When we think about our ‘future’, we all know that we are supposed to save money for it. We also know that we are supposed to save money for emergencies. But saving money isn’t usually as easy as it sounds. Saving is coupled with procrastination and bad spending habits that make it almost impossible to save a decent amount of money. But worry not, here are some great tips to help you save some money.
1.Have a weekly money date.
Every week, sit one with your money for a money date. Update your budget, review your accounts and track your progress against your financial goals. Like any relationship, if you want your financial life to improve, you must spend time with your money.
2. Map out your financial goals.
Be very specific with your financial goals. For example, saying, “I want to save for a home down payment” is not enough. You need to map out how much you need, by when, and what you need to save every month in order to reach the goal. When you know what your targets are, you’re more likely to stay the course and continue saving for them for the long-term
3. Keep your eye on the prize.
Staying focused on your goals take discipline and determination. Saving can be easy and exciting at first, but after a while you may lose that initial motivation and start to find other things you can spend that money on. To avoid veering off course, check in with your goals regularly and keep your eye on the prize.
4. Set up automatic savings.
The best way to save is to have your savings automated and allocated toward your various financial goals/accounts. This allows you to think of your savings like a bill, which means you’ll save before you spend money on everything else for the month.
5. Have a financial buddy
Having a financial buddy to be there to support you in your savings goals and cheer you on is key. The path can get difficult, and having someone to share the journey with makes it more fun and allows you to get back on track when life happens.
6. Log your expenses every day.
If you’re having trouble finding money to save, keep a spending diary for a month and log every single purchase you make. By having to report your purchases every day, you train your mind to think twice before swiping the card or handing over your hard-earned cash. It may seem tedious, but this kind of tracking can help you identify spending vices and cut out any waste in your budget.
