1. Retrain the way you think about saving money
Think of it as paying a bill. Pay yourself every time you get paid and it might make it easier to set aside that money. It should be the first thing you do every time you make money and not be viewed as a luxury. Five or ten dollars here and there can make a big difference in the long run.
2. Make it automatic
It’s really easy to push saving money aside and buy something we really want or think we need. Set up an automatic payment to your savings account every month. That way it is already done for you and you don’t have to try to remember to put money in your savings. It makes it much harder to spend if you have to think about taking it out of your hard-earned savings account. This article on lifehacker.com provides a few apps that can help automate the savings process. One of my favorite ways to save is Digit. This app monitors your earning and spending habits and moves small amounts of money into your savings account. It's not a way to save a large amount of money, but its definitely a way to add a little money to your growing savings.
3. Make it part of your budget
Every time you plan out your budget, don’t forget about your savings account. Make a goal for how much you want to save and plan out how much it will "cost" to reach that goal over a few months. If it's part of the budget you won't have any excuse to push it off. Don't have a budget in place, check out our downloadable budget sheet. You plug in the numbers and watch it practically do the work for you!
4. Pretend you didn't even get that bonus
Who is looking forward to that monthly sales bonus? Christmas bonus? year-end bonus? You probably also know how you are going to spend it too, right?! Well, think about putting it into your savings account instead. Saving those extra bonuses or maybe cash from various odd jobs can really add up if you leave them to earn interest. Think about it differently. It’s just extra money. It’s not your regular paycheck, so why not put it aside to add up to what you are really saving for?
5. Negotiate those monthly bills.
Do your monthly bills keep going up even though you never add new services? Have you seen a better offer for cable or internet services? Do you think you could potentially pay less? Call their customer service number and renegotiate for a lower price. Marketwatch.com has a few foolproof ways to renegotiate your cable bill. Companies would rather lower your bill than lose you to their competitor. Try really hard not to lose your cool and they will work with you to keep your same services while not raising your bill. You can still save money if you just ask!
6. Treat yo' self
It can get frustrating saving money and feeling like you are not getting rewarded. Establish different savings goals and reward yourself when you do achieve them, just consider being conservative with your reward. You would hate to ruin all your hard work by spending all you’re hard-earned savings. Going to a nice dinner or buying yourself a new shirt can make you feel like you are doing a great job saving without breaking the account!
Are you feeling ready to go conquer your savings goals? We believe in you! If you're just getting started take a look at our super budget sheet! This will help you see the big picture of your finances, whether you're planning for one or saving for 4.
