We put together simple tips and smart tricks to help you save money easily.
As Cardi B once said, “All I wanna see is the money.” Saving money and sticking to a budget isn’t easy, but if there’s one thing we’ve learned in recent years, it’s that having savings is super important. Whether you’re unsure when your next paycheck will come or you already have a job but need better money habits, now’s the best time to start thinking about saving.
The good news? You don’t have to figure it out alone—we’ve got 50 helpful tips to get you on track. Since it’s a fresh new year, it’s the perfect moment to set a money-saving goal and take control of your finances. Remember, saving doesn’t mean living poorly—it means being smart with what you have to build a better future!
- Figure out exactly why you want to save money: Berna Anat, a financial expert, says it’s important to have a clear and personal reason—not just something trendy like a vacation because others are doing it. Ask yourself, “What do I really want to save for, how much do I need, and why?” Your goal doesn’t have to match anyone else’s. Once you know your reason, it’s easier to stay focused and stick to saving.
- Remember, you can negotiate if you’re having trouble paying: Berna Anat advises keeping a good credit record and paying on time, but if life happens and you can’t reach out to your lender. They might be more understanding than you think—they want your money and don’t want to deal with collections. By explaining your situation, they may offer a deal instead of reporting missed payments to credit agencies. It’s all about communication!
- Clean up your credit card record
If you’re still paying off high-interest debt, you’re losing money you could be saving. Berna Anat says your credit history, especially if you make payments on time, is the biggest factor in your credit score. Make sure there are no mistakes on your credit report by checking with bureaus like Transunion or Equifax. - Talk to the banks and credit bureaus
Don’t avoid banks or credit bureaus if you’re having trouble. Berna advises that you communicate with them instead of seeing them as enemies. Sometimes, mistakes like someone else’s late payments show up on your credit report, and fixing that could help your credit. - Set goals with a timeline
Start small but set clear financial goals with deadlines. If you just say, “I want to save $5,000,” it won’t happen. Berna suggests breaking it down into smaller, monthly goals, like saving $833 each month if your goal is $10,000 in one year. - Give your savings account a nickname
To make your savings more exciting and focused, name each account based on your goal, like “Vacation Fund” or “Emergency Savings.” This helps keep you motivated. - Cut back on unnecessary expenses
Review your budget and find areas where you can spend less. Maybe you’re spending too much on takeout or subscriptions that auto-renew. Cutting back in these areas can help you save more. - Pause retirement contributions if needed
It might seem counterintuitive, but if you’re struggling financially, consider pausing contributions to retirement funds until you’ve saved enough for emergencies. This helps build a solid foundation before you focus on long-term savings. - Create a “F–k Off Fund”
A “F–k Off Fund” is savings for emergencies or unexpected situations. Berna says this fund gave her the confidence to quit her job and travel the world. Set a specific amount and timeline for this fund to make it more effective. - Work on your budget
Do you have a budget? If not, it’s time to create one. Knowing how much you earn, spend, and can save each month is key to building a healthy financial future. Use your budget to track how much you can invest or save without hurting your basic needs. - Put your savings in a high-yield account: Make sure your emergency fund is in a savings account that earns interest, ideally over 1%. This ensures your money grows while staying safe, according to financial expert Berna.
- Automate your savings: Set up automatic transfers to save money without having to think about it. Once you know how much to save, just let it happen automatically. McLay says this makes saving much easier.
- Create a weekly budget: Instead of tracking your spending monthly, break it down by week. After covering essentials like rent and bills, use the remaining money for your weekly budget, McLay suggests.
- Use cash for your weekly budget: Sometimes it’s easier to stick to a budget when you use cash, since it feels more real than swiping a card. You can even use a separate card for weekly spending if cash doesn’t work for you.
- Make weekly credit card payments: Paying off your credit card weekly can help you stay on top of your spending and avoid big payments later, McLay advises.
- Save $20 each week for gifts: Instead of scrambling for money during the holidays, save $20 to $30 each week for gifts. By December, you’ll have over $1,000 for shopping without dipping into your main savings.
- Open a tax account: If you freelance or don’t have taxes automatically taken out, set aside 20% to 30% of your income each month for taxes. This way, when tax season comes, you’ll have enough saved up to avoid scrambling.
- Build your emergency fund first: Before using credit cards, McLay recommends having a solid emergency fund. This prevents you from accumulating debt if something unexpected happens.
- Pay off high-interest debt: Get rid of credit card debt before anything else. Berna says credit card companies are designed to keep you in debt, so paying off high-interest debt should be your first priority.
- Forget about credit cards: If you can, remove credit cards from your wallet and unlink them from online stores. Berna suggests even cutting them up if it helps avoid unnecessary spending.
These steps will help you stay on top of your finances, save more, and avoid common money pitfalls. By making small changes and being consistent, you can set yourself up for financial success!
Credit : Parade
For more details, click on the Parade link below.
https://parade.com/1026987/stephanieosmanski/ways-to-save-money/?utm_source=pushly