Why do some of us save more money than others? Research into this question found that people save more money, even when their income is the same as others, because they spend less money, specifically in three categories.

First, high savers spend less money on housing. Mortgage or rent payments are commonly the biggest expense in your budget, and there are a lot of factors to consider when deciding when, where, and whether to rent or buy.

Second, high savers spend less money on food. This includes groceries and eating at restaurants. Preparation and dedication are two keys to save money in this area. Meal plans can help reduce the cost of food, and sticking to the plan means less wasting food that we don’t get around to eating.

Third, high savers spend less money on transportation. In most of America, this includes the cost of a vehicle. Considering the age and size of a car impacts how much you’ll spend on one. Used vehicles that are smaller tend to be less expensive than newer or larger vehicles.

In this episode, Gary & Christy talk through these areas to provide some tips to help you save more.

Episode Resources

• https://www.nerdwallet.com/article/finance/better-savers-spend-less
• Related Bountiful episodes:
  • https://thelightnetwork.tv/bountifuls6e12/ – “Tips For Meal Planning”
  • https://thelightnetwork.tv/bountifuls4e14/ – “How To Stop Overspending.”
  • https://thelightnetwork.tv/bountifuls5e6/ – “Should I Rent or Buy?”
• https://www.thepennyhoarder.com/save-money/how-to-save-money-on-utilities/
• https://dontwastethecrumbs.com/saving-money-on-food/
• https://www.moneycrashers.com/save-transportation-costs/