No matter what your financial goals are, it never hurts to save more money! Here are 10 #SaveMore tips to get you started:
- Keep track of your spending: While it doesn’t seem like an immediate way to save money, there is value in knowing where your money is being spent and where you can avoid spending.
- Avoid using credit to pay your bills: This can begin a vicious cycle and can get you into more debt than it will do you any good.
- Save automatically: Set a percentage to withdraw from every paycheck. This ensures a growing savings account.
- Be wary of binging: Often, when we are on vacation or on a good date, we tend to rationalize larger purchases. But later, this purchase will not feel nearly as good. Set a budget ahead of time and consider bringing cash to a meal or event to avoid the binge.
- Downgrade services: When we find a new service, we often sign up for premium options, sometimes without even realizing it as part of a sign-on offer. Time to downgrade. Saving a few dollars across a few subscriptions can save up some extra cash quickly and you’ll probably never even notice the difference.
- Start with debt: Your debt is a great place to start your money saving journey. By paying off your debts, you can get closer to the point of saving money AND increasing your credit score.
- Spend to save: Double check your appliances and see where you can apply more energy efficient versions. Lightbulbs, AC units, dishwasher, washer, dryer, to name a few.
- Stop ordering delivery: We ALL did it while staying home during the pandemic, but it is time to stop ordering delivery. A $5-$9 delivery/tax can add up over a few orders. Either pick-up your food, or better yet – make some meals at home!
- 10 second rule: Before any new/ unexpected purchase, take 10 seconds to reflect on why you DO NOT need it, not just why you want it.
Create a financial vision board: Setting your goals and thinking about them often helps you stay in the right frame of mind to save. For tips on creating your board, click here. (LINK TO BOARD ARTICLE)