Happy Friday! If you have been following a while, you know I am on a mission to help you save money and feel good about it. A big part of my full-time, corporate job is helping others save money, it’s something I am very passionate about. While I have done several blogposts about how to save money on your shopping trips, I will also teach you how to save when you are not spending.
What you do with money you are not spending is equally important as spending less. Saving money is so much more than budgeting, dollars and cents, watching your bank account grow…it’s about changing the way you think about money to benefit your needs, future and present. Saving helps you to become more mindful about money.
Having extra cash on hand or available in your bank account is always a good idea. In honor of National Savings Day, I am sharing 3 simple steps to help you put money aside. Let’s get started!
1. Make savings a part of your budget – Whether you have an itemized spreadsheet of all your monthly expenses, use a virtual bill app or set a reminder on your phone, add “savings” into your budget. Treating it like a mandatory expense will train you to remember to set a designated amount aside like you would a bill. Add it right under your high priority bills like your rent/mortgage payment.
2. Open a savings account – Do not use your everyday account or checking account as a savings. You want to lessen the chances of withdrawal. If you are easily tempted to dip into savings, open an account at a bank that’s not your primary institution. You want an official savings account because you want to be paid while your money sits! Not all accounts pay you interest. Tip: Use a credit union rather than a bank for higher dividend rates.
3. Take action to save money — Do whatever works best to put it away and LEAVE IT THERE! Then, get into a routine doing so! You can always change it up. For instance: set a goal to save $1k, put back $25 every time you get paid, have $200 auto-drafted from your checking each month. Make it more interesting: ‘play’ the 52 week challenge with coworkers, transfer your cents (change) every time it’s an uneven amount, get creative. Actively depositing money and seeing your savings grow will help you become more mindful and motivated. It becomes habitual. Reach out to me for more ways or tell me in the comments to do a blogpost about it.
I hope these steps help to get you on track to saving! It’s easy to slip off a time or two, but consistency is key! It’s a great feeling knowing you have a cushion to fall back on.
Do you feel you are a better saver when you’re more involved in the process or does it feel like a lot of work? Do you have multiple saving accounts? Reply in the comment section.
Thank you for sharing a part of your day with me! I’m so happy to have you as a reader! Have an awesome Fall weekend!
📸 Photo by Katie-Bee Photography
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All thoughts/opinions are my own.