This post is all about money saving tips to live by.
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There are things we can change about our financial situations. Depending on what you’re going through or what your financial goals are, money saving tips and money saving techniques can help ANYONE on the planet reach their rich dreams.
You want to make sure that you are in charge of your money- not the other way around. Also, it’s not bad to want money. It’s not bad to seek out money saving hacks.
If you can’t simply get a huge chunk of money, then saving your money can help you until that time comes. Use these simple money saving tips to start your financial growth journey.
Money Saving Tips
1. Set savings goals
Not having a goal is like throwing a dart in the dark and hoping to hit the bullseye. Start by having a set number in mind to work towards.
“I want to have $1000 in my emergency fund by December.” Is a much better goal than, “I want to save money.”
You are much more likely to actually reach your savings goal if you have a goal amount and a goal date. It’ll help you stay on track or at the very least, know if you’ll reach your goal by whatever date.
The date is quite important because you don’t want to spend several years saving for this goal. You want to be able to analyze your money and if you don’t make enough to hit your savings goal when you want to or need to, then you can rethink your job, your spending, or the goal itself.
Once you have your money savings goal you can begin creating a money saving plan.
2. Keep track of your spending
The best way to keep up with your savings goals, analyze your income, and know what you’re spending money on is by actually keeping track of it.
You should keep track of this every week. Let’s call it a date night with your budget. Prioritize this! It’s going to be extremely eye-opening to you when you realize how much money you’re really spending and where.
Keeping track of your budget is one of the top money saving hacks because it stops you from both blindly spending money and blindly making money.
3. Learn how to budget
This money saving tip goes hand-in-hand with the previous tip. Keeping track of your expenses is one of the first steps to take when creating a budget.
A budget will help you give every dollar a job. You decide how much money you’ll spend on each category of your life and try your best to stay within that dollar amount.
How much money should you allot for each category? Well, that’s up to you and how much you spend weekly or monthly on said category.
*Category examples: Groceries, Gas, Take-out, Shopping, Plant collection, Dog, etc.*
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How to Create a Monthly Budget and Save in Your 20s
4. Create designated savings accounts
You can have multiple savings accounts within one bank. Did you know that? I only recently discovered this and my life has changed forever!
I now have an Emergency Fund, Personal Savings Account, and a Life Experiences savings account. You can easily create a new savings account, give it a name, and add however much you want to add almost instantly.
These are great money saving tips for the holidays because you can create an account specifically for the holiday season.
5. Use the envelope budgeting system
The envelope budgeting system is one that can be done digitally or with actual cash. The idea is that for each category (groceries, gas, shopping, vacations, etc.), you create an actual envelope that contains the exact amount you have set aside for that category.
For example, if I set aside $100 for groceries each week then I’ll have an envelope labeled “Groceries” with $100 inside.
As I go out to buy groceries, I’ll only use the cash on hand. It stops you from overspending and it helps you truly give each dollar a job.
Once you start using the cash envelope method, you’ll notice SO MUCH about your spending habits and how much you need vs. what you budget out for yourself.
6. Start a money saving challenge
Most people enjoy a good game. It’s why people pay so much money to watch sports on TV. You should honestly play a game. There are plenty of money saving challenges you can do ESPECIALLY if you’re using the cash envelope system.
A few challenges that I partake in are the Save Your Coins challenge and the $1 challenge.
The Save Your Coins challenge is exactly what it says. Save your coins. Every time you get change, actually keep it and put it in a piggy bank or something of the sort.
Here is what I use:
I wanted something that can ditto as a decor piece because I don’t actually want a pig sitting on the bookshelf, but I also have one that actually counts the change you put in for you.
The $1 challenge is one where every time you get a $1 dollar bill back in change, you put them all in an envelope. You can decide that either at the end of the week, month, or year you’ll deposit the dollar bills either in a savings account, a vacation fund, or pay off a debt.
Now, those dollar bills add up quickly and can be really beneficial if you’re ever running low on cash or if you need money to pay off your debts. This is money that would have otherwise been spent because it’s “only $1” but these dollars add up over time if you don’t spend them.
Put them in another envelope that’s labeled $1 Challenge and there you go! Put your dollars in there and let me know if it boosts your mood knowing that your “change” can in fact turn into real money- A LOT of money.
7. Automate your savings
If you work with a bank that has an app, there is a high chance that you can use this tool to do a lot of things. One cool thing you can do is schedule recurring payments, transfers, deposits, or withdrawals. How cool!
You should definitely be automating deposits to your savings accounts. Now that you know you should have MULTIPLE savings accounts if possible (it is), it is much advised to have a set amount that automatically goes to these accounts every time you get paid.
There is a rule that 20% of your income should go towards savings. Okay so take 20% of your pay by taking your paycheck income number and multiplying it by 0.2. This number is 20% of your check. This amount should be going toward YOU.
You are paying yourself back for all of the hard work you’ve done. The least you can do is pay yourself 20% of your paychecks. Period. If you’re finding that giving yourself 20% of your own money leaves you in a pickle when it comes to paying your bills and living, you need to do one of the following: get another job, create a side hustle, save more, or spend less.
8. Get out of debt
Okay, this is obvious. There are also people out there who say, “Never use your own money. Always use OTP- other people’s money.”
If you’ve never read the book Rich Dad Poor Dad by Robert Kiyosaki, I HIGHLY recommend it.
One of his famous quotes is, “Savers are losers.” Like, what? That goes against this ENTIRE article, but we don’t have to NOT save. He’s not saying to not have a safety net. He’s saying that if you’re…
You know what? You should just read the book for yourself and invest in your own knowledge.
Knowledge is power. It really is!
The less money you owe someone else, the more money you can keep for yourself. Money saving tips can also mean spending money to pay off a debt to save for the future.
9. Use extra money as extra savings
What do you do if/when you get a large influx of money? Most people will go out and buy whatever their heart desires. Smart people will either invest this money or put it in a savings account.
What would you do if your boss gave you a $2000 bonus right now? Leave a comment below! I’m super curious!
People have been getting stimulus checks (myself include) and have completely blown this money on material things!
Did you get a stimulus check? What did you do with the money?
If you’re truly looking for money saving tips then you should feel a little bad if you didn’t save at least SOME of your stimulus money.
10. “Staycations” are AWESOME!
Have you ever intentionally done a staycation? A staycation is basically where you go on vacation at home. You can even book a hotel in your hometown or drive to a neighboring city for a vacation instead of dropping thousands on a vacation far away.
If you can’t afford to do an exotic trip, that’s okay. Added to the list of money saving hacks, taking vacations at home does SO much for you.
It gives you a chance to explore your hometown, save a ton of money, and give you more ideas and suggestions for when friends and family members ask you for things to do in your area.
In Closing,
Saving money is a sure way to create the life you want to live. Of course, there are other money saving tips that I haven’t mentioned. Can you mention one that I may have forgotten?
Either way, I hope you’ve gathered at least a few of these money saving tips to start saving TODAY!
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The Ultimate Guide: How to Create a Monthly Budget and Save in Your 20s
