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8 Budgeting Tips for Someone Who’s Awful at Saving Money

budgeting tips for someone who's awful at saving money
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Does this sound like you? You want to save money but you just aren’t very good at it and it seems like something always comes up that gets in the way. If that does sound like you, here are some budgeting tips for someone who’s awful at saving money. They will help you tame the spending beast once and for all.

budgeting tips for someone who's awful at saving money

Budgeting Tips for Someone Who’s Awful at Saving Money

There are a lot of ways you can make budgeting and saving money easier. The trick is to start small and make small changes and then build on those.

Don’t throw yourself in the deep end of things.

It’s kind of like trying to start a strict diet and new exercise program all at the same time.

It is really difficult to make large changes and to stick with them. 

So, use one of these tips and then add another one and another one until you find yourself in a much better financial situation.

1. Take Advantage of Round-Ups

Maybe one of the easiest ways to start saving money is with round-ups. 

They work like this.

When you buy something, anything, your purchase will be rounded up to the next highest dollar amount.

For example, if you buy something for $12.53 it will be rounded up to $13.00 and the additional $0.47 cents will be sent to a savings account or investment account.

While $0.43 cents doesn’t seem like much, over time it will add up and you will be really surprised at the difference it makes to your savings goal.

I use Acorns.com to do this. It is an investment app.

Instead of the money going into a savings account it goes into investments.

If you’d rather have your money go into an emergency fund or savings account, talk to your bank.

However you decide to do this, the point is, you can start saving money today and you won’t even know that it is happening and you won’t miss it when it leaves your checking account and enters your savings account.

Most larger banks have this type of program.

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2. Use the Envelope System

I’ve always been a fan of the envelope system. I’ve used it before and my sister used to use it when she was on a really tight budget.

It’s pretty easy to do.

It uses all cash.

You come up with all the different categories and bills that you have.

For example, your utilities, food, savings, clothes, entertainment, and so on, so you have covered all of your living expenses.

You put the money you need and have decided to budget for from each check into the envelopes. 

Once the envelope is empty you stop spending in that category for the month.

It also ensures that you have the needed money for each of your bills.

So, let’s say that all of your bills equal $1,000 dollars a month.

You create your categories and determine how much you will need from each paycheck to cover that expense.

After all is said and done, you have $200 dollars per month left over, now you can budget that amount for going out to dinner, shopping, or whatever you would like to do with this extra money.

It takes the guilt out of spending your money because you know all of your expenses are covered.

Of course, you should make an envelope for savings as well. Decide on an amount that works for you and then put that money into the envelope from each paycheck.

This system will also keep you from overspending.

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3. Try the 52 Week Money Challenge

The 52-week money challenge is a great place to start as well. It gives you small wins immediately, so it motivates you to keep going.

It is pretty easy to do.

You will start with week one. In week one you will save $1.00 dollar

Let’s face it pretty much anyone can do that.

In week two you save $2.00.

In week three you save $3.00.

I think you can see where this is going.

When week 52 comes around you will save $52.00 for that week.

Adding it all up, you will have saved about $1,400 dollars.

That’s not bad for someone who has trouble saving money.

It is a great way to start saving today without having to make any big changes to your life.

4. Automate Your Savings

There are a couple of ways to automate your savings. 

If you get a paycheck, and it is direct deposited, you can have a certain percentage deposited into a savings account.

This is a great way to start an emergency fund.

If you’re like me and you don’t get a regular paycheck, you can use an app like Acorns.com and have them take a set amount of money out of your bank account each week.

Another great way to automate your savings and resist the temptation of overspending is to sign up for your company’s 401k.

This money is taken out of your paycheck before you receive it, so you don’t even miss it.

Anyway, you can automate your savings is a great way to increase your savings.

As they say, out of sight, out of mind.

I’ve had my Acorns account for a while now. When I first got it, I looked at it all the time. Now, I kind of forget about it which is great.

The funds just keep growing without me even noticing.

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5. Consolidate Your Credit Cards

If you have debt with high interest rates such as credit card debt, you should do what you can to get it paid off. 

While a credit card can come in handy and be part of your money management plan, too often they are overused and it can put you in a bad spot.

Too many lives have been ruined due to debt.

If you have several credit cards you should consider consolidating them with a personal loan.

Personal loans tend to have lower interest rates and with just one payment, instead of several, you can pay them off faster.

It’s one way to get to the future you have been dreaming about just a little faster.

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6. Create a Tip Jar

It seems like no matter where you go nowadays, there is a tip jar. 

Just think about all the people in your life that you tip.

The hairdresser, your waiter, the guy at the airport who helps you with your bags, the Uber driver.

It really never ends.

Now don’t get me wrong.

All of these people deserve your tips and I tend to be a generous tipper, but it seems to me that there is one person I bet you never tip and you should start doing so right away and that’s you.

Create a tip jar for yourself. It can be whatever you want.

At the end of the day, dump all your change and one-dollar bills into it.

Keep adding to it for a whole year and then at the end of the year, take all of that money and put it into a savings account.

You’ll be surprised how it adds up and it won’t be difficult for you to do. It could have a real impact on your life.

Also, your life won’t have to change.

Just be sure to keep your hands out of it along the way.

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7. Create a Long-Term Goal

At some point, and really sooner rather than later, you need to determine your financial goal. Why are you going through the hassle of saving money?

Do you want to buy a new car or a home? Maybe you want to go back to college.

Whatever the reason, determine your goal and write it down. Create a financial plan that will help lead you to your goal.

It doesn’t have to be anything fancy. Just get a piece of paper or a journal and write down your goal.

Putting it into writing will help you achieve it.

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It will also help you put other financial decisions into perspective.

For example, maybe you don’t’ need a new car if you are saving for a house. 

If you want to get really fancy you can also create a spreadsheet. I love spreadsheets but that is the accounting nerd in me.

They come in handy but you certainly don’t need one.

If you don’t have any savings now, you really should use one of the above-mentioned ways to create some type of emergency fund to cover unexpected expenses first.

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8. Know Where Your Money is Going

Before you even begin to create a budget, you want to track your spending. You need to know where your money is going.

Are you spending too much on coffee at Starbucks?

Do you shop for clothing too often?

Do you make impulse purchases?

Any of these and more can lead you to a place where you are living paycheck to paycheck.

If you track spending for a couple of weeks or a month, you will quickly see where your money is going and what you’re spending it on.

Then you can decide which of your unnecessary expenses you can cut back on and which things are necessities. This will have a real impact on your ability to save money.

To Sum it All Up:

Saving money doesn’t have to be difficult. Just be sure to start with baby steps. Then as you become more comfortable with saving, you can take larger actions. Before you know it, you’ll have your debts paid off and your savings account growing.

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