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Don’t get us wrong, saving money can be a difficult task. But if you choose to be creative, there are a lot of simple ways to save more money without sacrificing too much of your lifestyle.
It is easier to stick to a savings plan if you have a goal. Tell yourself, “This is my vacation,” “This is my new coffee table,” or “This is my emergency fund” to help you visualize your financial future and connect your goals to something tangible.
Set up an automatic withdrawal that will transfer money into a separate account that is not linked to your bank card. Have the withdrawals take place on your pay day.
Empty your pockets into a jar each night. Tape a picture on the jar to remind you of what you are saving for. Then, if you are tempted to take money out of the jar, you will remember what you might be missing if you take out the money.
If you budgeted $100 for this week’s groceries but only spent $90, take the extra 10 dollars and buy a store gift card that you can tuck away for a time when money is tight.
If you are accustomed to making a regular loan payment but have finished paying it off, pay that loan payment to yourself! Since you budgeted for the loan payment, you won’t miss the extra money but you’ll sure notice it build up in your savings account!
If you are getting a raise, consider setting up an automatic withdrawal so all or part of your raise goes directly into your “goal fund.”
If you have decided to cut back on a couple of specific items in your budget, why not take the amount you would have spent and put it in your “goal fund”?
Select a specific time period (for example, four weeks) in which you will only spend on necessities―nothing extra. Start with this “no-spend weekend” and then tackle a larger time frame. At the end of that time, set aside the amount you didn’t spend and put it into your “goal fund.” Remember to make it a realistic and short time period so you can stick to it.