Tips for Saving Money
Saving is the backbone of all wealth. If you strive for security, wealth, and prosperity, then you must learn how to save. For those who were taught as a child to put part of every gift and earnings into the bank, saving is a habit. For those more skilled at spending than saving, it’s not so easy. This article introduces some unique savings ideas. Implement these simple tips and watch your wealth grow.
1. Automate your Savings
It’s common knowledge that when you divert cash from your paycheck into your retirement account at work, after a transition period, you don’t miss the funds. Yet over time, these regular contributions grow to thousands of dollars. But, with your retirement funds, you face a penalty if you withdraw the funds before retirement.
So how do you handle saving for short and medium term goals?
An easy way to save money for short and medium term goals is through automation. I came across this free app, SavedPlus which automatically transfers money to your savings account every time you spend! Any time you can automate a positive habit, you increase your chance at success.
Your washing machine breaks, or the car needs new tires, where will the cash come from? Savedplus is the perfect tool to make sure there are funds in your emergency account. Emergency account already funded? Use Savedplus to save up for a special goal. The cool thing about this opportunity is that after linking your bank accounts and setting your own savings goal (for example, 10% of the amount spent will be transferred into your savings account) you are finished. This set it and forget it approach lets your savings build as you spend!
2. Make Saving Fun
Science proves that when something is pleasant, you tend to practice that habit more than if it’s not. Sit down with the family and brainstorm a list of affordable alternatives for fun. Everyone needs some fun and relaxation. Go skiing, out to expensive restaurants, fancy vacations and you’ll have fun, and pay the price. You can have just as much fun, without the big price tag.
A friend confided that when his kids were young, he invested in some good hiking boots and then spent week ends hiking for free. Geocaching is a free, outdoor, treasure hunting game which will consume your week ends (with fun). Not the outdoors type? Crafts with found items provide beautiful decorations and hours of fun.
When our daughter was young we built forts with pillows and used nerf balls to throw at one another. And of course there is always balloon volley ball. Cooking and baking together is great for couples and families! Now that spring is here picnics and parks are perfect free week end activities. The list of fun activities on the cheap is endless. Cut your discretionary spending budget and have fun.
3. Gratitude Journal
You don’t usually find this one in a money saving article, but it really works. When you get the “I want, I need, I desire” bug, take a breath and pull out a journal. Spend a few minutes listing everything you are grateful for. The list could be as simple as; my family, friends, health, car, home etc. Or you can get really detailed and talk about the freedom of living in a democracy, having clean air and water, having the vision to look at the trees blooming, or whatever else you can think of. This is a personal one. By focusing on what you already have, instead of what you lack, you shift your perspective to appreciation instead of need. Get in the habit of changing your outlook, boost your happiness and cut spending.
Spend less on unnecessary items and bank the savings. Your wealth will build.
What are your saving strategies?
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