Ways to save before you really need it!

Summer seems to be the most expensive season. We go on vacations. Our energy costs tend to go up. More landscaping is inevitable. And we all want to splurge on ice cream every other day. No? Just us? Regardless of what your Summer weaknesses might be, We could all use some extra savings this season. Starting now, before we really need it, can help start a healthy habit. We’ve put together a LONG list of ideas to start saving, and keep saving long after Summer is gone.

1. Assess where you’re at. Start at the very beginning, and track your expenses. Once you have a clear and accurate picture, you can start to make a budget.

2. Download a budgeting app. There are a lot of options out there with different functions. But they can offer invaluable advice and guidance, especially when you first start saving. 

3. Remove unnecessary or mysterious spending. Take a good clear look at your spending, and note when something doesn't look right. Some apps will tell you about your recurring charges like subscriptions you may have forgotten about. Clear these up, and you'll already be saving!

4. Set up automatic savings. Designate an amount of your paycheck that you are comfortable putting into a savings account regularly. Log in to your bank portal and see if you can automate this so you don't even need to think about it.

5. Look into high yield savings accounts. Different banks offer different "products." See which bank will offer you a good deal for saving with them.

6. Look for credit cards with benefits that work for you - cash back, travel point, airline miles.

7. Get rid of debt ASAP. Nothing makes saving harder than dealing with debt. Work to eliminate your highest interest rates loans first, and work from there. It takes focus. 

8. Be smart with unexpected money. Sometimes we'll get a card from grandma with some cash, or get a generous bonus at work. Instead of running to Target, put it into your savings or use it to pay off debts.

9. Start with small goals. Trying to take on all of your financial goals at once can be daunting. Instead, focus on a single line of credit debt, or pick an pricier item and make a plan to save for it.

10. Work a side hustle. This can be something like a part-time job, or can simply be selling homemade items or hosting a garage sale. Anything than can bring in a little extra cash.

11. Take advantage of retirement plan options, whether through your work or on your own. Starting early is the key.

12. Stay on top of your home's need. When things go wrong in our homes, they can be some of the most expensive surprises. To avoid this, make sure to have regular maintenance services for HVAC and plumbing. You can even sign up for a home warranty program. 

13. Buy generic and store brand items. Oddly enough, a lot of store brand items are the exact same products as the name brands, simply in different packaging. 

14. Cut out the delivery and take out. It can be a tough habit to break,  that's for sure. But packing your lunch and cooking dinner at home will save you a shocking amount each month.

15. Avoid impulse purchases. The easiest way to do this is by prepping before going shopping. Stick to the plan and avoid aisles that might tempt you. For online shopping, give yourself a few days to think about things you don’t necessarily need before clicking "purchase."

16. Lower your utility costs. There are a lot of options like shutting the lights off or taking shorter showers. Check to see if your area has any discounts for reusable energy usage which can save you a lot down the line as well.

17. Clip coupons - or the modern equivalent. Stores or apps may offer discounts with or without memberships. Keep your eyes on good deals, and buy in bulk. Checking different stores than your usual spot can help you find better prices too.

18. Shop second hand. A lot of the items we use daily can be found in great (or better) quality used. You can even get creative and look for thrifted gifts. Homemade is also always a great option.

19. Enjoy free or cheap events in your neighborhood. Lots of towns run festivals, farmers markets, concerts, and so much more. 

20. Designate a “no spend” day every week. One of my favorite things to do is put a list of items I have in my pantry into Google, and find a recipe that I can make with what I already have. This way we save money and have less waste.

 21. Schedule treats or set a plan to earn rewards. Just like dieting, cutting everything cold turkey can be counter productive. Make sure you aren't "starving" yourself. Planning certain goals or treat days can be a great way to keep your savings growing, while still enjoying a little bit of retail therapy.

We hope that this list gives you a few ideas for saving this Summer and beyond. Let us know your favorite saving tips!

Post a Comment