I pulled these out of Kiplinger’s mag this month – pretty good stuff! They even made all tips under 140 characters a la Twitter style, haha… the key to my heart ;)
Some of these you’ve already heard over and over again I’m sure, but if you rocked just ONE of these savings tips over the years you’ll be SO much better off. They really aren’t that hard to take up! Just gotta get motivated and DO SOMETHING about it. And hopefully these tips help :)
Great Tips to Help You Save More
- Start now. Don’t wait till you make more money. The more you make, the more you spend. (YES! Avoid lifestyle inflation!)
- Start small. Even $100 per paycheck will add up over time – see how much here. (Interestingly enough, there was *another* article in this same mag that talked about how $200 a month saved becomes $1.2 Million by the time you hit retirement age (if you start in your 20s). I know that’s long-long term, and no one likes to think that many years off, but still – pretty crazy stuff!
- Keep your budget simple. Keep your budget and your goals simple. Zeroing in on your main objective will help you stay on course. (Here’s a pretty simple way to budget from Money Mag ;))
- Write down specific goals. That makes them more real. Pledging to save $2,000 for a beach vacation is likely to get you there. (Exactly like our Gigs For Goals post the other month!)
- Set up an account for each goal. For education, vacation, car, computer — or for large, recurring expenses, such as insurance premiums. (I think this is more of a personal thing. Yes, it probably DOES help you get there faster, and with a clearer mission in mind, but man – too many accounts for me makes my head hurt. If you haven’t tried though, might be worth a shot?).
- Have your boss take money off the top. Have your employer (or your bank) take money off the top of your salary for retirement or some other goal. You’ll never miss it. (AGREED!!! Automate it.)
- Toss spare change. Toss spare change into a bank or glass jar and watch your money grow into enough to pay for holiday gifts or even a vacation. (See if you can beat my record of $101.62 ;))
- Give yourself an instant reward. Each time you brown-bag your lunch instead of eating out, toss the savings into your cash jar. (Or when you save on *anything* really – I know some of you love your eating out ;))
- Keep writing the check. Keep writing the check after you pay off a loan or a bill, and send it to a savings or investment account. (YES!!! OMG I can’t tell you how EASY and HELPFUL this is. Once you’re already in the habit of paying $XXX for something, why not keep it up and send the snowball somewhere else?? It doesn’t require any extra action on your behalf!)
Simple, right? :) I bet you’re already doing some of these right now. But no harm in picking up other sexy habits! With everything in personal finance, it’s just a matter of motivation and setting things into motion. This stuff isn’t that hard when you think about it, we just gotta keep pushing forward and doing our best. And I KNOW you can do it!!
What other tips would you add to this list? Are you finding any of these already helpful in your life? Have any screwed you over?? Haha… that would be interesting ;)
(Photo by MoneyBlogNewz)
Killer resources and apps:
- Best Budget Templates & Spreadsheets (FREE)— The best free budget templates from around the community! Including the ones I use :)
- Personal Capital* (FREE) — A great app to track your investments and net worth. You can see an in-depth review we did here from a millionaire who checks it daily 😂
- You Need a Budget (YNAB)* (FREE TRIAL, then $14.99/mo or $98.99/year) — One of the BEST budgeting methods in the space, with new users saving $600 on avg their first two months, and more than $6,000 over their first year! Check out my friend Vic’s review of YNAB here that went on to completely change his finances 💪
- Digit (FREE 6 mo. Trial, then $5/mo) — This is one of my favorite apps for automatically saving money, and I even came on board as an advisor I believed in them so much! You can see my full review on Digit here.
- Acorns* ($3-$5/mo) – Similar to Digit, this app helps you automatically INVEST money by rounding up all your transactions to the nearest dollar and then investing it right away for you. My full review of Acorns can be found here.
- Honey (FREE) — By far my favorite coupon service out there! Click the Honey button any time you're about to buy something online, and BOOM - any discounts it finds will be automatically applied at checkout. You can see my write up on them here.
- Credit Karma* (FREE) — An easy way to check and monitor your credit score AND report! See my full review of these guys here.
- My Favorite Blogs + Books < -- Click here to see all my other recommendations!