My sister always saves $200 from her salary every month to donate for poor people.
The first thing that you have to sacrifice is on your HOME. This is where we spend most of our money. Most of the income from our monthly salary goes into mortgage payments, upkeep of the house and many other petty expenses. But these petty expenses often results into huge some of expenses at the end of the month. Often people likes to stay in big houses because it adds to their status symbol. Staying in a cheaper Geographical area or a house with 3-4 rooms would be more than enough for a family. Focusing on the positive aspects of the life is very important. Staying in a big house and paying huge amount of mortgage payments for that house is not at all a good aspect.
Secondly, try to sacrifice on your CAR. There are some unworthy expenses associated with cars like repairing charges, insurance fees, petrol, diesel, etc. Bigger the car is more will be your expenses. It would be better to use a public transport rather driving a very expensive car. The motive is to reach the desired destination no matter you travel by your own car or public transportation. I really understand that this is not so easy but to get something you have to lose something.
Thats my house, Small and Sweet
Thirdly comes your VICES. It is nothing but a waste. Trust me it is not at all a worth wasting money on poker, gambling or going to strip shows etc. There are many people among us who waste loads of money on buying alcohols and cigarettes knowing they are injurious to our health. First we consume them, waste our money and then when we fall sick again a huge sum of money is spent on doctor fees. I know it is not at all easy to give up these addictions but something is better than nothing.
Fourthly, the Luxuries of your life. In this area already people sacrifice a lot, but still there are many things to work upon. Stop going for dinner everyday, once or twice in a month is more than enough. Restrict yourself from buying branded products, watching a movie at home is a better option than watching it in theaters.
Lastly, the most important of all, your TIME. Its better not to waste our time by doing nothing rather working upon the ways to save extra money. Try to work for few hours on weekend also so that you can earn some extra money out of it. Working as a freelancer from home is a good option. In that way you will be able to spend your time with family as well as you will be able to get hole of some extra income every month.
If you will not respect your time, time will not respect you
Whatever sacrifices I have listed will not be possible in a fraction of a second, it requires a very strong and will power. You need to change a lot of your living styles and habits in order to spend less. If you take these as a mission, then I am sure it is not at all a difficult task to work upon. A little effort is more than enough.
My Personal Thoughts :
1.) I do agree that home is a huge expenses. But buying a good home is a one time chance and so it is advisable to purchase home before the economy gets back to normal.
2.) Car too adds a lot of expenses, but it actually depends on how you maintain your car. Purchasing a new car in 5 years is not a big deal.
3.) Vices are definitely a bad thing. And me being a girl have got no such bad habits though I drink occasionally which is absolutely fine.
4.) I do not enjoy so much of luxuries because i love to save money and donate the same to the poor people. Though I have got a mobile phone, an i-pod, a laptop which are the necessities and not the luxuries.
5.) I always believe in one thing. "If you don't respect TIME, there will be a time when it will not respect you."
Never Spend Your Money Before YOU have it..