Managing your budget isn’t only about how much money you make. How much money you save is just as important for establishing a healthy budget. Here are a few tips you can start doing today to maximize savings.
#1 Have a Goal
Saving money for the sake of saving money isn’t a big motivator. What is a big motivator is having a goal you are saving toward, and this can make all the difference in how successful you are at budgeting. Is it house renovations? A bucket list trip? A lump sum to pay off a debt? Whatever it is, don’t just save money, know what you’re saving toward so you can be encouraged when you reach your goal.
#2 Autosaving
These days, there are a ton of ways to “autosave your money. Whether through your bank or through third-party apps on your smartphone, it is easier than ever to ensure that excess funds aren’t constantly tempting you to spend them on stuff you don’t need. Use your bank or a third-party app to ensure that money you aren’t spending monthly is going into a separate savings account you can’t easily access and spend on impulse purchases. As the saying goes, “Out of sight, out of mind.”
#3 The 24-Hour Rule
If there is something you want – not need – try the “24-hour rule.” If it’s not a necessity to buy, give yourself a day to really think about it. Come back the next day and look at it again. On second glance, you might find that not only do you not need this thing, you also don’t really want it as much as you did yesterday. Cha-ching! You just stopped yourself from wasting money.
#4 Use Coupons
If a purchase makes it past the 24-hour rule filter, look for coupons to save money. A simple Google search is a great way to find coupons. You can also do a YouTube search for coupons, as many YouTubers have advertiser funding and are able to offer coupons to their viewers. There are also a lot of great apps and browser extensions that can help you find deals online.
#5 Resist Temptation
What are the places and situations that cause you to spend money unnecessarily? Pinpoint what those places and situations are and avoid them unless absolutely necessary. Sometimes we are triggered by people, places, and situations and these triggers will cause us to take actions we might not otherwise take. For some people, the simple act of even going to the mall will cause them to want to make purchases.
#6 Become a Minimalist
Having less stuff not only makes life easier because you have less stuff to worry about, it can also create a positive upward spiral where what you want becomes consistent with what you have. Choosing to get rid of things you don’t need may very well be a big step toward realizing you don’t want or need as much as you thought you did. This, in turn, will make it easier to resist temptation and to save your money toward goals that really matter.
#7 Get Freebies Where You Can
Free stuff is everywhere…if you know where to look. One great place to look is the public library. Instead of buying a book online, you can save money by borrowing it free from the library – even ebook and audiobooks are available for borrowing these days.
While books are probably not a big expense for you, this is one way to pinch pennies, and it highlights the principle that these days, freebies are everywhere.
#8 Save on Cleaning Products
Traditional chemical cleaners can be expensive and are often overkill for our cleaning needs. Pinch pennies by using products like vinegar, baking soda, and tea tree oil to make safe, cheap cleaners yourself to handle everyday cleaning needs. This will declutter the cabinet below your sink as well as help you save money.
#9 DIY Beauty Treatments
Ladies, we live in the era of DIY, and beauty products are no exception! As with cleaning products, professional beauty products are expensive. YouTube, Google, and other search functions can help you find ways to efficiently cut costs on your beauty expenses if you find that’s a big part of your monthly spending.
Making money is important for managing a budget, but saving it is just as important. Learn to cut costs on things you need to buy, learn to stop buying things you don’t need, and set goals so your money is going toward things you truly want to achieve. It’s not about budgeting for budgeting’s sake, after all!
Article for this topic by Daniel Martin.
