Tips For Saving
Feel like you don’t save enough money? Feel like you’re constantly spending and spending and then living from paycheck to paycheck. Maybe it’s time to change the way that you look at your finances. In order to help, here is a list of ten ways that you can do better for yourself and your spending. Meaning, here’s of ways to NOT spend as much and save more.
Establish a Budget
First and foremost, establish a budget. You want to know how much money you can spend on every aspect of your life. How much to you can spend on rent, on utilities, on coffee, on dates, and everything else under the rainbow.
Set Up Automatic Savings
On top of that, it would be a great idea to set up automatic savings. Have your bank direct some of your income to a savings account. Out of sight means out of mind. That way, you won’t think of the money as being available to spend.
Work In Short Term Goals
On top of that, you want to know some goals and benchmarks for saving your money. A good way to start that is to work on smaller goals. These goals should be something like saving 500 in two or three months. Work small and let the savings grow.
Save Tax Refunds
On top of that, save the big checks. It’s currently tax season in America and that means many people are jumping for joy with extra money in their pockets. Unfortunately, many are spending that money. Don’t be like them. Save it.
On top of that, save the little money too. Coins may seem useless in today’s world of debit and credit cards, but they can still add up. Save up on coins and deposit them into your bank account every now and then. You’ll be surprised by how much you collected.
Utilize A 24-Hour Rule
One great rule to establish for yourself is the 24-hour rule. If you feel the need to buy something on impulse, remember this rule. Think, “Will I still want this in 24 hours?” Wait and see. It might turn out that the answer is no.
Match Splurges with Equal Savings
Another great rule to add for yourself is to match the splurges and impulse buys with equal amounts of savings. If you spend $8 on a random cup of coffee you didn’t need, store an additional $8 in your savings account.
Mind the Monthly Payments
Make sure that you have a good idea of how much money is going out of your bank account each month. Maybe you don’t need to be paying money for Amazon Prime, Spotify, and Disney+. If you need to free up your bank account, get rid of one of those monthly services.
Plan Meals/Groceries Ahead of Time
But what about groceries? Having food in your house is a must, but do you need to be spending $40 a week on buying food for yourself or over $100 a week on buying food for your family? Consider planning what meals you’ll be making for the week and only buying the ingredients you don’t already have.
Look Into Debt Counseling
Lastly, seek out help if you need it. It’s always a good idea to seek out help when we need a second opinion. Whether the issue is about mental health, physical health, or financial health. Go find a free debt counselor near you if you want to learn how to save.