Everybody wants to save more, but not everybody knows how. Saving money is a goal you have to set and plan to achieve, otherwise, it will never happen.
It can be really difficult to learn how to save money. There are so many advertising ploys and gimmicks out there bent on convincing us we need to buy more and more things. Not only that, but there are so many important payments and purchases you need to make each month like rent, utilities, groceries, and gas.
With so many things needing our money, it can be a real struggle to hold on to our funds. Learning to save has its own learning curve and that’s ok! Just follow these simple tips and you’ll quickly learn how to save more.
Start with a Dollar
One of the main reasons people don’t save their money is because they feel they can’t afford to save money. If you are unemployed or deep in a financial crisis, it may seem like you literally don’t have money to save. Every cent you receive you need to use to pay off a debt or even pay your rent. But even if this is your situation, it is still important to build some savings.
Even if you only set aside $1.00 per paycheck, that is still helping you build savings fund. In time, that money will build and create a small savings account for you. With an accumulating savings account on your side, you’ll feel more financially at ease and you’ll be more prepared for the future even if it is only a dollar at a time.
Spend Some of Your Savings on Yourself
All goals need a source of motivation to be effective. One of the best motivations you can use in building a savings fund is to give yourself a little money for fun. All work and no play makes Jack a dull boy, right? Just remember the rule of moderation. If you spend all of your money on fun things, then you won’t have a savings account for important things.
But if you spend all of your savings on necessities, then you won’t have money for fun. How you spend your savings money is all about balance. Our life needs security and enrichment. By learning to save more, you’ll have funds for both.
You must have enough self-discipline to not dip your hand into your savings account and cheat. It may seem easy. There may not be anyone watching you to make sure you don’t do it. But you have to watch yourself and make sure you don’t stray from your savings plans. Just stick to the amount of money you’ve allotted to yourself. You’ll feel so much better about yourself and your financial situation if you do.
Don’t make a budget for anyone but yourself. You need to prove to yourself, and no one else, that you can do this. Self-control is like a mental muscle. You have to exercise it in order to build its strength and make budgeting easier.
Pay the Bills First
Another great way to save money is to pay bills as soon as they arrive or at the beginning of the month with your first paycheck. This will help you to prioritize your remaining money because you will only see what is left after your most important payments are done. Budgeting is all about learning your financial priorities. When you are saving your money, you have to realize what is most important to you and what the responsible monetary choices are.
Try listing all your monthly payments in order of importance. Include a payment into your saving account somewhere on this list as well. Then, when you get each paycheck, go through each payment on your priority list before you go about spending money on anything else. By doing this you will make savings more of a priority, and you’ll train yourself to make responsible money choices first before spending money on less important things.