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Let’s face it…sometimes saving money isn’t the easiest thing to do. We all start out with the best of intentions, right? We want to save money to be able to retire earlier, pay off debt or purchase something in cash so we can stay away from the use of those tempting credit cards. All valid reasons to save money.
Are These Money Tricks?
Is there a trick to saving money? I find myself wondering how some people are able to save money each month, while others struggle with the concept. There is no magic plan that works for everyone, but there are some tips and tricks that can certainly help along the way. If you feel that you need to up your savings game and become a bit more educated on how to do so, here are some money-saving secrets that may just help you do just that!
10 Secrets to Saving Money
- You won’t ever save money successfully if you fail to create a budget. It’s as simple as that. Make a plan, write it down and understand the end goal of what you are trying to accomplish.
- Saving money takes patience. Don’t get frustrated if you see that your bank account is slowly creeping up. See the positive in that it’s headed in the right direction. Your balance won’t drastically increase overnight, but over time, it will!
- If you spend more than you earn, you will forever be in the red. And trust me…the red isn’t someplace that you want to be. It’s not fun feeling like you are always trying to stay ahead and play catch-up.
- You may have to give up some of those “extra” items. It’s hard to think about, but true. Saving money isn’t going to happen if you aren’t willing to change a few money habits on your end. While it doesn’t mean that you have to give up everything you love, it does mean you may have to say goodbye to a few of those extra frills.
- Calculating your savings potential will help you stay on track. If you find that you are motivated by seeing success in the numbers, then write those numbers down! Choosing to cut out cable could save you $50/month, right? (In my case it could save well over $100) Over the course of a year, that’s a $3,000 savings! Are those numbers enough to motivate you?
- You have to believe that you can actually save money. If you go into this venture doubting, you won’t succeed. Period. Doubt only causes uncertainty and uncertainty cause you to not hold yourself and those around you accountable.
- Sometimes, you just need to make it happen. We can all use all the excuses in the world about why we should wait to start saving, or why we shouldn’t do it right now…and truthfully, it’s just putting off the start date and causing doubt in your abilities. If you find that you can’t make yourself start, have your bank help you out by automating a bit of your check to be saved each and every month. That way, if you are feeling unmotivated, you don’t have to worry because you will still save.
- Many people fail the first time. Here’s the deal…you may try your hand at saving, and you may fail. Do not let that deter you. The great thing about saving money? You can start over and get back on track literally the very next day. Dust yourself off, and get right back in that savings saddle.
- Cut out the eating out and up your eating-in. Food is a huge part of many of our budgets that we spend money on. Eating at home is so much cheaper than eating out! Seriously, if you need to eat out, try breakfast or lunch or buy appetiers only. Those three alone satisfy your need to get out and saving money if taken advantage of sparingly.
- Make certain to pay attention to those due dates! Many companies will reward you by paying your bills on time consistently and offer price reductions after so many consecutive payments. Plus, it’s also great for your credit score!
Saving money doesn’t have to feel so mysterious. With a little knowledge, consistency, and determination it is possible to become a money-saving guru. Visualise your needs, understand the difference between your needs versus your wants, and plan your budget accordingly. Once you understand your bottom line of where you have to be, you can then start effectively planning on how you can incorporate more ways to save money into your financial planning goals!
Looking to really dive in cutting costs? Try These Reads:
50 Budgeting Categories to Help Identify Where You’re Spending
Did you know?
The average American family has $40,000 in liquid savings, across savings and checking accounts, according to data from the Federal Reserve’s 2016 Survey of Consumer Finances.