Use these 5 strategies to help go from a spender to a saver!

How do you become a saver and not a spender? It can be hard to resist the temptation to spend all of your hard-earned money once it’s in your pocket. Or you may find that your money goes to bills, and you never have anything left over. No matter why you have limited savings, there are ways to find those extra dollars to stash away in your savings—and it’s easier than you think!  

Savings Account Looking Sad? Simple Tricks to Becoming a Saver

July 10, 2017

Use these 5 strategies to help go from a spender to a saver!

Is your savings account looking a little slim? If so, you’re not alone. A recent gobankingrates.com survey found that 28% of Americans have nothing in their savings account, and 21% don’t even have a savings account! It can be hard to put the pennies away, but it’s important to slowly build up your savings in case an emergency arises or if you need extra cash.

But how do you become a saver and not a spender? It can be hard to resist the temptation to spend all of your hard-earned money once it’s in your pocket. Or you may find that your money goes to bills, and you never have anything left over. No matter why you have limited savings, there are ways to find those extra dollars to stash away in your savings—and it’s easier than you think!

 

Make a Budget

Making a budget is the first step anyone must take in order to start saving. Without understanding how much you must spend on bills and expenses, you won’t be able to make a realistic savings goal. If budgeting seems impossible, there are many free resources  available to help you create a monthly budget and a personalized savings plan.

 

Pay Yourself First

A mantra many savers have is to pay yourself first. This means placing money into your savings first, before paying bills or making purchases. Savers use their budget to figure out how much income they have available each month to put away and make that the first priority on payday. This way, you stow away the money and don’t risk being tempted by impulse buys. 

 

Focus on the Future

Your mindset can make or break your savings strategy. Savers focus on what their money can do in the future, compared to what it can do right now. Instead of thinking of all of the things you’re missing out on while working on your savings, focus on the future and what your investment will mean. Whether you’re saving for a vacation or creating an emergency fund, once you change your thinking to focus on what you’ll get out of it later instead of what you’re missing out on now, you’ll find that saving becomes easier and more enjoyable.

 

Cut Excess Costs

This isn’t just about cutting out your Starbucks run or minimizing eating out. An easy way to save extra money is by cutting out excess costs you may not even realize you’re paying for. How many subscriptions and memberships—magazines, online services, etc.—have you signed up for and then forgot about? This could be draining your bank account without you even realizing. Use an app like Trim to help you pick and choose which subscriptions are not worthy of keeping—then put that money directly into your savings.

 

Make it a Game or a Goal

A great way to make any challenge easier is to make it into a game or a goal. If you’re competitive, challenge your spouse, a friend, or family member to see who can reach a certain savings goal first. Or make it a team effort, and see the creative ways everyone comes up with to save some extra pennies.

Converting from a spender to a saver can be difficult, but with some time, patience, and encouragement, you can make simple changes that really add up in the long run.

What are some creative ways you’ve used to save more? Let us know in a comment below!

 

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