Tips to Save Money
This is the year you start saving more. Seriously. You even put it in writing!
One little problem: You're a spender. And it's always been a struggle for you to say no to current purchases and yes to future savings.
You’d rather have fun with your money now. That’s just how you’re wired.
Here’s why that’s actually not a problem: Spending and saving aren’t mutually exclusive. You can make a solid budget that allows you to do both! Simply start with your priorities, make a plan, and track as you go.
How to Make Your Goals Happen This Year
1. Set Your Priorities
What if you earned an extra $200 every month on one condition? You had to put it all toward savings. Would you fill your emergency fund, save for a house, invest in your 401(k), or save for your kids’ college?
It can be tough to pick just one. But you’ll get the most out of your $200 if you can keep it intact.
So instead of applying $50 across too many savings goals, determine your top one or two savings priorities. (If you aren’t sure what they are, check out the 7 Baby Steps for guidance). When you focus your money, you’re way more likely to hit your target.
2. Make Your Budget
Your Instagram feed says it all—you love food. And you love eating out. But paying $300 a month for Pad Thai and Bison burgers can leave precious little room for saving.
We want you to enjoy what you love, as long as you budget for it! For example, if you commit $150 to your savings priority first, go ahead and give yourself $150 (or a reasonable sum for you) to explore the latest restaurants.
Best of both worlds!
Related: 15 Ways to Save Money on Dining Out
3. Track Your Spending
Keep track of what you’re spending throughout the month. That way you’ll know if you've spent too much on food and not enough on your nest egg. If you go over budget, make a few temporary cutbacks in other areas like clothing or movie money.
To make it even easier to track your spending, check out EveryDollar Plus with bank connectivity. We do the heavy lifting for you. All you have to do is drag, drop, and you’re done!
The Bottom Line
If you’re a spender, a budget can work for you too! In fact, a budget might just become your new best friend. When you plan for your saving priorities before you start spending, you won’t feel guilty about going out to brunch or buying a new pair of shoes. Because you’re just following the plan!