Whether you want to build your savings to purchase a new home, or you simply want to create better money habits for yourself, saving can be a real challenge. We’ve come up with five ways to help you reach your financial goal, and have fun while doing it.
1.) Pay Yourself
Every month, when you get your paycheck, before you start paying off your bills and regular expenses, pay yourself a little cash as a reward for simply being you and going through this life! $10 a month become $120 a year, and $15 becomes $180. Whatever the amount, and whatever you can afford, acknowledging your hard work will boost your confidence and build your savings at the same time.
2.) Pay in Cash and Keep the Change
If you can remember, try to make a few purchases a month with cash. When you receive the change, no matter the amount, place it in an envelope in your home somewhere and see how much you earned at the end of the month. For example, if you buy a snack and a water bottle at a convenience store and the total is $3.50 and you pay with a $10 bill, then $6.50 goes in the envelope!
3.) Set It and Forget It
Opening an additional savings account and automatically having part of your paycheck contributed automatically is a great way to build your savings. Treat this account like a safe; one you can’t open. Once the money goes in, it can’t be transferred or withdrawn. See how long you can leave it alone and before you know it, you’ll have a nice sum of money/
4.) Do Something You Love
If your life permits, find a side job or activity that you’ve always wanted to try but couldn’t necessarily make a career out of. Do you have dreams of being a chef? Try working for a catering company for a few summer events. Did you want to be a professional athlete? See if any of your local teams need part-time help throughout the season. Bonus if you can find a side job that includes perks like free tickets.
5.) Make it a Competition
Challenge your spouse, best friend, or family member to see who can save the most in a month. The loser has to take the other person out for a meal or a fun activity. The motivation will keep you focused and getting a free reward at the end of the challenge is just another way to keep money in your savings account!