Can you really save money without thinking? I mean really not have a day where you are checking your bank account seeing what’s left. The truth is not really, I can’t lie and say you will never look at your bank account. What I can tell you it that you can have at least one day where you can set back and relax. And once you opted to do something else besides checking your money, you will know that you are unconsciously saving.
What is causing you to think about saving now? Is there a new change in life that will pull out your pockets? I new goal you have been dreaming of for a while? There many reasons why you have been thinking about saving. My reason for saving is security, a feeling that I have only felt on payday. Once a week has passed a dark cloud of regret pays me a visit. At most times I wish I can close my eyes and imagine the numbers in my account growing, upward. My fore see-able positive outlook knows I can at least try this saving technique. The only obstacle is faith in myself. And trust my transfers into my savings is not taking from me but towards a future.
So how does it go again? Oh yes! Out of sight out of mind. When Bankers started making saving automatically available they had to have thought of something in mind. That we all need help saving. If you’re like me once that money is deposited into your account almost tempted to just spend it. I’m not a Psychology major but I’m pretty sure if you may have acted similarly in other situations. I’m pretty sure if you really think about it there are probably other things in life that you do on an impulse. With automatic savings, it’s easy to put money aside out of every paycheck.
Set regular intervals on every payday scheduled with a set amount. You can start with a small amount that won’t deprive you of paying other regular expenses. Wondering what is a good start? That would be 10% of your income. If 10% is still not doable try starting with $20 intervals. On your first paycheck save $20 and keep it up with that for a bit. If you feel like you can increase that amount next try 40. You can also predetermine your direct deposit at your employment to transferring certain percentages between accounts. And this case if you wanted to transfer automatically 10 to 15% to a money market account you can do it automatically.
Save your loose change
Every day put your loose change in a jar to build up the savings. It’s best to start with a large jar so that way it takes a while to fill it up. The bigger the better, this would keep you touching it and almost empty the entire thing. Once it has full you can bring it to a coin to cash transferring machine, like “Coinstar”. Do a search to see if there is one near you. Take the money to your bank and deposit it into your savings account. The next day, start all over again. Change can be added after every purchase, couch cushions, the bottom of your purse.
There’s change everywhere, you will be surprised. One time I had only collected a small jar of change so I decided to so a search throughout my car and turned that into a larger jar. After visiting my local “Coinstar”, which you can find in my grocers, it turned out to be $30 worth of coins. All those pennies, nickels and dime you may have thought to just leave it on the ground since it fell out of your pocket. I’m saying pick it up, every cent counts to you making your financial goal. Don’t count that penny out.
Take full advantage of saving for retirement sooner rather than later
I started to think about what can be the many reasons why people have not saved for retirement. And then thought about myself why haven’t I saved early. When I first got introduced to saving for retirement early in my working career. I didn’t really understand it and just opted in. Then when I left my previous employer of ten years, I cashed out my retirement of almost 10,000. “Wow,” I thought, that’s a lot of money. Where is it not gone! I could have easily transferred it but no no no, I spent it. I’m not afraid, to be honest with you guys, so you know I’m here with you.
When my next employer presented their retirement options, I opted out. And I can only conclude that as fear. Whether it was fear that I will spend it again, or fear that my paycheck would take a hit. Just plain fear, ladies and gentleman. Many people fear after they become a certain age that it’s too late. It’s never too late to save for your future. I want to tell you to go to work the next day and discuss your retirement plan options. That money is taken out pre-tax and no matter the dip in your paycheck, you will need it one day. If your older increase your percentage but at the very least choose 15% percent. If your employer matches your retirement plan this is a great incentive. Do some research on retirement investment companies like Fidelity when you don’t have options at work. Don’t be afraid to go through call a few companies to match what you need
Extra income savings
- Every time you get a bonus any kind of extra income or income tax, transfer the percentage to your savings.
- Try making fun of your savings with a savings app.
- Drink more water.
- Make large meals, like a casserole or a Crock-Pot recipe, batch meals.
- Buy the ingredients in bulk.
- Turn off the lights every time you enter a room.
- Change your spending Behavior, Never buy when you’re stressed or hungry, or unplanned. Want versus need.
- Load all coupons to your loyalty card, or always Shop with a flyer.
- Live on a lesser percentage than your income.