Saving money can be hard, especially when you live that paycheck-to-paycheck lifestyle. However, it’s really not impossible, it just takes a little know-how and support to get things going. So, we’re here to be that support system by bringing you 10 of the best ways we believe you can save more money!
Create A Budget
In the beginning stages of any significant change in your life, good or back, a new budget needs to be made. It doesn’t matter if you get married, earn a promotion, start a new job, get laid off, have a baby, adopt a dog, let your mother-in-law come live with you, or even open up a franchise with your best friend in some crazy early-retirement scheme – you need to make sure you know where every cent is, and where it’s going at all times.
Account For Emergencies
Emergencies can be major financial obstacles. You don’t know when they’re coming, or how much they will cost. It could be anything from a blown tire, to an unknown disease destroying your loved one and depleting your financial resources. That’s why, you need to set aside emergency money each month in addition to your savings. Even if all you can spare is $500, you’d be surprised just how much it comes in handy in a crisis.
Between your bank offering features that allow you to transfer so much of your incoming funds as you want directly into your savings, and apps specially designed to take pennies off your dollars and invest them into portfolios for you, there are countless ways to save every month – so pick one. Even if all you can contribute is $10 per month at first, stick with that until you can increase the amount, and keep doing so until you’re putting away enough to ensure your security in any situation. Just remember to leave the money alone, even if you just want to borrow a few bucks here and there, it always adds up.
Save For Your Retirement
As early as you can start saving for your retirement. Get an account with a high return rate, and make sure you put as much in as possible as often as possible. For example, if you were to deposit only $1,000 into a 401K account with a standard 6% interest rate on your 18th birthday, and you left it there without any further contributions, you would have over $15,000 by the time you turned 65. Now imagine you could save just $1,000 every year, or more. You could save so much money over the course of your life for less than the cost of one cheap up of coffee per day ($3).
Treat Yourself To More Savings
It can be hard to resist an impulse by now and then, and it’s important to remember to treat yourself. However, try turning your ever splurge into a chance to save by contributing the value of your impulse purchase to your savings account the same day. After all, if you can afford to spend, you can afford to save. Plus, it will keep you far away from larger expenses and help you be more aware of just how much you’re spending on non-necessities.
Shop With Time In Mind, Not Cost
It can be really easy to spend $50 or ever $100 on something you don’t need, especially when you see a sale sign. However, equating that monetary value to the time you invested in earning that money can be a great trick for avoiding frivolous purchases. For instance, if you make $15 per hour, you can ask yourself if whatever it is you’re spending that $75 on is really worth the five long hours you spent earning it.
Take Drastic Measures If Need Be
For some people, spending less is like torture. So, if you can’t trust yourself to stick to your new budget, try doing things old school for a while. Instead of using your debit cards, credit cards, and other banking cards, give yourself a cash allowance to spend every week. When you’re out, you’re out.
Strive To Accomplish Short-Term Savings Goals
Setting aside $25 per week is a lot less intimidating than setting aside $100 per month, so spread out your savings and don’t be afraid to up the amount once in a while. Short-term goals are much easier to stick to than long-term goals, so be sure to break up your savings as much as you need to. All that matters is that you’re making an effort to save!
Adopt The 24-Hour Rule
Anytime you see something you just have to have, just stop. Remember, you’ve lived your life up until this moment without whatever it is, and it’s not going to change your life. So, to keep you from losing control, take 24 hours to cool off and think over the purchase. If you still have to have it, it will still be there waiting for you. If not, you just saved yourself some money!
Every time you buy something online it isn’t long before your inbox floods with emails with discounts and savings offers. These can be all too temping to stay away from, especially when it comes to your favorites stores and websites, so really the best thing you can do is unsubscribe. Stop all incoming ad emails in their tracks and make sure you never have the chance to see just what kind of deals you’re missing out on. You’re a saver now, not a spender, and savers have no need for useless junk mail.
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