This post contains affiliate links. For a full disclosure, please see the end of this post. Also, as with all financial advice you find floating around on the internet, it's not one-size-fits-all. You have to do what's right for you. Remember, I'm not a financial expert. I'm just a person who's right there with you, making the same mistakes, feeling the same stress. So I'm sharing what works for me.
In Part One of this series, I talked about the three kinds of thought processes I've had (and I suspect many of you have, too) that kept me from building up a savings. The first post focused on those times when there was just enough to cover the bills and that was pretty much it. I demonstrated two different ways a person could manage to save over $300 or over $600. If you're not in that dire of a financial situation, but you'd like to save up that kind of money for a trip or a special purchase, then those savings methods are still rock solid so check them out!
But for now, let's talk about those of you who have been a bit more fortunate lately and now can pay the bills and have some left over. Why is savings still not coming easily for you? In my case, whenever I hit that mark, it was either because I was on an upswing (FINALLY there's some extra cash! Time for me to get to living a life!) or because I was on the way back down (probably from too much living). Either way, savings didn't feel like a priority.
But this is a golden opportunity to save!
And you know what? You can do it just by playing into your desire to spend money!
Allow me to introduce the technique I call "Monthly Change." It's easy! Every day, using my handy printable, write down the total cost of everything you spent money on that day. Using column two, total up how much change you would have gotten back from each purchase if you had paid cash for it. In the last column, add that to whatever the previous day's balance was! You didn't spend anything? Good for you! Pay yourself $5.00 and give yourself a cookie (because not spending any money can be really difficult). At the end of the month, transfer that amount into your savings account or pull it out and put it in a jar if that's more your speed. Might I suggest a jar like this:
This jar is one gallon! Plenty of room for the build-up of change or dollar bills! If a bank is more your style, you may as well have fun with it. I personally love both of these (and don't you dare judge me!):
(*see below for my affiliate clause). For me, if I'm near what I consider a benchmark amount of money, then I will transfer a little extra to hit that goal. Of course, if you think you're not disciplined enough to do the monthly transfer, do it weekly or even daily. There's no shame in breaking it up. Whatever it takes, just get in the habit of saving that money! The amount you save will of course depend on your spending habits, but, over the course of a year, don't be surprised if you hit the $800 mark!
You know what the other great thing about this savings plan is? It makes you way more aware of the actual spending of your money. Sometimes its way too easy to just swipe the debit card and move on. If you have to go back and look at it at the end of the day, it may make you rethink whether that coffee is worth it. You can get $0.47 back at the end of the day or you can pay yourself $5 for not buying it at all! More often than not, I've chosen to skip the purchase!
But hey, maybe this one doesn't fit you quite right either! Maybe you have a bit more rattling around in your account or you are ready to knuckle down and save a lot quickly! Then check out Part 3 right here! I have just what you're looking for!
I am an Amazon affiliate! This means that if you click through to Amazon via my link, I will get a percentage of the purchase price. The products will not cost you anything extra!
If you don't need anything from Amazon today, but would still like to support me, please donate here! I would be grateful!