How to Formulate Good Money Saving Habits
Posted on Monday, March 26th, 2012 at 10:52 am
Saving money sounds like a difficult thing to do. When I think about saving money, it makes me feel like I need to start giving things up, or that I need to set aside a lot of time to rework a budget. It doesn’t have to be so hard, though! There are a bunch of things that you can do to easily get yourself into some good money saving habits.
Start a change jar. My husband and I use debit and credit cards when we are making large purchases, but we often find ourselves paying cash to pick up a quick meal at a fast food restaurant. This leaves use with a small handful of change at the end of the day. We put the change into a piggy bank. Over time, the leftover change adds up.
Have you ever heard the phrase: “Pay yourself first”? This is a really easy saving habit to get into! When your paycheck arrives, put a certain amount of it directly into your savings account. The exact amount that you can afford to do that with depends on your budget, bills, and debt.
The reason why this works is because that money goes straight to the bank, instead of into your pocket or purse. It makes it much harder to accidentally spend that amount on drinks from Starbucks, or other small purchases. A savings account usually generates interest, and the amount of interest gets higher the more money you have in your savings account.
Do some price checking before making big purchases. My husband and I are considering replacing our couch. We are planning on shopping around at the local furniture stores, and comparing the prices of what we find. We visited Target today, to see if they had any couches on sale. Eventually, after we know what our options are, we can sit down and figure out which one costs the least, (and if we like that one best).
One really good way to save money is to work on paying down your debts. We have a credit card debt that we have been working on paying off. The debt has a time limit before it starts generating interest, (and growing). By making sure that we consistently send in payments to our credit card company, and that we give them more than the minimum payment, we can save the money that would otherwise have been spent on interest.