One of the hardest things about saving money is getting started. When you decide to build up your savings account, it can be challenging to know where to begin.
Fortunately, there are many ways you can start saving your money. Luckily, while you might think you need a background in wealth management to do it, that isn’t the case.
Save Your Change
A simple, no-fuss way to save a bit of money here and there is to save your change. The spare change in the bottom of your purse or in the cupholder in your car adds up. So keep a jar just inside your front door or on your dresser to toss any loose coins into. Once the jar is full, take your money to the bank and deposit it into your savings account.
Many banks and credit card companies offer programs that give you points or cash back for certain purchases. Depending on your bank, you can set these rewards to be automatically redeemed into your savings account once per month. Certain credit cards also offer higher rewards at different times of the year, which can add up quickly.
Using coupons is one of the quickest ways to save money on your grocery bill. Create your shopping list based on sales and coupon availability. This method will help cut your grocery bill down significantly.
Any time you make a shopping trip, plan ahead as much as you can. For example, before you go grocery shopping, write your list in the same order the store is laid out to help avoid too many impulse buys. Likewise, if you’re doing some holiday shopping, make a list of what you want and comparison shop online before heading to the stores.
Take a look at your current spending habits and see if there are any areas where you can cut your costs. For example, if you get takeout twice a week, you could choose to cook at home one of those nights. Or, if you eat name-brand cereals, you can check out store-brand options instead.
Consider setting up an automatic transfer to your savings account on payday. Or, if you’ve chosen to cut costs as a method of saving money, you could put that money right into your savings account.
Although saving money might seem daunting at first, these steps can help start you off on the right foot. As your savings account grows, so will your confidence in your ability to save.