Many people living paycheck to paycheck find it challenging to save money. When it feels as though there is barely enough money available to make ends meet the idea of putting anything away for the future is hard to comprehend. Whether you are looking to build an emergency fund or would like to save up for a big purchase, by making a few changes to your habits, you can save money.
One of the easiest ways to put money aside for the future is to put all of your change in savings. Whether you prefer to collect it in a jar in your home or transfer the amount from your checking to your savings account, rounding each transaction up to the nearest dollar is a fairly painless way to begin the habit of saving. As you get more used to the habit you can always up the ante and round up to the nearest $5 increment.
If you use coupons to save money, try this lovely trick. Any time you use a coupon take the amount you saved and deposit it into your savings. If the coupon is for $1 off then you would move that amount into savings. Takes those dollars off and make them work double duty in your savings account.
The same tip can work on any place that has a discount when you use your loyalty card. Often your receipt will show the amount that was discounted because of your loyalty card. Take that amount and save it. It’s another way to see discounts work for you twice.
You can also choose to save any unexpected money that comes into your life. If you receive money for your birthday, choose to save it. If you get a bonus at work or a rebate on a product, put that away for a rainy day too. Since this isn’t money you normally count on, the impact to your lifestyle is incredibly minimal.
A tip that may take more effort is to get away from an expensive habit and save that amount instead. Take the $5 you would have spent on that latte and save it instead. If you quit smoking, or even just cut your habit in half, put the amount you would have spent on cigarettes and save it instead. Skip buying a video game for the month and put that money to work for you instead.