I have become so addicted to saving money; it has become second nature for me to put money aside without even missing it or thinking twice about it. I have developed this habit many years ago and I’m going to share my tips with you, even if you pick up one of the habits I will share you still will be on your way toward a rainy day fund or overall better money saving habits. People find it hard to stick with saving money because they put too much thought into it. You put money in and shortly after you are taking it right back out, or they save too much money and don’t take out the necessary monies to make day to day expenses, so they end up taking money back out. The information I’m going to give you today is how you can put it up and forget about it; in fact you won’t even miss it!
We all know the importance of saving money and why it is almost impossible to live comfortably without at least a small savings for the future. Although it is important to save, you must also find the discipline to create habits of saving so that it becomes automatic. Every expert has their advice on percentages or amount that you SHOULD save but, I say start with something and it’s better than NOTHING. I am not a financial adviser or money specialist but I know what has been working for me over the last 15 years and with time I evolved into even better saving habits. Today we are focusing on getting started and just doing it!
First of all you don’t need a million bucks to get started, if you are playing catch up that’s a different story, act according to your individual circumstances. These are basic tips that can work for anyone on any level of money saving spectrum. I have been able to teach my oldest child this habit and hopefully my younger children will also incorporate this habit into their own lives. If you use my techniques, you will be saving money daily, weekly, and yearly without missing a single beat. Imagine how much you can accumulate the earlier you start. This is why we should teach our young people early about the importance of saving, the good news is early or late you can start today.
This is the most basic and easiest of them all. Every day I empty my loose change. I have a container for dimes, nickels, and pennies only. I use to find myself having loose change everywhere and so annoying, now when I’m settling down at the end of the day I simply take that loose change and I deposit into my container. I have a whole separate container for my quarters and bills. These bills can range anywhere from $1 to $10 depending on how lucrative a work week I have had. If I have quarters in my loose change at the end of the day it goes in that particular container, however the bills usually get dropped in at the end of a work week. You would be absolutely surprised over the years how both of these containers have reached capacity and the monies had to be banked, and then I start the process all over again.
At the end of every week, because I deal in mostly cash, after setting all monies aside to go wherever they need to go (bank, bills etc.) I take at least 10 single dollar bills and drop them into my bill container. If I have had a very lucrative week I may add more, sometimes I have even done less. Remember this is a no pressure way of saving. It’s all about developing a method that works for you and allows you to not miss it. Therefore if it is not practical for you to save 10 single ones a week, start with 5, even 1. Eventually if you are like me, you like to see your money adding up so you will act accordingly. The singles are symbolic of easy simple money that we can afford and won’t miss. I use one of those five gallon water bottles because they don’t allow you to just stick your arm in and grab a few ones, you have to do a whole song and dance to get the money back out so that may help you to leave alone.
Monthly on different times of the month I have monies transferred from my primary bank account to go into my personal savings, and also my 3 children’s savings. This is roughly about $25 a month for each account a month. So that means about $25 a week transfers out of my primary account into all the others. I don’t even realize the monies have been debited because it requires zero effort on my part other than having the money there. $25 may not seem like much (that’s the point) but over years it is certainly far better than nothing. Every once in a while I will add a little something more but this is a standard monthly savings.
Every other month, I have an additional $25 that comes from my personal account and goes into my growth account (PNC banking system has personal, savings, and growth accnt.). This is a very long term savings, hence the name growth. It is there to just grow and grow therefore, I don’t worry to do it monthly, and it’s there for a slow maturing process.
These are the basics; I still have a separate account for investments, and my own personal savings that I do go in and out of for my personal wants and needs. I didn’t start out with all these strategies; I grew to develop these habits. As I said before every one will have a different custom savings plan that works for your individual budget, the most important thing is to start and stick with it!
GOOD LUCK AND HAPPY SAVINGS!