Learning How to Save Money

Saving money can sometimes seem like a daunting task, especially when you feel like you don’t have the ability to save much. Regardless of how much money you’re making, it is possible to gradually add to a savings account! Whether it is five dollars a week or five hundred, saving money is a must. Think saving is impossible? Here are a few small ways you can add to a savings account to build a safety net for you and your family:

  1. Don’t buy bottled water. On average, a bottle of water purchased from a convenience store costs about $1.50. If you have a family of four people or more, this can cost upwards of $1,560 per year! So instead of buying water bottles for the entire family, purchase reusable water bottles and wash them frequently. Then, add this additional money to your savings account!

  2. Every time you pay with cash, put away the change. Get a special change jar to put on the countertop, or somewhere where you will see it on a daily basis. Throw spare bills, quarters you find in the couch, and pennies on the sidewalks in this jar and at the end of the year, take it all to the bank and deposit it in your savings account. This might seem like a silly notion, but every little bit adds up.

  3. Try to limit wants. Yes, we all want to shop the latest styles and extend our wardrobe options. We want to go out to nice dinners, and movies every weekend. When you’re trying to save money, however, you have to limit your “wants” to make room for your needs and savings. Limit your date nights to once or twice a week, and try to buy groceries on a budget rather than eating out often. This will give you extra money to tuck away in your savings account.

  4. Don’t be above coupon clipping. Yes, not all of us have hours to spend searching far and wide for coupons, but a few here and there go a long way. Whether it’s twenty percent off or five percent off, try saving coupons when you see them. The more money you save on your weekly grocery budget, the more money you’ll have to put away in savings. You don’t have to be a coupon fanatic, but finding deals when they are available will help!

At Richard Banks and Associates P.C, we want you and your family to have money to fall back on in case of emergencies. Unexpected things happen in life, and it’s always good to be prepared! A savings account with $1,000 is good, but a savings account with $10,000 is even better. Have a wonderful, safe week.