Wondering How To Save Money is a lingering question for most people.
We never seem to have enough of the green stuff!
Although there are many ways to save money on groceries, utilities, and more…sometimes that’s only just enough to get you by.
When you’re living paycheck to paycheck, it can be difficult to even think about a plan to add to your savings account, but it is so important in order to provide yourself and your family with a secure future.
Not only can it be done, but these simple ways to build your savings could be your key to ultimately leaving that paycheck to paycheck lifestyle behind you!
How To Save Money: 8 Simple Ways To Build Your Savings
1. Keep The Change
The old tried and true is the easiest way to save! This method is so simple it’s the way our 3 year old is saving her money!
Whenever you receive any coins, any change at all, put it in a jar! Never ever pay with coins, treat them as though they are not money when you look in your wallet, because at the end of the day/month/year those little coins can add up to a whole lot of dough!
2. Magic Money!
This is very similar to the change method, and another one that is great to teach the kids! Choose a bill (or coin) that is considered “Magic Money”. You never want to give away your magic money!
So if you decide that $5 bills are “Magic Money”, every time you get a $5 bill, that bill goes into your savings.
This method, while very similar to the change method, will add up much faster!
3. Set up automatic transfers
Setting up an automatic transfer from your bank account to a savings account is in my opinion the best way to set your savings to auto-pilot!
Not only will it be moved over for you, but it’s out of sight, avoiding any “just this once” spending!
Even $10 a week will put over $500 in your Savings account by the end of the year.
TIP-Make sure that your savings account is not associated with your debit card, and that it can only be withdrawn by a visit to the bank! This will help keep it where it belongs!
4. Ask for a raise…and pretend you didn’t get it!
Asking for a raise is sometimes the only way to get a company to recognize your hard work and dedication in a monetary capacity, many companies do not offer this simply on a seniority basis.
If you work hard, and can show that you have proven your worth, talk to them about it! The squeaky wheel gets the grease!
If you succeed in getting a pay increase, pretend you didn’t! Calculate the difference between your original pay and your new pay, and have THAT amount automatically transferred to a savings account each time you are paid!
Not only will this grow your savings, but it’s not even coming out of your regular spending, so no changes need to be made to accomplish it!
5. Pocket Your Coupon Savings
If you use coupons, make note of what you save on your grocery trip, then take that amount and deposit it into your account/add it to you jar!
Many times people coupon and think “I just used $10 in coupons, so I saved $10″…but what is happening with that savings?
Use this method to make sure your savings STAYS savings!
6. Serial Number Game
If you’re someone who likes games, this is kind of a fun way to save money. At the end of each day, randomly choose a number from 1-9, then look through any bills you have in your wallet.
Have a bill with a serial number that ends in that number? Bank it!
7. 52 Week Money Challenge
Of course, there’s no chance in hell I could complete this list without including the ever popular 52 Week Money Challenge!
This works on the principle that if you save $1 in the first week of the year, and then increase that amount by $1 each week until the end of the year (where you would be up to saving $52 that week), you end up with a total savings of $1378!
While not for everyone, as some may find it difficult in their current situation to put aside $52 in a week, this can be a fun way to save, and see your savings grow quickly!
8. Round Down
Set a day each week where you round down your bank account balance to the nearest 0.
For example, if you check your account each Friday, and this Friday it is sitting at $149.58, transfer that $9.58 into your savings.
Some weeks it will be closer to the full $10, others it could only be $1…the point is something is being saved!
These strategies are not all for everyone.
Find the one or two that work for you, and stick with them! I promise your persistence will pay off, and you’ll never be worried about money again!
How Do You Make Sure You’re Building Your Savings? How Are You Teaching Your Kids To Save? Comment Below!
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