Building a savings account or emergency fund can feel out of reach. When you’re already struggling to make your cash last from paycheck to paycheck, the idea of sitting any of it to the side can feel like a luxury. However, there are some small hands on strategies you can use to begin saving more money today.
1| Use the cash back option at stores whenever you make a purchase, and then take that cash and store it somewhere safe yet out of sight.
The next time you buy groceries, grab $10 in cash back when you’re paying at the register. Afterward, stash your cash in an envelope and store it somewhere safe yet out of sight so you aren’t tempted to use it.
Grabbing an extra $10 here and there adds up quickly, ensuring that you’re saving a little bit of cash on a regular basis. While some cash back at the register may not seem like a lot of money, you’ll likely be surprised at how quickly the amount in your envelope will add up after a couple months’ worth of shopping trips.
2| Cut out an unnecessary way you spend money.
Are you always tempted by the candy bar displays at the cash registers? Do you keep your library books way past their due dates? Are you paying for a membership you aren’t using consistently? If so, cut those unnecessary money suckers out of your bank account!
Skip those candy bars by bringing along your own sweet treats from home, commit to returning items on time, and cancel any memberships you aren’t using on a routine basis to save some extra cash. If you look hard enough, you’ll be surprised to discover you might have quite a few unnecessary money suckers in your life.
Related: 101 Ways to save money
3| Pretend that making a “payment” toward your savings account or emergency fund on payday is one of your bills.
Many people keep track of bills they need to pay each payday. Like you would organize paying your bills, also plan to make a “payment” of a set amount to your savings account each payday. Even if you are only committing to a $5 or $10 payment to your savings account, you’ll eventually make quite an impressive gain in your savings by being consistent with this habit.
4| Commit to turning down one tempting purchase per month, such as a takeout meal, and shift the money you would have spent on it into your savings account instead.
People often spend money on the fly – however, a $15 lunch here or a $30 pair of jeans there can add up quickly. If you struggle to save money because you often find yourself tempted by these types of purchases, commit to turning down one purchase per month. Instead of spending money on whatever is tempting you, move the money you would have spent into your savings account. The satisfaction of watching these fleeting purchases turn into a fatter savings account is incredibly rewarding!
5| Be more conscientious about how many resources you’re using.
Resources like electricity, gas, and water cost money. If you’re in the habit of driving too much, leaving lights turned on, or taking super-long hot showers, you can save some extra cash by reducing your use of these resources. For example, you can plan your driving trips in advance to cut down on the amount of gas you would use back-tracking to places you forgot to visit. You can also commit to taking shorter showers, turning off light switches when you leave a room, and keeping your home’s heat at a reasonable level.
