This is a guest post written by one of our Bees, Stephanie Modkins
Western culture urges people to buy the latest ‘stuff’ to achieve happiness. There’s never a caveat in a fancy television ad indicating that the product shown is outside the viewer’s budget. And by the time most people mature and understand that the Jones’ don’t exist, they’re deep in debt. So, addressing this issue requires creativity.
Here are five ways to save money if you’re a poor saver.
No. 1: Save Change in a 5-gallon Water Container
First, go out and purchase a 5-gallon water container. Then start to save coins you find around the house into it over time. Then, after it’s filled to the top, deposit the money into your savings account.
On average, with pennies, dimes, and quarters, you’ll have close to $1,000. Change accumulates fast for most people, so expect to make two deposits a year with this method.
No. 2: Pay Your Bills 3 to 12 Months Ahead
Most financial experts recommend saving 3 to 12 months’ worth of expenses. If you constantly fail at this task, switch it up and pay your bills ahead.
This method works great for individuals who save for a few months and then blow the amount on a whim. Also, most businesses won’t refund overpayments. Get the ball rolling with a small expense and work your way up to the mortgage.
No. 3: Keep Info about Your Savings Account Hidden
Do you use a bank app? Take the extra step to hide the part about your savings account balance. This act helps reduce your temptation to spend this money. When you check to see if you can afford a product, there’s only one balance you’ll view, which is your checking.
No. 4: Keep Your Checking and Savings Accounts at Different Banks
Keep a savings account at a bank separate from your checking. And, don’t ask for a debit card. This setup makes you think twice before taking money out because you must drive to a bank and go through customer service. Turn this decision into magic by requesting automatic deposits to savings from your employer.
No. 5: Make Smaller Savings Deposits until You Form a Habit
Saving a little money is better than saving none. If you set an amount to save each month that always seems too big, taper the number down.
Put away fifteen dollars a month until you form a habit, then increase the number. After a while, saving a much larger some will be easy.
These five steps will help you save money and to achieve financial freedom. All of these steps are doable!
Are you looking for additional ways to save, budget, and earn more money? If so, check out our blogs on saving money on groceries, and getting into couponing. And also check out 14 different ways to earn extra cash with your car, as well as the best mobile apps to set a budget.
Editor’s Note: Stephanie Modkins is an active Mobee user. She spent her childhood as a military dependent traveling to different places like the Philippines. This experience taught her the value of diversity. In her spare time, she enjoys reading, playing cards, and watching singing competitions.