Saving money. To many, this topic doesn’t come naturally. Luckily I’d like to think I’ve become quite adept at saving.

However I didn’t just know how to do this. I learned different tips and strategies to make things much easier for me. To be honest, it’s much easier for me to save something when I get a large windfall whether it be a bonus or monetary gift. So much easier than saving a little bit every pay right?

Well for the spender in me, using these habits can help making saving a little easier.

1. Automate Savings

Hands down, the easiest way I know of to save money is to automate it. Whether it’s setting up direct deposit into a savings account or doing automatic transfers every pay period. If you can’t see it, you can’t spend it. You will still technically be broke afterwards, but you’ll now be broke with a savings account. 😉

Up until recently I also started using Digit; which is an app used to add a little extra to your automated savings. It works by calculating your daily balance and taking out a small percentage (usually only a few dollars at a time) and depositing it into an account within their system. It’s seamless and easy and I don’t even notice a difference in my account. Sign up here to give it a shot!

Easy and simple right? Set it and forget it.

2. Implement a “no drinks” policy

I know I know. Some of you just need your drinks at the end of the work day. It’s always nice to have fun and wind down right?

Unfortunately for you, drinks are an expense that can creep up on you without even realizing it. Even something as simple as your daily Starbucks can have a huge impact on how much you spend per month. Try it for a month and write down how much you save and post it to the bottom of this page. I’m curious to know how much is saved with this one tip.

Back to the point. Once you realize how much you’re spending now you know a huge portion where  you can potentially cut back. I personally chose Starbucks as my example because I only go there when I have a gift card. But you can also save your drink purchases for things like special occasions. I wouldn’t ask you to completely kick your habit… Though if you are trying to find more money to save, this would be a good place to start.

If you find this too difficult, you can start by cutting out drinks during the week or buying coffee in bulk from the grocery store.

3. Always Pay Full Price (no payment plans)

Another enormous way to save on some cash is to never finance your purchases unless you can pay it off in full every month. The only exceptions in my mind are purchasing a home, paying for education or some other big thing that can’t be paid off at the end of the month (some might argue a car). For everything else though, don’t go on a payment plan. Interest rates are often high and most times you will end up paying more than what the item was actually worth had you paid in full. If you can’t afford to pay in full, a good rule of thumb is to wait a week or two and see if you still want it. If so, then save up the money until you can afford it. It’s just a good habit to practice.

4. Shop Generic Brands

Whenever buying generic is an option, it’s almost always a good thing to consider. Think about all the times you’re in the grocery store or pharmacy and the generic brand is a few dollars cheaper but has the exact same ingredients. There really isn’t any reason to spend more on the name brand. Unless there is a legitimate reason to buy the name brand then do it. In most cases though, the generic brand will do just fine.

5. Cut It Out

Whenever you have the chance to unplug electronics in your home you should do it. Same goes for any heating or air conditioning (less extreme heat or freezing temperatures). But generally if you aren’t home and don’t need it. It doesn’t make sense to use what nobody will receive any benefit from.

6. Pack Lunch

Getting in the habit of packing your lunch can save you a lot of money. Wherever you work, make the time at home to prepare your meals ahead of time so there is no temptation to buy lunch. This is probably one of the easiest things to fix and can make a big impact on your savings.If you have a hard time saying no, get more comfortable with it and explain why. Nobody will judge you for it. Of course there will be exceptions and special occasions but let those be far and few between.

7. Feel Comfortable Saying No

One of the best habits you can do for yourself is to learn how to say no without feeling bad about it. This usually doesn’t come natural so keep practicing if you’re not ready.

Be open. Be honest.

Let them know you would love to but it’s not in the budget right now. If you feel really bad about it, still say no, but deal with your feelings at another time. I promise this does get easier with practice!

Congratulations! You made it! Hopefully by implementing some or all these strategies your wallet will swing by to thank me. 

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What ways do you incorporate to save more money?

Good Luck, Newbies

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