Ways to Save Money now!
There are times when saving money stumps us. Maybe you have asked yourself, "How can I possibly save any money?" You don't have to be putting away hundreds at a time into a locked away account with high interest to qualify as real savings. The old adage still rings true today. "A Penny saved is a Penny earned." While of course, I would rather be saving dollars.... Lots and lots of dollars. Saving pennies is a great start and will quickly add up to dollars!
While you are paying off debts and keeping up with your everyday bills you can still be saving. Here are some ways you can start saving NOW!
1. Stop Spending!
I don't mean stop paying your bills or buying groceries to feed your family. You need to keep paying those. What this means is you stop any purchases that aren't absolutely necessary to live. No coffee out, no fast food stops, no nails done, no drinks on Friday night. Set up a period of time where you will commit to spending as little as possible. Many people find a month of no spending is a doable challenge and are thrilled with the results of how much they saved. Being conscious of every penny coming out of your pocket is a great way to save.
2. Decide What You REALLY Need
There are needs and there are wants. Know the difference between a need and a want. A need you cannot live without. A want... Well, you could survive. Not all wants are bad. And I don't believe in never having things that I only want. But if your "Wants" are keeping you in debt... Do you REALLY Need them? Evaluate your spending habits and cut back. See if you really needed all of that extra stuff in the first place.
3. Create A Budget
It sounds trivial, but a budget can literally save you hundreds! Setting limits to your spending and knowing exactly where your money is going can give you confidence and security in your finances. If your budget for eating out is $150.00 a month, you can find freedom in planning a few fun nights out. But on the flip side you will save, because once that $150.00 is spent, you know it is gone and will choose to eat at home until next month rolls around.
4. Pay Off Debts
Paying off your debts is actually saving you money. Most debts have interest. And the longer it takes to pay off a debt, the more interest you will pay. Think of any money you put on debt as savings. Look at your budget and try to work in a few extra dollars every month to put towards your debt. Pay them off sooner if you can.
5. Get Creative With Saving
There are so many fun and unique ways of saving money. Saving money isn't as exciting as spending most of the time. But it can be fun and an exciting challenge. Here are some ways to save and have fun.
-The Coin Family Challenge
Make a Coin Jar for each person in your family and have a contest. The first person to fill their jar up gets the coins from every jar in the family.
-52 Weeks of Savings
Save the dollar amount equivalent to the week of the year. Week one: $1, Week two: $2, Week 3: $3, etc... (You will save close to $1,400!)
-Make a Savings Thermometer
Do you have a specific goal you are saving towards? Chart your progress with a Savings Thermometer. Put it in a prominent place and be challenged to keep up the good work.
Have a friend or family member that is trying to save too? Ask them to be an accountability partner with you as you save. Every month get together at one of your homes for a Savings Checkup.
Saving money doesn't have to be a drag. In fact, I find for myself and most everyone, that saving money is quite thrilling and rewarding.
What are some ways that you have started saving right now?