Hey Everyone!
Today is going to another How To:_______ post, which is basically a post series where I try to give some tips/advice that I think might be helpful to some readers out there. Please keep in mind that I am no expert in giving perfect advice, these are just the tips that have worked for me or tips that I have learned from others.
Now that the disclaimer is out of the way, let's talk about MONEY. Yes, MONEY, the stinky paper with "value". Now, money is obviously a part of our everyday lives and it's great because it can buy us goods and services, and luxurious and valuable items, BUT we all know money also runs out FAST especially when we are over-spending on items we probably don't even need; even the richest of the rich can run out of money at some point if they are spending their money unwisely. To avoid the debts, the stress and worst of all, the frustrating feeling of being broke, I have put together 10 tips that should hopefully help you work on saving more money.
1. Figure out exactly what you are SAVING FOR...
This can be a specific item/service. For example, you might wanna save up for a good camera or concert tickets OR you might realize that you just want to trim down your spending and lesson your shopping addiction. But targeting down exactly what you want to save for and how much money you need really helps you focus on your goal.
Now, if you want that item/service that BADLY you should be able to follow the rest of these steps!
2. PLAN A BUDGET!
I cannot stress to you guys how important it is to keep track of your money, where it's going, how much money you are spending... How much money is coming your way? How much money SHOULD you be spending? Answer these questions and keep track in a notebook or even on your phone if it's more convenient. Write down how much money you have currently, how much you want to spend in a week/month/year and obviously how much you will be earning (allowance/job/volunteer).
Plan EVERYTHING out, to the point where you write down everything you buy because THIS is how you are going to be organized on your spending. There have been many times where I have realized that I have spent over $100 in one week and I couldn't even figure out where all the money went!
3. Figure out HOW you can cut down your spendings.
This is when you think about all those times where you've spent money when you shouldn't have and figure out simple things you can do to cut your spending, NOT figure out how to EARN more money because that won't teach you anything if you're gonna over-spend again. For example, I realized I was spending too much money eating out for school and buying fro-yo at the mall, so I started to pack my own lunch for school more often and bring a snack when I went out with my friends so I wasn't tempted to buy any snacks. Yes, I know, a $3 ice-cream cone is not going to put you in debt but I was buying an ice-cream cone EVERY TIME, which adds up, if you think about it.
4. Take extreme Measures and just DON'T SHOP.
Now, if you shop less then you'll obviously buy less; going shopping when you don't technically need anything will most likely cause impulse buys! Do something else for therapy in the meantime.
5. Can't stay away from the Mall? SHOP SMART.
If you're a shopaholic like me and have no self control whatsoever, then let yourself go shopping but only choose to window shop. Set a deal with yourself OR only bring the most money you are willing to spend. *Check out my first tip post: How to be a Smart Shopper for more tips and tricks.
6. If you're broke...then DON'T BORROW MONEY.
This is common sense, only borrow money in desperate measures and try not to borrow a certain amount of money you know you can't pay back (excluding mortgage, insurance etc.).
7. Be Reminded
Always try to remind yourself to save money, or ask your friends to stop you from buying impulse buys! Even saving $2 a day counts because eventually it'll add up; for example if you continue to save you'll save about $56 per month which will total up to $672 in 1 YEAR!
Remember, if you save money correctly, it can add up really fast, or it can be spent really fast...
8. ALWAYS use an opportunity to save money.
For example, use coupons and shopping from the clearance rack or on special holidays, (Black Friday, Boxing Day, Thanksgiving, Cyber Monday...etc.). Try to order online when there are free shipping or discount codes available.
On the other hand... Coupons, free shipping, etc. can sometimes become your excuse to actually GO SHOPPING and buy something, so be aware! Always ask yourself, "would I buy this if the sale price were its regular price?"
9. Store your money.
Whether you want to purchase a piggy bank, make a box or even use a mason jar to store your cash, always keep track of how much is inside! I personally think I save more money when I can see it because, to be honest, I just get too lazy to check my bank account and assume I have more than I actually have.
The last and final tip is to...
10. Be PATIENT & PERSISTENT
Whether you're trying to save up for something worth $30 or a car worth $30,000, it's going to take time and patience and a lot, LOT of self-discipline. Keep being persistent and you'll be rewarded in the end.
So those were all my top 10 TIPS on saving money! If you made it to the end...congrats!This might just be my longest blog post yet. I hope this post helped at least one person out and I'll talk to you guys in my next post!
Stay on Top of the World
- Kelly ;)
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