I find it amazing how many people set savings goals as new year’s resolutions, and, already at this point in the year have completely missed the mark. I admit that there was a point in life that I was one of these people, but not anymore. By following these simple little steps, I was able to save for many wonderful things, as well as have peace of mind in case anything, God forbid, catastrophic happens.
Do you have anything to add to this list? Leave it in the comments below! I always love a good savings tip. Enjoy!
Your savings account contributions are not automated. You know how they say to pay yourself first? Well, this is the easiest way to. If you’re like me, you’ll always find a reason to not save every month. If money comes out of your paycheck automatically and in to savings, it’s like you never even had it to begin with. Believe it or not, I put about half of my salary in to savings, so it grows really quickly.
You don’t stick to a budget. Pretty simple, right? Wrong! Budgets are difficult to keep.. I get it. But, rather than thinking of budgeting as deprivation, think of it as being that much closer to your savings goal!
You don’t side hustle. I know, I know, I talk about this ALL the time. But, with there being so many opportunities out there to make a bit of extra cash, I really believe there is no excuse not to. I use my side hustle money as my fun money. If I make say, $100/week walking for Wag, I can use that for dinners out, entertainment, whatever. If I don’t make money side hustling, I need to keep social things to the cheap/free.
You use credit cards. I’m 100% with Dave Ramsey on this one. They’re no good. Very few people have the self-discipline to pay them in full every month, so stay the heck away. Even if you do have the discipline to pay in full every month, the odds of over spending on credit cards is so much higher than if you were using your debit card that (hopefully) you monitor regularly.
You can’t seem to kick that Starbucks habit. I totally understand the appeal of that morning latte run. I love everything about Starbucks, from the music to the overall ambiance.. So, I made a little rule for myself that is similar to my rule with eating out: I can only go to Starbucks if there is some sort of experience associated with it. For example, if I’m meeting a friend, great, Starbucks away. However, if I’m just craving a chai tea latte on my way to work, well, maybe I need to just caffeinate with little coffee pot in my office. A daily Starbucks run five days a week can cost around $1,500 a year. That, friends, is a lot of money.
You’re not patient. This is the biggest struggle for me, and I’ll be the first to admit it. If I feel like I need something, I need it NOW. Be patient! The odds of the new amazing threads that you see on your favorite fashion blog eventually going on sale are very high. Just wait until they do, and then, if you have the cash in your budget, get it then! Also, most big-ticket purchases (car, house, etc.) CAN wait. See an amazing deal that will make you house poor for the next several years? Save the money, be patient, and I promise another great deal will come your way again.
You try to keep up. If you follow social media accounts or read magazines or watch TV shows (I’m looking at you, Real Housewives) or even have friends who make you want to spend money you don’t have, maybe it’s time to shift your priorities a bit. Unfollow that account, read something else, watch something else and remember that you’ll eventually be where these people are if you stick to your goals now!
I hope you find these tips helpful! Do you have anything to add? I’d love to hear it!
Happy Wednesday, friends!!