Saving money is something we all strive to do. Being able to save more money can speed up the time it takes to reach our money goals.
A little bit of saved money can go a long way. Using just 1 or all of the ways listed below can easily add hundreds or thousands of dollars to your savings yearly.
What could you accomplish with an extra $100 or $1,000 added to your budget? Pay off some debt? Go on a trip you haven’t been able to afford?
Everyone’s personal money goals are different so apply whatever you can to your goals. Remember that although your goal is to save money, taking extreme measures isn’t always the way to go. Saving money can require sacrifice but doesn’t and shouldn’t make you miserable. If you are just starting out, take baby steps in your savings journey. Just saving $5 a week adds up to $260 a year. An extra $260 can easily become a nest egg or emergency fund.
Try some of these tips to jumpstart your savings journey:
- Open a savings account. If you just have a checking account, leaving money in it can be hard. Having just an account to keep all of your saved money can help you stay more on track.
- Have an automatic transfer. Every Monday, I have a scheduled transfer from my checking account to my savings account. I don’t miss the money, because its gone before I have a chance to spend it. Most banks will allow you to have a scheduled transfer so talk to one of your bankers.
- Keep drinks in your fridge. If you eat out a lot(like I do) then you spend a lot of money that you could save. While we work on cutting back on eating out altogether I have been able to save money on my bill by not ordering a drink. Buying just a burger or taco without the added drink saves me $2-3 per meal.
- Actually stick to your shopping list. How many times have you gone into a store for one thing and came out with three? Make a shopping list that you can actually stick to and stick to it. Go when you full so you don’t impulse buy and give yourself a set amount to spend so you don’t go over.
- Give yourself money to spend. When saving money, it’s easy to indulge every once in a while on something you want. It’s only natural that you will be tempted into getting things so allow yourself $20 or so to spend.
- Cut back a little on everything. Buying things takes money. If you use a little less gas and make sure that you eat all of your leftovers instead of letting them go to waste, you save money. Find a few things in and around your daily life that you can cut back on a little.
- Save your change. Seriously, get yourself a piggy bank that you can’t see into and put all loose change you have into it. At the end of the year open it and put that money into your savings account.
- Actually use coupons. Have you ever spent the afternoon cutting out coupons just to let them sit? One tip that can save you money and ensure you use your coupons is to make a list of what you need and just get coupons for the things on your list.
- Try home remedies. Unless you have a serious medical condition, most mild colds or cuts can be treated at home. Save yourself the money you would normally spend at a doctors office and go old school.
These are just 9 tips that have helped me save money over the last few months. There a million and one ways that you can save money so if one way doesn’t work then keep trying.
If you have already tried any of these tips or if you would like to share any others, please leave a comment below. Thanks!