Most people understand that they should be saving for the future but may lack a clear sense of what to be saving for and how. Here are some answers:
- College for your children
- A new car
- A new business
- A house
- A new project
- Rainy days
There is no reason on earth not to save up for other things you want or for no reason at all. Having money will give you the power to do better in the world so keep saving. Everyone wants to save money but even I will admit that it takes super human strength to do it. But how you can start and keep saving your money? I´ll share 8 simple ideas to start doing so.
1. Open a saving account at the bank today. If you don’t already have a savings account, separate from your checking account, go to the bank today and open the account. Put something in the account, even if it is just ten dollars. The most important thing is to start today; don’t wait.
2. Identify three or four things you regularly do that you could do for less money or if you have some activities you can completely eradicate for your daily basis do so, but make sure it does not impact on your happiness, like having a cup of water with lunch instead of a diet soda. Perhaps you can choose to see movies at home rather than going to the cinema. Try to find $25 per week that you can give up painlessly and suddenly you´ve found $100 for your saving account every month!
3. Use a daily deal offering from Groupon or LivingSocial to get a dinner you´d buy anyway at half price. Remember it isn´t saving you anything if you buy daily deal coupons for things you wouldn´t have bought anyway at full price!
4. Sell something you no longer want on Craigslist or eBay and put the money straight into savings. Not only will you get rid of something you don’t need, you´ll launch your savings plan at the same time.
5. Sign up for the 401k at work or increase your contribution. Surprisingly, many people do not participate in their company 401k plan and miss out on tremendous tax breaks as well as the benefit of saving for retirement. Participating in the 401k plan is a great way to save because you´ll never see the money in your wallet so you´ll never be tempted to spend it!
6. Do nothing for 30 days! The easiest way to kick off your savings plan is to agree with your family to spend no money at all on entertainment or eating out for 30 days. Take all the money you save to the bank – you´ll be amazed at how much that is! Be sure to plan lots of free activities like outing to the park, long walks, picnics, and the like so you don’t go stir crazy at home.
7. Walk or ride your bike somewhere you´d normally drive. Get the benefit of some exercise, save the environment and save a few bucks. The IRS estimates that it cost more than fifty cents per mile to operate a typical car. If you walk or ride your bike for the shortest trips the savings will add up quickly.
8. Use public transportation to get to work or run other routine errands. With gas prices where they are, you can quickly save the cost of the fare by taking a bus or train in most metropolitan areas and chances are you can relax more, too. Grab that book you´ve been meaning to read!
Estimate the financial benefits for your situation and commit yourself to saving as much as you can this very month and then keep saving every month. You´ll note how your savings grow every month.