If you’ve followed our blog for any length of time, you’ve read SEVERAL blogs regarding the importance of saving. We’ve talked about WHY saving is important, HOW to save, HOW much to save, well you get the point. If you need a quick refresher, just scroll back through some of our older blogs!
Saving is important not just for long-term goals, but even short-term goals and luxury items. Most of us don’t just have a few thousand extra dollars just lying in our wallets to take that trip we’d like, so we have to SAVE. Saving applies to every aspect of finances.
Today, we are focusing on WAYS to help you save a little bit more.
Stash those Coins
I know this sounds REALLY elementary, but save that pocket change! You would be SHOCKED at how quickly that change accumulates and adds up! Decide to put all loose change in a jar or some other container for a fixed period of time (maybe a year) and DON’T touch it! Just keep tossing those coins in there each day. That money will really grow. You’ll be shocked at how much you’ll have after a just a year.
Don’t be Impulsive
When making a purchase for some non-necessity item, give yourself some time to mull over the purchase. Do you REALLY need it? Set up a certain time frame in which you will avoid purchasing the item (a day, a week, or whatever is best for you). During that time, consider whether or not the item is important enough for you to return to the store to purchase.
How Long Did You Work?
Instead of looking at the price tag in terms of dollars, think of it in terms of how long you will have to work to purchase it. For instance, say you make $25/hour. If you are making a purchase for an item that costs $100, that means you will have had to work 4 hours (actually more because of withholding and social security deductions) to afford that item. Is the item worth that amount of your time? Many times, thinking about purchases in these terms will cause you to realize you don’t really need the item after all.
Pay Yourself First
We’ve harped on this one A LOT, but we will do so one more time! Before you use money for ANYTHING else, decide on a set amount to save each month. If your employer offers a 401K plan and you participate, this will be even easier for you. The money will be automatically deducted from your paycheck and deposited into a retirement account. You’ll never miss the money since you didn’t have it to begin with, AND you’re saving for your future! If your company doesn’t have an automatic savings plan like the one mentioned, start a good habit and do it yourself! Decide on a certain percentage or dollar amount you will save from each paycheck. Then, when you get paid, take that money out FIRST and deposit it into your savings account.
These are just a few ideas to help you to save just a little bit more. Follow one of these tips or come up with one of your own; the important thing is that you are SAVING!
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User, Super. “54 Ways to Save Money.” America Saves, americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money.