5 Tricks to Help You Save More

So you want to save more? You’ve come to the right place. Whether it’s saving for college, a wedding, a dream vacation, or anything that requires some extra cash, this article will help you jumpstart your savings journey.

1) Define your “why”

If you haven’t already done so, write down your goal and try to be as specific as possible. For example, if you’re saving for a new car, think about what it looks like – make, model, year? What color is it? What features does the interior offer? This is your “Why”, and, the stronger and clearer your why, the easier it will be to stick to your budget when times get tough or temptation sets in.

2) Make a plan

Knowing WHEN and HOW you are going to save takes the guess work out of the equation and requires less mental energy. So think about where you can cut back — going out to eat, subscriptions you’re not using, your $5.00 daily cup of coffee at your favorite cafe — are there any low hanging fruit you can cut or trade without feeling much of a pinch? If so, write it down and start there.

3) Automate whenever possible

Piggybacking on step #2, saving can feel a lot easier if you’re not constantly thinking about how and when you’re going to do it. This is where automation comes in. Having a portion of your paycheck directly deposited into your savings account makes saving easier because you’re not physically having to do it or think about it. In addition, many banks will allow you to round up to the nearest dollar when you use your debit card, depositing the extra money into your savings account.

4) Consider paying down debt first

If you have outstanding loans with high interest rates (think credit card debt), paying off that debt before you start saving may be a good option. There are many debt-reduction strategies including the snowball method — paying down the debt smallest to largest, or the avalanche method — paying down the debt largest to smallest, and many more. Choose the one that works best for you and get started! Once you have that debt out of the way, you can focus all of your energy (and money) on saving up for that big purchase. And, you will likely save money much faster than if you are juggling debt with savings.

5) Celebrate the milestones

Saving for something big, especially if it will take a while to save up for, can (and will) test your motivation. Taking time to celebrate smaller milestones along the way can re-up your motivation as it starts to wane. It can be something as small as a pat on the back or maybe it’s an evening out. No matter how you choose to celebrate the small wins, be mindful not to go overboard and sabotage what you’ve accomplished.

Saving money and sticking to a budget can feel overwhelming at first, but with clear goals, a solid plan, and a few strategic moves, it’s entirely doable! Remember to visualize your goals to keep your motivation high, make a realistic plan to cut unnecessary expenses, and automate your savings to simplify the process. If debt is a concern, prioritize paying it down to free up more funds for your future. Finally, don’t forget to celebrate the small wins along the way.

Start your budgeting and savings plan today and take control of your financial future!