In the past, I’ve written a lot of popular posts about budgeting and saving money. Most of these have been geared towards already budget conscious people. Some of the tips are more difficult than others, and some require sacrificing so much that you reallyneed to be saving the money or have something you want far more than pretty much anything else (like the years I stopped cutting my hair so we could save for a house).
Today, I decided I would share a little bit differently. Instead of the extreme type of savings post, I want to show you some practical ways to start saving money. Maybe money is tight right now, or you just want to save a bit for Christmas. Maybe you’ve decided you need to cut back a bit or finally knock out that debt. Whatever your reason, it can be hard to know where to start when it comes to savings. I don’t want it to be overwhelming, just do-able tips to get you on the track to reaching your financial goals!This post has affiliate links.
Mentality –Saving money starts in your head. We live in a culture that is constantly telling us we need more, we “deserve” to have nice things and the best of everything, at some point you just have to make it stop. Find a way to be content with “enough” and stop the unquenchable desire foremore.
Know your why –Have a clear vision ofwhy you want to save more money, or it won’t last. whether it’s the desire to make ends meet or the yearning to be able to help more people less fortunate than yourself, being able to picture your “why” in your mind will help keep you on track, even when you want to fall back into old spending habits.
One less thing – It’s not always realistic to stop all over spending in one day, so take baby steps! Start buying one less thing with every trip to the store. Instead of cookies AND ice cream AND candy, choose one of those and leave the rest behind. Instead of 5 different snack options, try going with 3 this week and two next week. Take realistic steps towards your goals or you will become burned out and not want to continue your journey to saving more money!
Cut back on fast food – Eating out will get you every time! Even if it is just fast food which canfeel cheap, eating out is still much more expensive than preparing meals at home. Since busy days happen, I always try to have a backup plan! Pasta and spaghetti sauce is always in my pantry for a last minute meal and I try to keep frozen pizzas on hand for nights when I just don’t feel up to cooking dinner. Planning ahead a little, can save you a lot of money! More tips to help youeat out less here!
Coffeecup – This was one of the first ways I started saving. Put an empty coffee cup in your bedroom and decide you will start resisting that early morning expensive coffee run and making some joe at home instead. Each time you resist, add $5 to the jar as your tangible ‘savings account’. Seeing the money pile up in the jar is super encouraging and it really makes you think about how much money you spend on coffee or similar things every week. I still do something similar with impulse purchases today. I’ll see a shirt on clearance or something for my kitchen that I’d love to have (but don’tneed), instead of purchasing I go home and transfer the amount of money from my checking account to my savings. If I could have made my budget work by splurging on the item, I can make it work by putting it in savings as well!
Swagbucks –Sign up for sites like swagbucks which allow you to earn a little extra money without too much effort. They have your typical surveys and such, but the reason I really love this one is that you can get rewarded forsearching on the internet AND get cashback on many of your online purchases. It comes in really handy when ordering Christmas gifts, but I use it year round! Sign up for swagbucks here (it’s free, so no risk!)You could start earning money for searching online, watching music videos and ordering online, today!
photo credit: ptnphotof/ Dollarphotoclub.com
What is your best money saving tip for beginners? OR if you are new to savings what inspires you to save money and where are you starting first? Let’s help each other out!
This is such a valuable information about saving money.this will help me a lot. very valuabel information you are providing here. Thanks for sharing it.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.
According to this rule, you must categorise your after-tax income into three broad categories: 50% for your needs, 30% for your wants and 20% for your savings. This way, you set aside a fixed amount from your income for each of the categories.
Ready to talk to an expert? Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.
The three month dating rule is a trial period that allows couples to shift from the honeymoon phase of dating to an integrated love phase. "What I mean by that is usually a few months into dating, we start to see some of the quirks, or maybe we start to notice things that we find annoying or irritating," Pharaon says.
To solve that problem, USCIS uses the 90-day rule, which states that temporary visa holders who marry or apply for a green card within 90 days of arriving in the United States are automatically presumed to have misrepresented their original intentions.
Q: How does the wash sale rule work? If you sell a security at a loss and buy the same or a substantially identical security within 30 calendar days before or after the sale, you won't be able to take a loss for that security on your current-year tax return.
Saving money is hard. One of the most common reasons is that you might not have a good enough reason to save. Maybe you're overly focused on the present, or maybe you simply don't know what you want in the future. Either way, you need to get a vision for what you want to achieve with your money.
“paying yourself first.” This is the practice of saving a portion of your income before you take on any expenses or even taxes. In particular, Bach recommends saving an amount equal to one hour's worth of your wages every day.
But amid ongoing inflation, the 50/30/20 method no longer feels feasible for families who say they're struggling to make ends meet. Financial experts agree — and some say it may be time to adjust the percentages accordingly, to 60/30/10.
It may not work for everyone. Depending on your income and expenses, the 50/30/20 rule may not be realistic for your individual financial situation. You may need to allocate a higher percentage to necessities or a lower percentage to wants in order to make ends meet. It doesn't account for irregular expenses.
The basic concept behind the 50/30/20 rule works for just about anyone. But depending on your income and debt load, you may need to adjust the exact breakdown of your expenses. For example, a low-income household may need to spend more than 50% of their after-tax pay on needs.
The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.
Introduction: My name is Msgr. Refugio Daniel, I am a fine, precious, encouraging, calm, glamorous, vivacious, friendly person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
