Saving money can sometimes seem impossible. Between regularly occurring expenses and the unexpected ones, its often hard to find any extra money to sock away. The best savings strategies are the ones you’ve heard ad nauseam, because they work. The key is finding ways to make them work for you.
We’ve all heard it at least a thousand times – having savings directly withdrawn from your paycheck, or from your bank account on payday, is the best way to save without missing it. The problem is, too many people believe that in order for it to “count,” the direct deposit has to be huge. Not so. Even $10 deposited from each paycheck adds up. If you can do $10 from each paycheck without feeling the pinch, try for $20, then $50, and so on.
- Save Money on Vacation to New York City
- Saving for College as a Single Parent
- How To Build a Zero Sum Budget
- 11 Secrets of the Money Smart
For some, saving money means simply not having access to it. If you’re the type who tends to run wild with plastic, put away your debit or credit card and vow to use cash only. Going cash only can be difficult for those who are addicted to the ease of using cards, so take baby steps. Try using cash only on Tuesdays, first. Then add another weekday, then another. Limit yourself to just the amount of money youll need for that day, and leave the rest at home. Before long, you’ll see your spending habits start to change, as well as your bank balance.
Breaking Your Bad Habits
We all know that habits like smoking and stopping at the pub for a drink each evening add up. But you may not realize how much you can save by breaking other bad financial habits. Not paying bills on time and racking up financial charges, overdrawing your bank account, using a credit card for purchases, then not paying your balance off in full – these are examples of bad financial habits that add up to lots of money over time. Break these habits, and save the money.
If you want an eye-opening experience, keep tally of the money you spend eating out each week. Cut out just one or two restaurant meals a week, and save the money youd have spent in a box or envelope. Do this for a month. Deposit the savings.
Saving Your Coins
A tried-and-true method of saving that works for almost anyone is saving your coins. Its as easy as refusing to spend coins. At the end of each day, or each week, empty your coins into a jar. By the end of the month, you should have a tidy pile of coins to deposit. And youll be surprised at how much you look forward to saving and counting your pocket change, not to mention how it adds up.
No one ever said saving money was easy, but using your savings for surprise expenses, big purchases and even vacations or down payments on a car or home is much easier than putting them on plastic.