It is National Savings Day! Today we recognize those who value the act of saving. Getting started on saving is not as difficult as it may seem. Here are some tips & tricks on how you might be able to save more money!
Budgeting is key to determine how much you can save per month. Have a monthly budgeting meeting at the end each month to see if you stayed in budget, where you were spending more than you should and figure out how much extra you can put towards savings.
- 401(k) Match
Make sure you are utilizing your companies 401(k) match program whenever possible, if it is available. If you are not getting the full match, you are basically leaving money on the table.
- Save Excess Money
Save the extra money you are getting in that you do not have budgeted. This could be when you sell items on Facebook Marketplace or at a garage sale, getting a bonus at work, birthday money or even your tax returns. Use this money to save a little extra. We think you will be happy that you did.
- Think About Your Purchase
If it is not in the budget, do not buy it and wait a few days. If you are still thinking about the item, find room in your budget to make it work. Often, you may forget about the item and it will save you from impulse buying. Food is probably the most common impulse buy. Make sure you do not go grocery shopping hungry, write a list and stick to it.
- Set a Savings Goal
“I need to save more money” is not very motivating. You will need to set a specific, attainable savings goal. “I want to save $5,000 in the next 6 months” is measurable goal. Now, make a plan to get to that goal. Maybe a savings challenge will work best for you to obtain your savings goal.
This is meant for educational purposes only. It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. (10/20)