13 Jul How to step up your savings game!
Throughout our lifespan the economy has and will continue to move in waves. One way to be prepared for any financial wave up or down is to have money saved. We know that hearing the word “save” can bring a mix of emotions. If someone has a limited income, saving came seem impossible and feel defeating while on the other end if some has an abundant income the ways in which you can save and invest become overwhelming. Today we discuss some of the best and easiest ways everyone can save regardless of their current financial situation.
We have all heard it before, maybe a million times…make a budget! We know making a budget is about as exciting as getting an oil change but just like a car needs oil to run smooth, a budget can help finances run smooth. Start a budget by reviewing current spending habits going back at least three months. The ability to see and understand how money was spent will allow room for the most impactful adjustments moving forward. Using the budget, set both long and short-term goals. For example, a short-term goal could be to eat out one less time a month and put the money you would have spent going out into a savings account. A long-term goal could be saving for a house, figure out the money you will need to save and then back your budget into that goal. Try to stick to your budget keeping in mind your goals, is a new bag now better than a house later?
Set up auto payments to yourself. That’s right pay yourself. By setting up automatic payments to your saving accounts you can plan for it and treat it like a bill, that way you don’t have to think about it! Most banks have this feature but if they don’t there are endless apps that can provide this feature. While on the topic of automatic payments be sure to review the automatic payments coming out of your account, are you still using all these services? If not, be sure to cancel the plans you aren’t really using any more.
Look out for free, discounted or promo offers. We aren’t talking about just cutting coupons. Now a days there are endless apps and sites to help you find the best deals possible. Are you in the market to buy a new summer read? Well try visiting your library instead and get a book for FREE, did you know most libraries also provide audio books for free? Looking for a new table be sure to check locale sources and places like Facebook marketplace or Nextdoor you may find just what you need for half the price! Becoming resourceful will save you tons of money over time helping you have more fluid income to save.
Be mindful about how you eat! Meal prep, create grocery lists, and looks for deals when you go out. Meal prepping not only helps you eat healthier, but it helps you save. Having a meal prepared in advance will mean you are less likely to go out or order in randomly. This meal prepping goes for lunch as well. If you go into the office for work bring your lunch instead of eating out. Making a grocery list will help keep you on track and stop you from overspending on things you don’t need. When you do go out to eat check-in with the local restaurants for deals they are running now a days most places have deals they offer through their apps or depending on the night of the week.
Have you recently received a bonus or a raise? If so, save it. If you were able to live off your old salary than keep doing so and put the additional money in your savings account. Same goes with side hustles. If you have a side hustle that makes money, try putting that directly in savings. If you are a spender and spend money as you see it, try setting up a saving account with a different bank or put it in an interest earning account you can’t touch.
Think about big purchases and spend like you earn. What we mean but this is say you see something new you want and its $100 try to think about the about of work that goes into buying that item. If you make 10 dollars an hour this would cost you 10 hours of work, is it worth that? Having this though process prior to buying items will put into perspective the true value and if your desire is really worth it. It will help combat mindless impulse purchases. Another way to plan big purchases is around the time of the year, if you are in the market for a new TV wait for the time of year when a big sale will happen, and you can get your TV at a discounted rate.
Tackle debt, it is hard to save when you have debt looming. Even if you pay $1000 towards your debt you will be saving in interest. Most simply put try to live within your means, do what is comfortable to you. There is no need to “keep up with the Jones” this also goes with your family, try to set boundaries. Do you still get Christmas gifts? Try doing a family secret Santa with a price cap. Or remember thoughtful homemade gifts can be just as great if not better than something you would buy. Every little bit saved eventually adds up big.
These are just some of the ways you can start saving today no matter your income so you can be prepared for whatever the world throws your way. If you are looking for new ways to earn money so you can save even more check out the amazing opportunity we offer here at FITTEAM.
Sources:
https://americasaves.org/resource-center/insights/54-ways-to-save-money/
https://www.nerdwallet.com/article/finance/how-to-save-money
https://www.thepennyhoarder.com/save-money/how-to-save-money/