These days it seems to be getting harder and harder to save our money. With increased pricing on everyday goods, impulse purchases, and even those untimely emergencies, it’s clear why it can be hard to get ahead. This short list of tips can be your beginners guide to everyday saving. Learn how to save for your dream vacation, plan for future expenses, or even retirement and start looking forward to a brighter, financially free future.
- Set Goals:
First things first, you need to set a clear goal of what you want to achieve with your savings. Ask yourself what you’re saving for–retirement, vacation, new car, an emergency fund–set specific financial goals that help guide you in the right direction towards saving. Journal your goals; Make it clear how much you need for each bucket and a rough timeline of when you hope to achieve it. This will be the start of your journey to financial stability and help keep you focused along the way.
- Piggy Bank:
If it ain’t broke, don’t fix it. We are never too old for this tried and true way to save. Each day, take your spare change, small bills, maybe even a big bill here and there, and deposit away. Whether this is an envelope on the back of the door, stowed away in your safest place, or in your bedside piggy bank, this method can accumulate fast. Try to challenge yourself: match your daily change or double deposit weekends. Do little things to keep it fun and you’ll have your fortune in no time.
- Track Your Spending:
Goals are set, piggy bank is bedside, now it’s time to get an understanding of our non-essential spending habits. Set yourself up with a simple spreadsheet or budgeting app and see where your money goes. It may come to surprise you how quickly the little spending here and there adds up. Find ways to cut your spending and divert those dollars towards your savings. If a $4 coffee a day can add up to $120 a month, just imagine how much all your little purchases add up over time. Cutting back on a few small, non-essential expenses could lead to big savings!
- Track Expenses:
In addition to tracking your spending, you need to get a handle on your specific expenses or your already allocated money. Pull your spreadsheet back up and put in your bills–cell phone, rent, utilities, car payment– things like this. Knowing where your money is already allocated will help you better understand your savings goal and timeline. It’s a great feeling to watch your savings become more robust, but it can be harmful if we over-commit dollars already needed elsewhere, like groceries.
- Look for Discounts, Coupons, and Shopping Options:
Stop! Don’t buy it yet! Take some time before making your next purchase to see if there are any discounts, coupons, or if another outlet has it for less. There are amazing resources online for finding active discount codes, coupons, or even price comparisons for items from different merchants; Some companies will even beat the price of a competitor. This is a great and easy way to save a couple bucks. Discounts and couponing, though time consuming, can often yield incredible results. Do some quick research and see what you come across, those dollars all add up.
- Buy in Bulk:
We are all creatures of habit and the same goes for our consumer purchases. For the products you buy regularly, consider purchasing in bulk. Wholesale facilities often lower the prices per unit when buying in larger quantities, which can add to substantial savings, especially overtime. When buying wholesale, be sure to keep an eye on the item’s expiration date to avoid over buying and generating waste.
- Pack Your Lunch:
Getting rid of the takeout habit and preparing your meals at home can add a considerable amount of money back into your pocket each month. This will also enable you to make better, healthier choices at home instead of the limited unhealthy takeout options. Many people prepare meals on the weekends to be more ready for the coming week. This type of preparation and buying in bulk are the perfect pair.
- Automate Savings:
Set up your accounts to auto save. Start by aligning what will best fit your budgetary needs. You can set this up however you want–once or twice a month, when you receive a paycheck, money over a certain dollar amount–consider what amount you want to save based on your previously drafted expenses. Once in place, let it ride. You will begin to see your savings grow each month with hardly any effort.
- Cancel Subscriptions:
I know, this is the last thing you wanted to read when making an effective budget for saving. But when you look at the big picture, it will be worth it. Many streaming services have gotten much more expensive than in previous years and it all adds up. Cutting out some of these services can be an easy way to get more money back into your pocket, and help increase your monthly savings, or assist with financial priorities.
The Budget:
Now it’s time to take all we’ve learned and figure out your budget. Begin by allocating money from your income to your expenses. This will help you understand how much you can afford to save and finally, spend. How much you’ll want to set aside for savings needs to align with your goal and rough timeline. With spending you’ll want to be careful, overspending can throw your off savings goal and timeline.
A great way to monitor your spending is through a prepaid debit card. You are able to add your spending amount on the card through the mobilemoneyinc Mobile App (available on Apple & Android marketplaces) and monitor your spending in real time, view transaction history, receive spending alerts, add your prepaid debit card to your digital wallet, and even enable tap to pay.
Conclusion
By implementing these easy strategies—setting clear goals and timelines, tracking your spending and expenses, leveraging discounts and competitors, buying in bulk, preparing your meals, setting up auto saving, and getting rid of unnecessary subscriptions—you can begin to achieve your financial goals. Saving money requires commitment and persistence, but by using these steps, anyone can have a bright financial future. Start today, and watch your savings grow and hit your financial goals!
