Do you find yourself wasting too much of your money? Or do you find yourself spending for something you don’t actually need? Whether you are buying goods at the supermarket or want a luxury cruise for you or your family, there is no reason not to save.
Here are ways to keep those money saving habits in check.
1. Save before you spend- This is actually the basics when it comes to saving. Before spending your hard-earned money, you need to stash your money first in your bank account before you save. Even a dollar can go a long way. If you can spare at least two dollars, then you better do it. If you don’t have any bank account, then resort to keeping your money in a safe place such as piggybank or a carton. Then transfer to your bank – this is the surest and safest way.
2. Keep the change- When you have bought some goods or some products, keep the change to yourself first. Put it in a piggybank or in a jar and then when the amount gets a little bigger, you can transfer it to your bank account. This is one of the money saving habits that you need to keep on practicing and practicing until you get it right and it becomes a habit.
3. Consider having automatic deposits- Talk to your bank about transferring a portion of your paycheck to a sealed bank account, or an account which you can’t touch. When you receive your pay, for instance, your bank will automatically transfer even just $5 or $10 to your account. This way, you’d never have to worry about saving. Your bank will just do it for you.
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Work with your credit card- There are several large credit card companies that offer reward programs. These work when they round up your nearest change to the tens or the hundreds and are transferred to your savings account. Some card companies even have the percentage of your savings match with this technique so you can get free money directly deposited to your account! Just keep in mind to always check your credit score so you can monitor the transactions in your credit card.5. Check and compare your banks- When you decide to open a bank account, compare and contrast banks. Choose base on the account with the higher interest rate. As you find your money growing, remember that CDs offer much higher interest rates than regular savings account so just leave it alone so that you money can grow by itself.
6. Talk with your company- Talk to your employer about having automatic deposits into your 401 account. Just a tip: make the amount small so you’d have money to spend. Or if you want, make it a little bit bigger than the usual as long as it really doesn’t affect your lifestyle. In some instances, you’d be surprised because your employer can even match the percentage of your savings account.
7. Go out during sales- One of the money savings habits that you should always incorporate into your lifestyle is to buy goods and other items on sale. Don’t go out when the price is a little out there since you’d be saving 30% or 50% of the original cost. You can also use coupons (you can find them in websites or grocery stores) and exchange them as items.
8. Don’t buy luxury- If you don’t like to watch television, then don’t buy a television set or agree to have a cable television. If your dining table still stands on all fours, then you don’t have to buy a brand, new one. As the old saying goes, “Why fix it when it ain’t broke?” This can help you a lot with saving for the future.
9. Spend some time with your thrifty friends- Don’t pick friends because of their money savings habits but pick them because you like them for who they are. But of course, choosing those who are thrifty and frugal can help. They could influence you on what you need to do and what you should do to save.
10. Make a list- Like any other spending and saving habits, you need to make a list when out grocery shopping. And stick to this, please. There’s nothing more irresponsible and absurd than going out to the supermarket with a list of things to buy only to find out that you have bought more than what you can afford.
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