When it comes time to make a large purchase, say a home appliance or new mattress, sacrifice the expense that it will take to buy a quality item. Collecting your change is an easy way to start saving real tangible money, and believe us, it will add up over time! 9. Coins cluttering up your nightstand or cup holder in the car? Gather them all and listen to the clanking sound it all makes when it hits the bottom of your bank. Have coins randomly at the bottom of your purse? Throw 'em in the jar. That few dollars and change you elected not to spend at the snack bar at the movie theater last night can find a new home inside the piggy bank, along with any other change you have lying around. Just as you likely had as a child, designate an item in your home as a 'piggy bank'. Or, better yet, skip the popcorn all together and hang on to your change. You'll forgo getting the large popcorn bowl at the movies if you only have enough for the small. For these types of occasions, use cash whenever possible to make your purchase, that way you only spend as much as you have in your pocket/purse. We've all needed beverage from the gas station during a long drive or a night out to see the newest Hollywood hit film starring our favorite actor. With every budget plan, it is important to account for some expenses that could pop up out of the blue. And if you've established that budget previously mentioned, you should be perfectly capable of living without even a small amount being automatically stashed away. You'll never miss it if you never see the money land in your checking account in the first place. Set up automatic deductions to be taken out of your paycheck and put directly into a savings account. If you can't bear to part with one of your streaming services, consider cutting the cable cord and only paying for one service that gives you access to TV shows & movies. Do you really use all of your subscriptions to their fullest? If not, it might be time to cut ties with them and put that money aside into savings. Next, start taking a look at your subscriptions, like Netflix, Amazon Prime, Spotify, Sirius XM radio, or that monthly shave club you saw on Instagram that one time. You'll be amazed at how much extra dough you have at the end of each week. Instead, make coffee and lunch at home and bring them with you to work or school. Some of the easier items to cut from your day-to-day expenses are the morning latte or the deli sandwich lunch. This savings tip takes some self-discipline and may need to be done in baby steps. The less money you spend, the more you'll have available to stash away for future purchases or plans. Once you've established a "household" budget, stick to it as best as you possibly can. Once you have your goals laid out, it's important to look at all of your financial burdens and expenses and determine what a realistic budget could be for you, with savings factored into the equation. Establish a BudgetÄid the month you spent monitoring your spending shock you? Are you spending way more than you should be? It's okay, we've all done it. If you've discovered you spent more than you made that month in paychecks, it's time to come up with a budget plan. Track everything, put it all into a spreadsheet, and add up the total. Yep, we're talking bills, gas, date night, those shoes you just couldn't live without, each morning's coffee shop latte and even that $2.00 ice cream cone. Monitor Your Spending CloselyĪfter you've set your savings goal, it's a good idea to monitor your spending closely for about a month, taking an inventory on every single thing you pay for. Whatever the reason for wanting to save, establishing personal saving goals is the first step in making those savings dreams a reality. Why is saving money important to you? Do you have plans to purchase your first home or a new car? Are you planning to have a family and want to ensure you're all well taken care of? Maybe retirement is drawing near and there's a money-weight on your shoulders. By making some small changes to your everyday life, you can easily reach your financial goals. Saving should be part of everyone's financial plan, whether you need to set aside funds for a new car, a tropical vacation, or building an emergency fund.
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