How to Formulate Good Money Saving Habits
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How to Formulate Good Money Saving Habits

Posted on Monday, March 26th, 2012 at 10:52 am
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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.

 

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.