Lately, I’ve been taking time to reflect on ways to cut down spending even in the holiday season and I’ve been looking for ways to stash more cash so I’ve come up with a list of five tips to save money. These are easy tips to save money that come from the experiences I’ve gone through to build up my savings.
These are also easy money tips to implement as well so you can get started right away with them. However I suggest you start with just a one or two of them at first and avoid doing all of them at once. Also some of these you may already be doing and if so you are already ahead of the game.
5 Tips To Saving Money
- Pay Yourself First. When it comes to saving money you have to think about yourself first, not last. Often times we get caught up in paying the bills and buying stuff we don’t need that we forget about saving. Paying yourself first gives you the security to go through life without fretting every little financial hiccup that comes your way.
- Keep You Money Out Of Reach. If you have any kids you know that you wouldn’t keep the cookie jar in close reach. So when you’re trying to save money of any kind you should keep it in a place where you can’t get quick access to it. Having it all stored up on your debit card is a bad idea. For me I have a separate account at a credit union that if I want the money I would have to physically get in my car and drive there to get it. That way on the drive I can think of the reasons why I need the money in the first place.
- Keep Rules On Saved Money. Having rules on the money keeps it from being spent on any old thing. For example, a certain amount of money I have saved is for emergencies only. Another amount is saved specifically for our house fund to help pay for the house we are planning to build. With rules it becomes easier to hit specific goals we are trying to achieve and not falling through the cracks.
- Put Your Money In The Right Place. You also have to consider where the right place to put your money is. Of all these how to money tips this one is very important. Like tip number two it must be out of reach but is it in the best possible place to help you out. For example if you trying to save for your retirement in a CD account doing 2% your retirement might be short lived, however if it were in a mutual fund it would probably help out a lot more.
- Look For Savings Opportunities. When you’re saving money you also need to constantly looking for other opportunities to save money. First, start by putting a budget together. With a fully written out budget it should be pretty easy to see were you could make some improvements. Second, look for some extra ways to earn extra money. I started my own website and earn an extra $100 a month. It’s not much but everything helps.
Do You Have A Tip
Of all the tips on how to save money never forget that a dollar saved is a dollar earned. Even though it may only be a dollar here or there, when you add it all up it can make a big difference to what you can really save up in a month.
Of the tips to save money that I’ve shared with you feel free to share yours now.
Chris
This post was recently featured on the Money Hacks Carnival by The Canadian Finance Blog.
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Not so much an extra tip, but I would like to add to #1 that automating your savings is a great way to “pay yourself first”. Nothing easier than having your money scheduled to come out of your checking account and straight into your savings and retirement accounts!
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