Saving money can always be a difficult task. Especially when you are surrounded by things you would like to splurge on: coffees, clothes, etc. Whether you are saving up for a trip, need money for the next semester of college, or would like to start investing towards a savings account, you need to save some money and limit your spending habits.
Here are three ways to start saving and stop spending:
1. Start A Savings Challenge
A savings challenge is the easiest and fastest way to begin saving. It’s very direct and easy to follow. The object of the challenge is to begin saving money in small increments (even as losw as $1) and eventually it will add up to a large sum by the time your challenge is complete. Each week, put more money into your savings than you did the week prior. Save for as long as you can and you will soon be rolling in dough!
2. Download Financial Apps
Mint.com is one of many apps available for download to your smartphone or tablet to help keep track of your spending. Financial applications like these are great to help you become aware of where your money goes, which can help determine where you can cut back and save. The Mint app tracks your entire account activity and will let you know when your account is low and can even alert you of any potential suspicious activity. You also can set up allowances for how much you would like to spend on specific categories and it will alert you when you’ve reached your budget.
3. Jar Method
If you are saving towards a certain item, event, or trip, then get a jar (or container) and label it for your goal. Any time you have any spare change or extra cash (I suggest using cash to reach bigger savings), then stash it inside. Before you know it, the jar will be filled and you will be on your way towards cashing it in for just the thing you had in mind.
It can be hard cutting back on spending and even harder to not spend money you are trying to save, but it is so rewarding when you see your savings grow or when you finally use your savings towards the item you were saving for.