Feb 28 | Money Saving Tips, Budgeting, Frugal Living | 4 comments
How to painlessly save money
It’s a brand new year. A time when we all have an excitement for a fresh start. A time when we decide we’re finally going to get our act together. We start out great, but then we tend to get tired over time and go back to our old ways. Getting financial situations back on track rank high on the “fresh start” list.
Below I’ve listed a bunch of ways to make saving your hard earned cash easier and way less painful!
Set up automatic deposits
Have your bank move a set amount of money automatically into your savings account each month. Whether it be $50 or $500, if you don’t see the money in the first place, you’ll never miss it! And at the end of the year you’ll have a very nice amount in your savings account!
Stay home
By staying home more often, you’ll save money on gas, impulse buying and even free up precious time for the things you really want to do! Let this be a time when you encourage yourself to learn new skills such as learning to make bread from scratch, or learning to recreate your favourite restaurant meal at home, or even learning simple wood working techniques to build a shelf. Involve your children so they learn the value of being creative.
Put extra money into savings
Did you receive a bonus at work? Or a cash gift from Grandma? Why not put it all, or a portion, into your savings account? Since the money was unexpected in the first place you shouldn’t miss it once it’s safely away in savings. Just resist the urge to spend it right away on something that caught your eye if you’ve got some financial goals you’d like to accomplish.
Once you’ve finished paying a big bill, put that money into savings
Did you just finish paying off a car loan? Pretend you haven’t paid it off yet and put that same amount into savings or onto another debt. Be your own bill collector.
Recreational shopping used to get me in lot of trouble. I would shop when I was bored. I’d also wonder why I was never saving money and why I never had time to do the things I really wanted to do, like read a book! Once I stopped treating my boredom with shopping, I discovered the things I really needed to buy were essentials and I discovered ways to occupy myself that made life more meaningful. I stopped cluttering my house up with useless stuff too!
Shop with a “frugal” friend
If you have a tendency to overdo it during your shopping trips. take along a trusted friend that has a more frugal mindset then yourself. Nothing like a sensible person to reign in your personal spending habits!
Have you got any more recommendations on how to painlessly save money? Let me know in the comments below!
M&Mon August 3, 2019 at 1:22 pm
Separate accounts work wonders for us.Our car account includes car payments, taxes and insurance plus a little padding for a year divided by 26 payments automatically deposited. Car payments and insurance is auto withdrawn, then taxes are paid. No worries about being late or forgetting. We also have a vacation account, great to known that we can pay for a vacation before we go. Then there’s an emergency fund account too. Several accounts with auto deposits and payments work wonders for us.
I love all your tips, we do them all! Its fun to learn what others do to save money, things that my husband and I do automatically, we don’t consider them frugal choices, it’s just what we’ve always done!
I had started a post about this a few days ago, and just finished it up tonite, so I linked to your post!
Figure out how to make it yourself. For instance, I love Coffee drinks, and Starbucks, but I do not love the cost of those tasty drinks. So, I have figured out how to make my own version of my favorite Starbucks drinks. They still taste great, but only cost me pennies per cup. Thanks for all of the great tips on how to save.
Reply
Simply Frugalon January 18, 2011 at 3:41 pm
Great tip Brandy! I really need to figure out how to use the espresso maker (stove top) my parents lent me!
Evaluate income and expenses. To make room for saving, you'll need a meticulous budget that outlines all your sources of income and all your expenditures. ...
The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.
Set goals. Set savings goals that motivate you, like saving up for a house or going on a dream vacation, and give yourself timelines for reaching them.
Budget. Make a budget and make saving a necessary expense. ...
But it is possible to live well even on a small amount of money. Surviving on $1,000 a month requires careful budgeting, prioritizing essential expenses, and finding ways to save money. Cutting down on housing costs by sharing living spaces or finding affordable options is crucial.
Ready to talk to an expert? Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.
As a result, it's recommended to have at least 20 percent of your income left after paying bills, which will allow you to save for a comfortable retirement.
(Enter "$100" in the "Contribution amount" field, then select "Monthly" for the "Contribution frequency" option.) You would end up with $32,023.26 after 10 years, compounded daily (assuming 365 days a year). The interest would be $10,023.26 on total deposits of $22,000.
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