If you are anything like me, you always wish you could save more money but most of the time you don’t know where to start. Check out this list of 5 easy ways you can start saving money today!
- Start an emergency fund – It is always a good idea to have some money set aside because as we all know, life is unpredictable and sometimes, things come up. An easy way to plan for those unexpected expenses is to set up automatic payments to your savings account weekly, bi-weekly, or monthly. And remember it doesn’t have to be a large sum, every little bit adds up!
- Credit Cards – Avoid credit cards if you can. A good rule of thumb with a credit card is to ask yourself “when my credit card bill comes due, can I pay it in full?”. This is a great question to ask yourself because it will help you avoid paying interest on your purchases.
- Convert what you spend each week to cash– It can be a challenge trying to stick to a weekly budget. However, one great way to try and stay on track is to use cash for what you spend during the week. Also called the envelope method, this helps you divvy up what you spend on the essentials and the extras. It’s also a great way to give yourself a hard stop on spending.
- Budget spreadsheet – Organization is one of my favorite things but sometimes when it comes to spending things can get a little disorganized. With that in mind I discovered a budget spreadsheet is a great way to help see where your money is going and how you can improve your spending. Google Docs and Excel have great budget templates you can use!
- Eat out less – This can be challenging but honestly is one of the easiest ways to save money. Ordering out can cost upwards of $30 for each meal, especially if you use delivery options. If you were to cut out just one day of ordering out, you would have an extra $30 a week. Do that over 4 weeks and it’ll be $120! That’s a huge savings and gives you the opportunity to take that money elsewhere and possibly make it work for you by investing it!
What’s a money saving tip that you have learned? Let us know in the comments!