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How to Get Better at Saving Money – 6 Easy Tips

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Saving money is a skill like anything else and it can be learned. If you’re lucky, your parents taught you the value of saving money and ways to do so. If they didn’t, now is the time. So, read on to learn how to get better at saving money.

How to Get Better at Saving Money

There are a number of ways you can go about getting better at saving money, but a lot of it has to do with your mindset.

Here are some tips that should help you.

1. Make Saving Money a Priority

Let’s face it, if something is truly important to us we make it a priority.

Think about your life right now. There are some things that are super important to you and you find a way to do them or pay for them.

For me, I like to travel, so I do what I can to find a way to do so. That might mean cutting back in other areas or setting a savings goal for travel.

The point is, if you change your mindset and decide that saving money is your priority, you will start to find that it is much easier to do so.

You will find ways to save money that you didn’t see before.

For example, maybe you see something at the mall you’d really like such as a new watch or bag.

If you have decided that saving money is really, truly important to you, a little voice in the back of your head is going to start talking to you.

And before you know it, you will find that you don’t buy that shiny new item. Instead, you will pat yourself on the back for not spending and saving instead.

Over time, you will really start to feel good about yourself. You will get a boost of self-esteem. 

And that’s a great feeling and it all starts with making the decision that saving money is important to you.

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2. Take Note of Your Spending Habits

Once you make saving a priority, take some time to see how you actually spend your money.

Chances are if you aren’t currently saving, then you have no real idea of how much money you spend or where or how you are spending it.

Do you do a lot of online shopping?

Do you like to stop in Starbucks after work every day on the way home?

Do you spend your tax refund?

No matter where or how you are spending your money, you need to start tracking your spending, so you can get a handle on it.

Don’t make this complicated. Just get a little notebook and carry it with you.

Write down anything you spend money on. Include what it was, how much you spent, and the date.

If you want to get fancy, you can put that information into a spreadsheet later, but that isn’t necessary.

Over time, you will start to see patterns and then you can easily cut back.

All this money you are no longer spending can be saved or used to pay off a credit card balance.

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3. Set Up Some Financial Goals

Again, this doesn’t have to be anything super difficult.

Start with a weekly or bi-weekly saving goal. Maybe you want to start saving $50 a week.

If you can’t afford that then start with $20 dollars.

The amount isn’t as important as the saving habit you will create.

Open a savings account and put that money into it. 

This will be your emergency fund. 

Build this account until you can cover 3 plus months of your expenses with it.

This will serve you well if you ever lose your job or have a medical emergency or your car breaks down.

Your first savings goal should be a small one. It is mostly to start building your savings muscle.

Don’t make your first goal a huge one such as retirement savings or saving for a down payment on a house.

These are really big goals and you will find yourself getting overwhelmed and disappointed because they take a really long time.

Instead, if you start with an emergency fund of say $1,000 dollars, you can get there pretty quickly. That will encourage you to save more down the road.

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4. Paying Off Some Debt

Some people feel you should pay off high-interest credit card debt before you start saving money, and this is good advice.

However, if you are living paycheck to paycheck, then you really need to get some money into savings before paying off debt.

Otherwise, if you do have an issue come up like your water heater blowing up, you will end up creating more debt because you’ll have to use your credit cards to pay for a new one.

Instead, get some money into your savings first. 

This can be those first $ 1,000 dollars or even $3,000 dollars then start paying off your credit cards.

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5. Follow the 30-Day Rule

What is the 30-day rule you ask? It is pretty simple.

Let’s say there is something you really, and I mean really want to buy.

Instead of diving in and spending money, the 30-day rule suggests that you wait 30 days before you buy it.

The thought is that in those 30 days the thrill of spending the money and getting what you want will fade, and chances are you won’t want it any longer.

This does actually work. The initial excitement about buying something fades and then it is much easier to not buy.

Again, it will strengthen your saving muscle and make saving easier and easier.

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6. Long-Term Goals

Once you have been saving for a while and are comfortable doing so, then you can start thinking about longer-term goals and how to save for them.

That could include saving for a down payment for a house and starting to put money aside for retirement.

Don’t overwhelm yourself.

Take it step by step and do a little at a time.

This will help keep you on track.

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Realistic Ways to Save Money

One of the easiest ways to start saving money is to make it automatic. 

Have your employer send a percentage of your paycheck directly to your savings account.

That way it will be saved before you even see the money.

You can also use an app like Acorns.com to have a set amount of money automatically sent to your investment account each week.

Once it is set up, you don’t have to do anything. You’ll be saving and investing without even thinking about it

You can also send any extra cash to your investment or savings account as well.

With Acorns, you can also have the change from your purchases sent to your investment account as well.

You will be surprised how quickly the money can add up and you didn’t even have to do anything to make it happen.

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To Sum it All Up:

Saving money is a skill that can be learned. You just need to start small and go from there. Start a small emergency fund and then start paying off some credit card debt. As your savings grow, you can then talk to a financial planner or financial advisor to get advice on what to do with the money you are saving and how to invest it. Before you know it, you will be a saver instead of a shopper.

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