There are a lot of little things that can really add up when it comes to saving money.
Time and again as you grew up, you may have been told, “save your money.” May times, especially when we are young, we get a little bit of money and we just want to go out and buy something. The old saying of “the money is burning a hole in your pocket.”
There was a time that I would make a little money and you guessed it, I wanted to spend it. I remember as kids we would walk to Clyde Park Foods. It was just a little convenience store not far from our house that we were allowed to walk to. We would be given a little money for something we did, or maybe we were allowed to have the money from returning pop bottles and cans. We then would buy different candy at the store. We earned a little and then spent it, as a kid there wasn’t much saving happening.
That may be ok for a short time, but learning how to save and implementing some saving tools can have big pay offs.
What are some things I can do to save money?
There are a lot of little things that can really add up when it comes to saving money. Below are four money saving tips.
- Set a Savings Goal
Whether you want start an Emergency Fund, have a savings for an upcoming vacation, or saving a specific amount this year in a retirement account, make the goal specific, but realistic.
How to calculate how much you need to save each month?
NerdWallet has a Savings Goal Calculator to help you figure out how much you will need to save each month.
In the calculator they break it down into four areas:
Savings Goal – amount of time you want to save
Starting Balance – any funds you already have on hand for your savings goal
Time to Grow – deadline for your savings goal.
Annual interest rate – interest you earn on the money you are saving
- Creative Gift Giving
This one is a personal favorite. There are always so many special occasions that are reason to celebrate and perhaps we want to give a gift, but doing this constantly can really impact the bank account.
Instead of always buying a gift for someone I like to mail handwritten card. The thoughtfulness of receiving a hand written note can be just as valuable, if not more valuable to someone that receiving something that will just get stuck on a shelf somewhere.
Another fun thing to do Is bake cookies, a pie or cake and give it as a personal gift. This is something they can enjoy and shows how much you care and can mean more to someone that receiving an expensive gift.
Keep track of gift-giving events on a calendar. I personally do this with anniversaries, I love to acknowledge and celebrate friends’ anniversaries. Thing Is, I can’t buy a gift for every couple every year. I make it a point to send a card to friends, but each year I also pick one to three couples that I want to do something specific for. I decide whether I want to make a meal, dessert or purchase a gift. I also have a few couples that I consider very close friends, so I choose to do something for them each year. Regardless of who or what I am doing a gift for I plan the cost into my Flexible Money Management Budget. You can also allocate money for the gift giving events into your Sinking Fund account.
Keeping track of gift giving events, who and when you want to give a gift can be helpful so you can take advantage of sale specials that happen throughout the year at retailers.
- Plan for Major Purchases
If you are planning to make a big purchase like furniture, appliances, electronics, or other items, plan them out according the annual sales events.
If there is a particular item you are planning to purchase in the future, take time to track the cost of the item over time. That way when it is “on sale” you know if you are really getting a savings deal or not.
- Reduce Your Electric Bill
Simply unplugging small appliances when not in use can save energy and reduce the cost of your electricity.
Here are some things you can unplug when not in use:
- Toaster
- Coffee Pot
- Blender
- Charging cables (i.e.. Phone, tablet and computer chargers)
- Lamps
- Hair Styling tools
Do small changes matter?
YES! Making small changes to how we use our money and resources can have a big impact and save us hundreds of dollars. To get more money saving tips read my blog Five Money Saving Tips.
Can you help me get started or make some adjustments?
YES!
Knowing where to start, or even if you have already started, but knowing where to make some other changes and adjustments can be challenging and overwhelming. I am here to help give you that personalized help you have been missing.
Schedule your free consultation call HERE.