Let’s say one of your financial goals is to save money but you don’t know where to start. I have written some ways that you can save money to achieve your goals. Keep in mind, some of these will require you to face your inner demons and say ‘Bye-Bye’ to materialistic conventions, temporarily or permanently.
First and foremost, we always start with a plan. You will need a savings plan that includes a savings goal, a budget and tracking that budget. Make short-term [Ex: Get a High Yield Savings Account] and long-term goals [An IRA account with contributions]. Long-term goals are still presently happening, but less money will be going towards them because the short-term goal might have priority. Decide which goals are the most important for you to put the most effort into. If you’re going to need a new A/C unit, that is a short-term goal because it’s important to have comfort and well-being at home during strong climate seasons.
Let’s continue on and look at some more ideas:
Reduce restaurant spending
Don’t have expensive hobbies [Ex: retail therapy, scuba diving, golf, cars, exotic and large animals, Mountain biking, Culinary like wine, Crochet, Video Games, Music/Photo/Video Gear, etc.]. If you have this kind of disposable income, try using a 1% Threshold rule to manage the frequency of your expensive hobby purchases.
Cut down on your spending. Have a dry Week / Weekend / Month. These dry times are when you don’t spend money on anything but necessities. Although, make sure you don’t overspend in the non-dry times because if you do, it will defeat the purpose of you having a dry time.
Cancel subscriptions: Tubi, Pluto TV, Bilibili, Vimeo etc. are FREE video & TV apps No need to have cable, Netflix, etc. Live with the ads because they are saving you money. You can also buy a TV box from Amazon that costs 80 and never pay for a subscription again. Only pay for what YOU want to see [Ex: renting a movie for date night].
Find Free things to do. Meet up, community events, Local Free Events via a google search, Eventbrite, etc.
Move: It isn’t always possible but if it is and you can find a cheaper place to rent or live, do it.
Automate your savings by having the same amount deducted from your checking account into your savings account each month.
Pay off debt
DIY Decorations - Creativity with Gifts - 1 Time purchase to use for many years. Example: Buy an artificial Christmas tree to use every year. You’re saving the planet and your wallet. Make your own decorations instead of buying them. Upcycling is a thing and it’s good for the environment. It’s also a good way to spend time with your family and friends.
Take only the cash you need to the grocery store/gas station for errands. Ditch the plastic debit/credit cards to prevent you from having an impulse buy on an errand.
Buy in Bulk and meal prep. If you meal prep you can bring your own lunches to work/school. If cooking isn’t your thing yet, you can go to your local supermarket deli and buy one of their fresh lunch meals. Chances are it will healthier and cheaper than any take-out you could get.
Reduce your energy consumption. Turn off lights and water whenever not in use.
Track your expenses. You can do this manually or using your bank’s/credit card’s expense report to see where most of your money is going.
Add your savings to a High Yield Savings Account that will earn you more money in interest.
Search for discounts. Don’t be lazy. You worked VERY hard to earn the money you’re about to spend. You woke up early to go to a job you may/may not hate, came in sick to work to show dedication and you’re losing sleep from the stress of the job. Don’t always accept the first thing you see because it’s convenient. Search around, compare prices and wait for the best deals. We’re already seen articles about retail mark-ups and mark-downs during the holidays.
Save your coins. If you add $1.00 every day to a piggybank, it can add up to an emergency fund, fun money fund, travel fund, etc.
Always put a portion of your work bonus and tax refund towards savings [approx. 10-20%]
Put spending limits on your debit and credit cards. Go to your setting and set an alert via text or email. It will let you know when you’ve reached your limit. This is an added layer of discipline for you.
Try a local Investment Development Account [I.D.A.] program designed to help low-income earners save. If you qualify, you might be able to have your saving contribution matched dollar to dollar or more. There may be financial education sessions you must attend if you are planning to buy a home, continue your education, or saving for business. Check at Prosperity Now.
For a list of more Saving Money ideas, visit America Saves.
📢Need financial advice? Contact me for a 1-on-1 financial coaching session!
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