You know that dream holiday to Tahiti you want; or even that pair of shoes you really wanted to treat yourself to, but just cannot afford it… You are not afraid to admit it; you just do not know how to save!
We understand; you’re young. You don’t want to have to worry about not being able to buy what you want, when you want. But eventually you will want to take that vacation or buy that car…or something. And you know you just can’t do it.
Well here are some proven to work tips. Obviously, not all tips are for everyone, but cannot hurt to give it a go. So when you want to save. Give this a try!
Tip 1: Have a Goal
For people who have a goal, it makes it so much easier to save. Knowing you have “to save” but with no goal in mind, just feels pointless. You wont feel guilty or worried about spending money.
So do what you have to.
Pick something you want to work toward and then put it up as your inspiration. Did you really want that holiday? Or the car? It doesn’t have to be the big things, it could just be for those shoes or the Christmas list…
Whether it is a poster in your room, your wallpaper on your phone or stuck on your debit card, or a goal thermometer, have it up somewhere you will notice it, so the idea becomes real!
It is a lot easier to finish a race once you see the finish line.
Tip 2: Money Boxes
You know those things we had when we were children? Well they were probably one of the best ideas ever created. Most of us got rid of the money box once we got the debit card and all our money was in an account we couldn’t see. Well it is time to make a three dollar investment you won’t regret. Buy yourself a money box. Preferably one of the ones that money cannot come out unless you cut it open. This is where at the end of each day or week, you empty out your spare change into the money box. Even those nickels and dimes you think are useless; it all adds up! And the key is wait until the money box is full before you crack it open, count it up and take it to the bank.
Tip 3: Use Cash
Money is so much easier to spend when you cannot see it, or see how much you are spending. Once you get paid, take what you are willing to spend for the week or fortnight (depending on how you get paid) out in cash. This will help you control how much you are spending. A lot of people say that when they have cash, they feel like they can spend it faster. This may be the case for some people, but give it a go, but organise to get large notes out; like $50 notes. You will be discouraged to break them unless you really need them.
Tip 4: Savings Account
Time to go to the bank and create a savings account! But to avoid pinching money from it whenever you need it, you need to make it the biggest pain in the ass to get to. Whether you can only take the money out if you physically go into a bank or you have to call telephone banking to transfer it into your regular account. Do whatever you can to make it intentionally difficult for yourself. If you are on a schedule set yourself a plan for how much you want to put in for each pay. But if you are just trying to casually save, just remember to put money in it. And again, have a goal as to how much you want in there.
Tip 5: Write it Down
This tip definitely is not for everyone, but its always good to try new things. Even if you only complete this challenge for a week or a fortnight. Have you ever wondered where your pay is going? Because it just disappears? Well, life is expensive and we all have things to pay, but there are always things we can cut down on or cut out. It is good to see how you spend your money and find out where your pay goes. So grab a small notebook or download an app on your phone and write down every dollar you spend. Every coffee, petrol fill up or cheeseburger you treat yourself to, write it down. It just helps you realise.
Tip 6: Make a Budget
Whether you want to write this down or keep it mentally, have a budget in mind. Set how much you want to spend on your expenses and then how much you should have left over. Writing it down is more beneficial for you. Of course, it is hard to stick to a budget. Life is full of unexpected surprises, but at least you have a general idea of where you want to get to.
Tip 7: Swappertunities
Now remember when you have goals, you need to sacrifice some things. This doesn’t mean to stop having fun! Gosh no…. What is the point of earning money if you cannot enjoy some of it? Just be aware of what you are doing. But try and swap for cheaper fun sometimes. Instead of not caring how much you spend and how often you go out and do things, keep a mental note and take prices into consideration. Instead of going out for dinner with friends four nights a week, swap it for two nights and save the money from the other two. Instead of going out to a restaurant, go to the beach with a picnic. Instead of buying the biggest coffee with all the fancies, buy the small one and put the change in the money box!
Tip 8: Budget Buying!
Instead of buying everything from the latest season, look for specials! Not only does it become a game, but it saves the monies! Or shopping online; saves so much money. But when you go grocery shopping, buy what is on special, or the no name brand for most things. Only pay for clothes that are on sale. Things like that. It is all about the cutting of corners that gets you to the goal!
These are just some tips that have proven to have worked for people. If you struggle to save; give it a go! You will be surprised to see where your money goes, and how easy and addictive it is to get to your goal! Those holidays, cars or shoes; here we come!!!!