No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around and start saving money. Sometimes all it takes is that first step in the right direction to get things moving in your favor. But, as with most things, sometimes that very first step is the hardest part.
That’s why we created this list of 15 Genius Tips For Anyone Trying To Save Money. None of these tactics will be life-changing on their own, but they can make quite a difference over time if you’re able to implement more than one. Some of these suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple – anyone can do them.
Obviously, not all of these tips will apply to everyone. Just go through the list and find the ones that do apply to you and use them in your life. When you do, you may quickly find that you’re saving more money than you ever thought possible.
1. Put away $10 every single day. By the end of the year, you’ll have more than $3600 squirreled away
Americans report daily spending of around $100 on average — and that’s outside of car or home payments and basic household expenses, according to recent Gallup poll data. But what if you didn’t spend that much? What if you shaved off just a little bit in expenses — without really changing your lifestyle — and started pocketing just $10 extra every single day?
“Saving $10 a day doesn’t sound like a lot, but it can really add up over time,” said certified financial planner Douglas Boneparth, co-author of The Millennial Money Fix, in a phone interview. That adds up to $3,650 a year, which you could put toward all sorts of financial goals. “I am a big proponent of the cash reserve and creating a safety net in case of emergency,” Boneparth added. “That can be several month’s rent for a lot of folks.”
As a solution you can use an app called Acorns that automatically withdraws the money from your checking account each day or week. It won’t withdraw the funds if your balance falls below a certain threshold either. Also, it automatically will invest your money toward stocks and shit. Idk how it works, but the little bits of money they earn for you really adds up.
2. Save, don’t spend, your income tax and any other extra money you come across
When you get a large tax refund, it can be tempting to splurge on something big and fun, like a Caribbean vacation. But a large tax refund is actually a great chance to improve your current financial situation. If you’re getting a huge refund each year, then it may be time to adjust your tax allowances. Save your income tax!!! Do that with any other extra money like bonuses, money you find, cash gifts, etc.
If you adjust your withholdings, then you may have more money throughout the year to reach your other financial goals, such as buying a home or paying for your child’s education.
3. Set monthly challenges for yourself, like no dine-out January and essentials-only February
If you’re looking for a way to boost your savings or debt repayment goals, try a money challenge. Money or saving challenges are a great way to temporarily switch things up and jumpstart your savings. A money challenge can be anything from a no-spend challenge to finding extra money decluttering, to saving all your 5 dollar bills.
Any of these budget, savings and money challenges can be done for a day, week, month, or – if you’re brave – can be carried on throughout the year. The goal is to find new (and fun!) ways to cut your expenses, and put that money towards savings or debt. Remember, even if it doesn’t seem to add up to be a huge savings, every penny counts!
You can start doing monthly challenges/goals for an entire year. For instance, in one month You may try taking your lunch to work every day, then the next month have a garage sale or try not spending except on essentials only (food/utilities). With January coming up, it’s a great way to start planning some financial goals for the upcoming year
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