Easy Ways to Save
Now that you've got that job you're gonna have some money and what are you gonna do with it? Well for a lot of people the answer is live paycheck to paycheck and buy a bunch of fun stuff with the left over money from your expenses. And that's fine if that's what you want to do, but chances are you've got a plan that requires some serious dough.
Colleges these days are costing a small fortune every year that you attend. In comparison buying a car or going on vacation don't seem like that much of a price tag but you're definitely going to need to save up a bit first.
Some Saving Strategies
***These figures below are not always realistic to your situation. Many make more, as well as have rent payments to worry about. Please keep that in mind when looking at the money map out.***
First we must recognize what we spend and on what. So first and foremost, before any of these saving strategies are used go through a two week cycle and write it all down.
Let's say you get paid $300 for your check.
$60 goes to gas in those two weeks.
$100 goes to food(grocery store).
$100 goes to bills.
That leaves you with $40. Not a lot, but what do you do with it? Chances are you don't put it into saving and your last $40 gets used on a dinner date. While that is something you will have to let yourself have once in a while that will get you nowhere with saving.
Now that you know just how much is absolutely necessary you can start these ideas.
Idea One: The Loose Change
Ok so this isn't news to anyone and in fact it's one of the most common saving techniques out there, but it works. Every day when you get home empty any loose change in your wallet into a jar. You'll be surprised how much change you accumulate over the course of the weeks and when your jar is full either roll it up and take it to a bank to get cash, or take it to a grocery store with a cash counting machine and use that money for your groceries that week.
PROS: Easy and leaves you a lot of cash for spending.
CONS: Not a lot of profit, cash machines usually charge a small fee for counting.
Idea Two: Use That Card (Wisely)
This one is a bit more risky if you don't pay attention. In this strategy you will use your credit card to buy the necessities like gas and groceries. Then you have a full paycheck to use. Of course a part of the paycheck-usually about $30-will go to paying the card and then you can put away almost the rest of the check. So in the above scenario if gas and groceries are paid for that only leaves bills-to which I had already added a card payment. So you now have $200 to put away each paycheck.
Idea Three: Percentages
This works similar to the above listed however in this one you find out the excess money you have and take a percentage every time. When I was saving to go to Europe I was putting 80% of my excess money into the account because the deadline was higher and sooner. However, my saving now fits more of a 60% of excess funds. The percentage depends on you but the higher the percentage the sooner you will reach your goal. It's also an idea to rotate when you pay to your savings. For instance if you get paid twice a month use first paycheck as a 80% payout to savings and use the second as a 20% payout. This way you can still afford to do and buy things you want.
Idea Four: Diet and Saving
One of the biggest dents in my wallet is eating out. A run to McDonalds, lunch at Subway, a drink from Starbucks...it adds up fast. Not to mention how bad a diet that regularly includes fast food is. So here's the deal. Everytime you want fast food you look at the price. Instead of paying $8.73 for a meal put $8.73 into savings. At that second. Right then. Now, you can still buy your meal but you will now be able to buy one less meal than before and you will have added money to your savings. This applies to all frivolous spending. Match the price in your savings. You'll find quickly that you realize you don't need the fast food anymore now that it is 'costing' you double.
Idea Four: Create Levels
Having a large goal can be daunting and personally I get discouraged quickly. I like lists and the ability to check things off. It feels like a small victory to me. Therefore, make a list of 'levels' to complete and the reward for each level obtained. Let's say you need to save $10,000 to move.
LEVEL 1: The U-haul. When you have saved enough money for the U-Haul or something along these lines you are rewarded.
LEVEL 2: Down Deposit on the place.
LEVEL 3: First month's rent.
Etc.
This way you can see exactly what you have saved up for and exactly what more you need to do. Plus who doesn't love to celebrate!
Well,these have been four ideas for strategies on how to save. The most important thing for this is to remember that everything really does count. A penny a day is only $3.65 BUT that $3.65 could pay for your coconut drink in Hawaii. Now imagine a dollar a day. Two dollars a day and so forth? Not so bad eh? Stay strong, plan trips and live life!
