Three Ways For Beginners To Save Money
This title may seem weird to you, but not everyone was taught to save. In my twenties I was a “beginner” when it came to saving money and never really got the hang of doing it consistently until my 30’s. Not everyone was brought up to save. So today I want to bring up three principles or tips for saving money for the beginners out there.
Saving Money For Beginners
Now obviously, these tips are my opinion. These are things that helped me along on my journey to become a consistent saver. There are plenty more tips out there. It should also be noted that the most important thing is the saving itself. I have many friends who were raised in families where saving money was a value. I applaud that as a family value and I think it’s wonderful. When I have kids, I plan to change my family tree by raising them with saving as a cornerstone to financial wellness.
How I Got Started
- Transfer Money To My Savings Account FIRST: Before I pay a bill, before I buy a pack of gum and before I hit happy hour with my friends, I transfer money to my savings account. This is easy now, as you can do it on your phone. There were times where I literally only transferred $1. But there is something about paying yourself first that puts you in the right mindset.
- When I Save Money On Something, SAVE The Money: There were times during my journey I went to great lengths to save money. Sending in rebates, buying used instead of new, etc. I eventually got into the habit of transferring this money to my savings. Otherwise it becomes more fun-money, not more savings!
- Birthday (and other unexpected) Gifts or Bonuses: When I receive money for my birthday, Christmas, or a bonus from work, I put 1/3 of it in my savings every time. Pick an amount that works for you. Half is even better, but since there were times I was actually living on that money, I chose 1/3 and it has worked well for me. Without a plan, that money slips through the cracks.