Why bother saving? The reasons are all yours:
- You want to set some goals for the future, and commit to them;
- Debt is weighing you down;
- You're on the earn-spend treadmill and you want to get off;
- You want to start investing but you don’t feel you have the money;
- You want to make changes but need a push. Well, this is it! Start now!
Get in touch with your "inner saver", and start making your money work harder for you. Our Team Up With Your Money Tips can help you kick-start your savings and start building wealth. We're talking about looking at your priorities and making small changes.
Tip #1 Uncover Hidden Money
Look at your wants and needs to see which money zappers you might be able to cut out or reduce. For instance, pack a lunch for four days and eat out once. Have a gourmet coffee three times a week instead of five. See what an impact a few dollars can make in a month, or over the course of a year.
Step up your savings rate. Think about how much you could set aside without feeling the pinch. Perhaps it’s only $25 per payday. Make it a small manageable amount that you can build up later. Remember, small changes make a big difference over the long term, and the habits you're developing now will help you build wealth.
Spend strategically. Look at the purchases that have the best value, and see which ones are questionable. Prioritize. See if you can reduce or even eliminate the questionable expenses.
Tip #2 Develop good habits
Establish Money Mondays or Financial Fridays. Choose a consistent time that you set aside to deposit your change; reconcile your bank account, set up the next week’s saving challenge; and learn more about investing. Keep track of your financial transactions: receipts, a log book, whatever it takes.
Evaluate the charges you are paying on bank account and credit card fees. Adjust your use accordingly.
Dine out on the cheap, make a grocery list, and only shop after you’ve eaten! Take advantage of coupons.
Tip #3 Make It Fun!
Get a friend or your family on board with helping you save. Challenge each other to see who can save the most or make the most changes.
Create money jars. Put all your loose change in at the end of each day. You’ll be surprised how quickly it adds up.
Find free events in your city, look at expenses of cell phone and internet plans, evaluate driving vs. taking transit, make small changes around the house to save on utilities.
Continue to keep up the habits you've developed using these tips, and watch your savings grow. Now, you’re ready to learn more about the basics of investing, and Check First.