Start Saving Small

One of the myths of saving money is the thought that we don’t have enough money to save. To change your mindset I would like you to think you can save money and you will make it your goal to pay yourself first. Start small; for example, loose change or a dollar a week. You can save it and you will not miss it!

Once you have established the habit of saving the next step will be to increase your saving amount accordingly. Set a specific goal as motivation, make a plan and save automatically.

Pay Yourself First- Start Saving Today

The sooner you start the easier it will be to create a money saving habit. Set your goals and consider the following strategies:

  • Save Bonus Money– is money earned or received unexpectedly such as tax refunds, gift money, overtime pay, rebates and refunds. Saving this money will boost your savings dollars.
  • Save Coupon Money– use coupons to reduce your grocery shopping and then put aside the amount you “saved”.
  • Installment Loans– when you pay off a loan for example a car loan, a personal loan or any other type if you have no other debt to pay down, take the amount of money you were paying to the loan and continue paying it towards your savings.
  • Save Lunch Money– bring lunch from home instead of eating out. Take the money you would have spent and increase the amount you are saving.
  • Shop Deals – when you get a special deal on an item, think if you can save a portion of the difference in price and put it towards your savings.

Once you take the action on paying yourself first and deposit the money in your savings account (if you don’t have one, open one). Save money for an emergency fund, a short or long term goal will help you to accomplish your financial plan, then take it to the next level and start saving automatically.

We would like to hear your story. Start today! You can do it!

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Posted: February 10, 2018

Category: Money Matters, UF/IFAS Extension, WORK & LIFE
Tags: #save, Goal, Money, Plan, Saving, Strategies

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