can adopt is saving before you spend.
In other words, whenever you receive a paycheck, the first thing you should do is transfer the amount of money you want to save directly into your savings account.
Then, all you have to do is use your budget to live off the money that is remaining.
While this might seem daunting at first, it’s an incredibly powerful way to reach all of your saving goals.
Want to get better at saving money? Here are a few posts to help you out:
- 21 Ways To Save Time And Money
- 7 Ways To Get Better At Saving Money
- 25 Ways To Save Money On Groceries [And Eat Well]
- 12 Ways To Save Money On Apartment Utilities
- How To Make Saving Money A Habit: 10 Actionable Tips
- The Importance Of Saving Money: 15 Reasons to Start Saving
- Axos High-Yield Savings Review [Our #1 Pick For 2021]
3. Managing/Paying Your Monthly Bills
Life is expensive; there’s no getting away from it.
Every month, you have to pay for utilities, rent, your mortgage, and various other bills.
For that reason, learning to manage your monthly bills and pay everything on time is one of the most important life skills if you want to save money.
After all, if you pay a bill after the due date, you will be liable to late fees, which can seriously add up over time.
4. Patience
Patience is the key to saving money.
Think of saving money as a journey as opposed to a destination.
The more money you can contribute to your savings on a regular basis, the more significant the return will be over time.
If you’re impatient, you can easily fall into the trap of buying things you can’t afford, which leads you straight into debt.
Meanwhile, living within your means and patiently contributing to your savings and investments every month will put you in a much better financial position in the long run.
5. Investing
Investing your money is the path to wealth, and the best way to develop a stream of passive income.
Sure, some investments are better than others, but there are plenty of safe, diversified investment options that lower your risk.
You don’t need to be the Wolf of Wall Street to earn a decent return on your investments.
For instance, you could invest in mutual funds with a successful track record, or you could simply contribute to a 401K through your employer.
And if those options are still too intimidating for you, you could hire a financial advisor to help you with your investing.
6. Cooking
If you’re reliant on other people to prepare meals for you, things can get expensive quickly.
Learning how to cook is a super valuable life skill that can save you a ton of money and give you independence and the freedom to prepare food that you love.
You don’t have to complete a complicated culinary course to learn how to cook, either.
All you have to do is spend some time in the kitchen with a friend or family member and learn the ropes.
You’ll be amazed at how quickly you can pick up the basics.
7. Meal Planning
Tied in with the last point, meal planning is an essential life skill that will save you money every single month.
If you plan your meals in advance, you can buy ingredients in bulk and freeze additional portions so you can defrost and enjoy them for future meals.
Meal planning won’t only save you money, but it can actually help you to lead a healthier lifestyle, too.
Oh, and the best part is, there are hundreds of simple-to-follow meal planning blogs online if you’re looking for inspiration to get started.
Related Post: 11 Tips For Meal Planning On A Budget
8. Basic Automotive Skills
If you have a car, learning rudimentary automotive skills will save you lots of money.
If you can do small things yourself, it means you don’t have to take your car to the shop every single time it has an issue.
I mean, mechanic bills are super expensive!
Ask someone you know to show you how to change your oil, swap your tire, and jump-start your battery.
These simple skills will get you out of trouble on the road and will save you from spending an unnecessary bundle of cash.
Related Content:
- How Much To Spend On A Used Car?
- 7 Best Ways To Save Money On Car Expenses
- 10 Best Ways To Lower Your Car Insurance Costs
- Fix Hail Damage Or Keep The Money? (A Guide For Car Owners)
- 7 Reasons To Pay Off Your Car Loan Early
- Do Car Dealerships Accept Cash? (Getting The Best Deal)
- Buying A High-Mileage Car: 10 Practical Tips
9. Home Improvement Skills
Some people love DIY, while others hate it!
But developing some home improvement skills will help you keep your house in good shape.
Begin by learning how to paint, maintain your yard [mowing your lawn and pruning your hedgerows], and then increase your skillset to include things like carpentry or plumbing if you can.
The more home improvement skills you have as a homeowner, the more money you can save.
10. Doing Your Taxes
When it comes to the time of the year for submitting taxes, many of us have to pay hefty accountants fees on top of our contributions.
These fees can be avoided by doing your own taxes.
The process will seem incredibly confusing and complex at first, but after following some YouTube tutorials, you will realize that things aren’t so difficult after all.
In particular, if you don’t earn money from several sources, you should submit your tax return yourself through a platform like H&R Block.
11. Interpersonal Communication
It’s amazing what can transpire if you have the confidence to talk to strangers.
Developing interpersonal communication skills is an excellent way to sniff out opportunities that can often lead to exciting outcomes like freelance work or even a dream job!
Understanding how to communicate well with people outside of your friendship group and family takes some time, but you will be thrilled you made an effort when you start seeing the results.
12. Negotiating
While you can’t go into Walmart and negotiate the price of something off the shelf, learning how to negotiate (and having the courage to do so) can save you a lot of money in many circumstances.
From buying a car or home to paying for dental work, the better you are at negotiating, the more money you will save.
13. Self-Directed Learning
You don’t need a college or university degree to improve your income-generating opportunities.
With the proliferation of the internet, there are so many ways that you can boost your skills by signing up for various courses [both free and paid].
For instance, you could learn to code, speak a second language, take professional photography, and so much more.
All you need is the discipline to work your way through an online course and practice.
Seriously, self-directed learning is a life skill that can help you increase your income significantly, and thus, save a ton more money.
Related Content: What Does It Mean To Be A Self-Starter? 10 Key Traits
14. Gardening And Landscaping
If you’re blessed with a beautiful garden at home, take the time to look after it.
Learn about what plants thrive in your local environment, and look for tips on how to care for and perfectly manicure your lawn.
Even better, if you can learn to lay patio slabs and landscape your garden, you won’t have to pay a professional company to come to your home and do it for you.
This can save you lots of money on labor and construction bills, and even boost the value of your home.
15. Sewing
If you can sew, you can easily repair a hole in your nice pants or re-attach a button on your favorite shirt.
This saves you from having to discard the item of clothing and means you don’t have to fork out on an expensive replacement.
On another note, if you know how to sew, you could turn your skills into a side hustle that earns you a nice bit of extra income. Whether it be teaching other people how to sew, or selling the items you create, sewing is a great life skill for people that want to save (or earn) more money.
16. Fishing/Hunting
Fishing and hunting is a great way to save money on the cost of meat and fish.
Seriously, one Elk can fill a massive deep freezer. And, in many cases, an day on the water can provide you with enough fish to feed your family for the week.
While some people might consider these to be a bit primitive, there’s no question, these are 2 life skills that can save you a ton of money in the long run.
17. Preserving Food
Preparing food in batches and preserving it for future use is an excellent way to save money.
Certain vegetables can be pickled, while others can be preserved in vinegar or other sauces.
And, of course, if you pre-make your meals, you can preserve them safely in the freezer to enjoy at a later date.
18. Chopping Wood
If you have an open fire source at home or in the garden, spending money on chopped wood can get expensive.
Luckily, you don’t have to!
If you can find a few trees to cut down, and learn how to chop the wood yourself, you can save a nice chunk of change.
19. Self-Control, Discipline, And Focus
Self-control, discipline, and focus are three of the most important life skills you can learn if you want to avoid harmful spending habits and save a ton of money.
Beyond that, learning these skills will help you in every other area of life—from your marriage to running your own business.
The more self-control, discipline, and focus you apply to the different areas of your life, the more they will flourish.
20. Critical Thinking
You might not instantly see how critical thinking can save you money.
But thinking deeply about a situation and considering various viewpoints before making a decision can be hugely beneficial to your personal finances.
Before making a considerable purchase, you should think critically about how it will affect your life, as well as what the alternatives are.
Remember, just because other people are doing something, doesn’t mean you should, too. Based on my own experience, it usually means you shouldn’t.
21. Perseverance
When it comes to saving money, (or any other goal you have) perseverance is essential.
As the saying goes, “anything worth pursuing is never easy.”
So, for those that are willing to go against the grain, push through the difficulty, and stick to their principles over a long period of time, the rewards are great!
22. Decisiveness
Being decisive is about understanding your principles and sticking to them.
If you know a particular purchase, if you know you can’t pay for it outright, deciding not to buy it right away makes good financial sense.
Also, decisiveness can help you in a number of professional situations, which can help you win clients and land new business.
When it comes to financial matters, decisiveness is a great skill to have.
23. Couponing/Bargain Hunting
When it comes to saving money, the better you get at couponing and bargain hunting, the more money you can save.
Websites like Rakuten and Honey are a bargain hunter’s best friend. Rakuten allows you to earn cash back on purchases you make online, and Honey searches the web on your behalf for the best possible coupons.
My wife and I use these apps all the time, and I can tell you that they save us a ton of money.
24. Tracking Your Net Worth
In my experience, tracking your net worth is one of the best ways to make strong financial choices.
Not only does it help you understand the negative impact of debt on your finances, but it also helps you find areas of financial improvement in your life.
If you’d like to track your net worth, all you have to do is add up the total value of your assets (things like your savings account, investments, equity in your home, etc.) and then subtract the total value of your liabilities (i.e. debt).
You can even use an app like Personal Capital to keep a running total on your net worth, and simplify the whole process.
Either way, tracking your net worth is one of the best life skills you can learn if you want to save more money.
25. Avoiding Scams Or ‘Get Rich Quick’ Schemes
If you want to save yourself a ton of pain and financial hardship, learning how to identify and avoid scams and “get rich quick” schemes is a life skill that will pay off big time!
Whether it be a suspicious email, text, or “investment opportunity,” the better you get at avoiding these malicious scams, the better off you’ll be.
Final Thoughts
As you can see, there are tons of life skills that can save you money.
And the best part is, most of them are straightforward and simple.
From practicing more discipline to living on a budget, the life skills in this post can save you quite a bit of money over the course of your life.
About The Author
Leave a Reply