Once you learn how to save money daily, you can increase your savings dramatically.
From paying off your student loans to saving money for your next vacation, you’ve established a financial goal and are ready to learn how to save money daily. If you’re not already in the habit of saving money, however, you’ll find it difficult to make significant progress toward your goal, no matter how much money you make. Saving is an everyday affair, and every single financial decision you make could impact your ability to hit your savings target.
1. Invest in a Coffee Machine
Those daily visits to Starbucks really do add up. There’s no need to withhold your morning caffeine fix; simply make coffee from the comfort of home. A home-brewed cup of coffee tastes nearly as good for a fraction of the price.
2. Ride Your Bike
Between gas, maintenance and parking fees, driving can be shockingly expensive. If you live in a bikeable neighborhood, take advantage of your proximity to trails and bike lanes, and ride your bike to work, school or wherever you conduct your everyday errands. Even if you replace just one car-based commute per week with a bike ride, you’ll see your gas expenses reduce drastically.
3. Pack Your Lunch the Night Before
Everybody knows it’s cheaper to pack lunch than eat out, but when morning arrives and you’re in a hurry, the last thing you want is to spend an extra fifteen minutes preparing that brown paper bag. Be proactive and plan your lunch ahead of time; when morning arrives, just grab it on the way out the door.
4. Leave Your Credit Card at Home
If you don’t have access to money, you cannot spend it. On days in which you do not need to make any purchases, leave your credit card at home. Bring a debit card or a checkbook if you worry about emergencies; you’ll be less inclined to spend if you know the money comes directly out of your checking account.
5. Use a Piggy Bank
Piggy banks aren’t just for kids. Whenever you pay for items in cash, set aside any remaining change in a piggy bank and, at the end of a predetermined amount of time, deposit it all into your bank account.
6. Use a Rewards Credit Card
If you conduct the bulk of your everyday purchases on a credit card, you might as well apply for a card that will offer you rewards. Options vary from one company and card to the next, but many people have successfully saved money by receiving a certain percentage of cash back on every purchase, or a specific amount based on the type of purchase. Other cards provide a discount whenever you shop at a favorite retailer. Still others allow you to accumulate miles, which can cut the cost of air travel.
Think carefully before you apply for a credit card; are you liable to spend more, simply because you know you’ll receive cash back on your purchases or earn additional miles towards your next flight? You could be playing right into the hands of your creditor.
7. Take Advantage of Mobile Apps
From microtransactions to buying a shiny new smartphone, modern technology can easily facilitate extra spending, making it difficult to save for the future. But when used strategically, mobile technology can also automate the savings process, setting aside money when you’re not even aware of it happening.
In recent years, numerous apps appeared on the scene to promote savings. One of the most popular solutions works very much like the piggy bank tactic outlined above; the app rounds up purchases to the next dollar, saves the “change” from each transaction, and invests this money in whichever account or portfolio you select.
8. Keep a Spending Journal
If despite adopting all of the measures outlined above, you still find yourself spending more than you’d like and failing to save money, it may be time to monitor your spending. A detailed spending journal can help you track how you spend money and why. You may think twice before making a frivolous purchase, as you’ll know that you have to record it in your journal later. Looking for a more high-tech option? A variety of apps track spending and help you set goals for the future based on your current habits.
Make saving a lifestyle and not just something you think about from time to time. The more you integrate it into your everyday life, the more money you’ll set aside. Employ the tactics highlighted above for just a few months and the results will amaze you!
Even if you’re working to save money on everyday expenditures, you may need a title pawn to help you in the meantime. Come on in to Title Tree, and we can help you get the cash you need.