Could you use some extra money?
Sure you could, who couldn’t? It seems that for every year that goes by, the costs for that year go up along with it. Everything gets more expensive; rent, gas, even your Netflix account seems to always go up by a dollar or two each year.
This article is going to be a quick rundown on 7 things that you can do to successfully save money.
THE 10% RULE
This is a good habit to get into. Every time you get your paycheck, make sure to take 10% of what you earned to go right into the bank. All your normal things will come out each month; rent, hydro, insurance etc. but you want to think of this 10% as part of it. This is going to create a backup emergency source for whenever there may be an emergency.
Another method that is very popular is to separate your expenses and savings based on a percentage. For example, 50% goes towards needs and bills, 30% goes towards yourself and 20% goes into your savings. Feel free to change the percentage based on your financial situation.
KEEP A CHANGE JAR
This may seem childish like keeping a piggy bank but you wouldn’t believe how quick that change adds up. Think about each time you break a $20 bill. Where does that all go? I’m sure you don’t always keep track of it or when you get a handful of change back, you might throw it in your cup holder or somewhere on the counter. Basically, anything smaller than a $5 bill should be kept in a jar. Think of it as an auxiliary bank account.
If you don’t think this adds up, think again: Back in university, a friend of mine made sure to always put excess change into a giant jar he kept in his room. At the end of the four years, he had almost the full amount to buy his girlfriend’s engagement ring.
COLLECT YOUR RECEIPTS
Once again most people have no idea how much they’re spending each month. When you keep all your receipts, you can look back and see how much you are actually spending. This also gives you an idea of what you can cut out and what’s not worth putting your hard earned money towards.
This seems like a no-brainer but one that people don’t take advantage of. You need to food shop so why not embrace that these stores are giving you money off of that! A good trick is to base your weekly shop around the specials offered that week. Proteins tend to be the most expensive so take a look at what is on offer and base your meals around that as your protein source that week.
SIGN UP FOR REWARDS PROGRAMS
Again, this is free money being offered to you. Most companies from banks, airlines, hotels, supermarkets etc. all have rewards programs to let you accumulate points for free goods and services or for cash back.
Take a look at the businesses and services you use and see which one of them offers a rewards/loyalty program to get you saving more money each month.
We live in a generation where people are constantly on their phone so there’s an app created for almost everything and that includes money as well. There are apps to help you budget and manage your money so look for the one that matches your needs.
Subscriptions are great for getting your weekly or monthly essentials delivered to your door with no effort and sometimes at a discounted price. They allow you to focus on more important things happening in your life so you don’t have to worry about where to buy the items you need the most or how much they cost this month.
Wrapping It Up
Once you look all around you, you’ll start seeing easy ways to start saving some extra money each month. A little bit here or there really adds up over the course of the year. Just starting with these five tips can get the ball rolling and help you find other easy and creative ways to successfully save money.
Is a change jar too old-fashion for you? Do you prefer using apps to budget your money? We want to hear from you. How do you save money?