Saving money can be really hard. However, it is one of those goals that are attainable if you exercise self-discipline. Whatever you decide to save money for, you should first have a plan. This plan should include both your short and long-term saving goals. It should also include the amount of money you hope to save, your budget and anything else related to your goal of saving money. Saving money can be frustrating. My advice to you is don’t get discouraged while you’re trying to save money. A lot of times you might not get to save the desired amount you might want each month but you should never give up. I can tell you from experience that when I was trying to save money earlier this year a lot of times, I had to dip into my savings for a car emergency or to pay a bill. Back in April, I didn’t even put money into my savings account because I had to get new tires. It happens but the most important thing I did was never giving up.
Eliminate Your Wants
This is probably one of the hardest things to do. However, it is essentially one of the most important things you can do to save money. Start by taking a good look at all the things you have in your life. By things, I mean the things that you can live without. For example, that Netflix subscription that is $9.99 a month, Stitch Fix subscription box, that is $20.00 a month or Apple Music subscription that is also $9.99 a month. Just imagine if you eliminated those expenses from your budget you can save roughly $40.00 per month. Don’t get me wrong we should at least keep some of our pleasures, however, we should be able to prioritize and know when we have to eliminate our wants in order to save money.
Set a budget
Another important tip for saving money is setting a budget. Setting up a budget can save you tons of money. Budgeting allows you to see your money and know where you want it go. It also allows you to set aside “pleasure money”. Budgeting also makes you disciplined about your spending habits. It’s also the quickest way to achieve your goals financially. It might also be a great idea to do some shopping around on your utility bills. My friend saved a bunch of money through energy comparison websites, if you’re interested, compare energy prices here.
Open/utilize your savings account
Another important tip for saving money is to open/use your savings account. When you’re saving money a savings account comes in very handy. Use your savings account to put away money you have either set aside after budgeting each money or to save money after you have eliminated your wants. When I was saving to move to Florida, I made a commitment to save at least $400-$500 a month. I did this by cutting out the things I didn’t need like going on shopping trips to Sephora and spending a ton of money at Sephora, I reduced the amount of take out food I bought, I cancelled subscription boxes and Netflix subscriptions (decided to share my sister’s account), and I cut out my daily Starbucks trips. It was really hard but in the end I saved a lot of money.
Avoid New Debt
Another important tip for saving money is to avoid new debt. When I say avoid new debt, I mean do not open any new credit cards and make sure you are paying your bills on time. If you’re currently struggling to pay your bills try an energy comparison website to see if you could save by switching. It’s also important to spend money you actually have rather than putting it on a credit card. However, if you have to use your credit card make sure to pay off the balance in full on the due date. Your credit cards should only be used in times of emergency or in instances when you feel like it’s worth it. For example, those airline miles.
One of my favorite ways to save money is couponing. It actually one of those things we girls on a budget live for. It makes me happy. Thank goodness for Groupon Coupons. I have used a variety of websites to find the best rates and coupons out there on the market. Groupon is just just one example of many. Another that I had been using was Deals4boomers.com. These sites have literally saves me so much money and allows me to stay well within my budget. As I said earlier, you must always set aside money each month for either emergencies or pleasure. However, I have to confess that since I don’t really have much emergencies, the money I set aside either goes to shopping for little odd things, goes into my savings account or I sometimes never end up spending it. I recently found out that Groupon has an entire separate website dedicated to coupons. How amazing is that? Groupon Coupons has partnered with stores like Nike, Kohl’s, Bloomingdales, Sak’s Fifth Avenue, Sephora and a ton of other stores to bring you amazing deals. Ladies if you’re on a budget and love to shop like I do but still save money Groupon Coupons is the way to go. Honestly, I never shop online or in stores without a coupon.
Let Talk About Saving Money
- Are you currently trying to save money?
- What are some of your tips for saving money?
- Have you every used Groupon Coupons?
- What is that one thing you are currently saving your money for?