Saving money is a challenge.
In fact, a new study shows that most Americans have less than a couple of thousand dollars saved up for emergencies. That means any unexpected expenses can put a big dent in their financial well-being.
But that’s not how it has to be.
There are some simple, creative ways to save money that will help build your savings account and give you peace of mind. Here are a few that can help you turn your financial outlook around today.
Automate Your Deposits
This is one of the easiest ways to start putting away money. You can talk to your employer and set up a system that will automatically take money from your paycheck and deposit it right into your savings account.
This is called “paying yourself first,” and it’s something that many wealthy people swear by.
Even if you set aside a few dollars each pay period, having money go into a savings or retirement account will help you start saving immediately and you won’t even miss the money. Before you know it, you’ll have a nice nest egg saved for yourself and your family.
Track Your Spending
The one sure-fire way to know to understand your empty bank account is to pay attention to where all of your money goes. How often do you dine out, or spend money on spur-of-the-moment purchases? Tracking your spending will help you see how you spend your money.
A simple internet search will give you several spreadsheet templates that you can use to input your spending choices. With this, you can see a breakdown of spending for bills, entertainment, food, clothing, and anything else you want to track.
Soon, you’ll have a good idea where all of your money goes and what you can do to cut back in certain areas in order to save.
Stop Buying on Impulse
Once you start to track where your money is going, you’ll probably notice that you buy a lot of things that you don’t need. These are impulse buys. They can be products or services that you felt like paying for on a whim, be it because you were bored, emotional, or looking for something different.
If you want to save money, you need to stop making those off-the-cuff purchases.
Many financial gurus will tell you to follow the 30-day rule. If there’s something you think you want, wait 30 days before you buy it. If you still want it after a month, then chances are it’ll be a good buy.
If it’s not a big deal to you after 30 days, then it’s something you never need in the first place. Making small changes like this will help pad your savings account.
More Creative Ways to Save Money
There are tons of other ways to save money. Do a little research and you’ll run into easy things you can do to find creative ways to save money. Before you know it, you’ll have more money in your account that you thought you could!
For more ideas on living a great life and being the best person you can be, check out my blog.
You can also contact me, Nick Santonastasso, to book a speaking engagement or just to chat!