Patience is the key to saving money. Unfortunately a lack of patience is what usually stops people from accomplishing their savings goals. If you find your patience running low try these tips to speed up your savings.
Set Your Goal
First and foremost, before you go any further, if you haven’t set a savings goal, do it now. No matter what the reason you are saving be it an emergency fund, a retirement account, or even a new pair of shoes – write it down. After you write it down, date it, and put it in a conspicuous location. You want that goal to be seen daily.
Take On a Side Job
Increasing your income is the single fastest way to increase your savings. If you don’t have time for a second job then consider making some money online. You can find a great list of online side hustles at Tackling Our Debt. Opportunities are out there to be had. Be creative and realize when a great opportunity is knocking at your door.
Cut Your Expenses
This being one of the most obvious tips out there, can be the hardest to do. Making small changes bit by bit is the best way to go about cutting your expenses.
What you can do to cut your expenses:
- Cancel unnecessary extras on cell phone, home phone, or cable packages
- Use coupons (with extreme caution: not extreme couponing)
- Make meal plans & take your own lunch to work
- Fill your gas tank up (it will last longer)
- Buy generic products
Make it Fun
If you are a competitive type of person, then challenge a friend or family member to see who can spend the least amount of money in a given week or who can have the most no spend days in a month. If you don’t like the idea of challenging someone else, challenge yourself. Write down how much you spent in a day and try to beat that the next day.
Realize that Every Dollar Counts
When you are wanting to save for something important, every dollar truly counts. When you are motivated to cut your expenses and look for ways to earn more your saving will add up very quickly. If you can make some temporary sacrifices you will be rewarded for your efforts.