“Make a budget and stick to it!” Sure, we’ve all heard that one before, but it is so much easier said than done.
When we are struggling financially, we need more than general advice, we need simple, actionable ways to save money. We need proven strategies that will help us stick to that budget we so desperately want to adhere to. Here are three things you can do today to help you start saving more money for your future.
One of the biggest problems people face when trying to save money is the prioritization of saving. The mindset that bills, rent, groceries, even recreation has to come first, before a penny enters into a savings account, kills many people’s saving efforts. A great way to save more money is to set up an automatic transfer or use a service like Digit or Acorns to take a small amount of money out of each paycheck. That way it’s the first thing out of your account, and it can’t be eaten up by other things.
When it comes to splurging here and there, very few of us are perfect. And we shouldn’t be – life’s tough enough without an occasional treat. But “treats” can snowball and get out of control. Decide for yourself what a special occasion is, how much money you can allot for it and how often you can afford it.
Take some time at the end of each week or month to go over your statements — figure out where your money is going. We as humans tend to do a lot of unintentional spending that wrecks our budget, and a weekly or monthly audit will help catch those habits. It will also help you identify unnecessary spending and subscriptions that you can opt out of, thus saving you more money!
A great way to save money, a “no-spend day” is exactly what it sounds like — a day when no money leaves your bank account. You can schedule it monthly at first, then work your way up to once a week, or on weekends… whatever scheduling works for you, try it out. The more no-spend days you do, the more money you will save.