5 Money Saving TipsOctober 20, 2014
It is always a smart idea to have some money stashed away for some rainy day fun. You never know when it will pour down, hail or snow, but knowing you always have some extra cash hidden away for movies, pizza and indoor amusement.
Many of us keep all of our money in one place. We forget to keep some money separate from our main savings for this type of day where you can’t go outside and play in the warm sun. If you have never saved before, here are a few beneficial money saving tips to get your started.
Donate With Every Paycheck
Whenever you have a paycheck come in, put a small amount aside. You can take 10% of your paycheck or $100 from your bank account and put it either into a savings account at your bank or stash it away in your sock drawer. Most of the time we forget about this small donation we place in our rainy day fund and end up really excited when we find it again.
Out Of Sight, Out Of Mind
Use a cookie jar, an old can or a sock and put away a couple hundred dollars. Then take the jar, sock or can and put it somewhere only you will know of. Somewhere secret. You will soon forget about your secret stash. When we don’t have things waving around in front of us and reminding us all the time, we forget about them. You will be thoroughly happy when you find a big chunk of cash stashed away on that dark and gloomy day.
Open A Separate Savings Account
This is a fantastic way to save money and if you have a partner, you can both chip in. Open a new account, (individual or a joint account with your partner) and move $100 into it each month. Make it an automatic deposit each month so you don’t have to think about it or physically move it over each time. You can choose to move larger amounts each month if you can afford it. Not only will this be great as a rainy day fund, but helpful in emergencies too.
Put Extra Change Into Rolls
If you have loads of nickels, dimes and quarters lying around, gather them up into a can or bag. Get rolls for each type of coin at the bank and start rolling up your coins. You won’t believe how much money you can accumulate when you get all your loose change together.
The 30-Day Rule
When you want to make a purchase that is not essential and is considered more of an impulse buy, wait 30 days. After 30 days, ask yourself if you still want the item. Chances are you won’t care much about it anymore, which will save you loads of money in the long run.
There are numerous ways you can save money for a rainy day or for your future. It is just a matter of getting a money saving system in place so you will always have a plan B if you run out of cash.