Saving money is a key component of financial security and prosperity. Having an emergency fund and preparing for retirement are important. Having some money to pass to your children or buy a new car can provide you with a sense of accomplishment. And wouldn’t you love to be able to pay cash for a well-deserved vacation?
Luckily, all these things are possible with some savvy savings habits!
Follow this easy checklist and save at least $50 each week:
- Keep your cash. Each time you break a bill, stow away the leftover cash. Use a change jar and put all your leftover change in it each evening. Then, deposit your savings each week.
- Take advantage of automatic deposits. Set up weekly automatic deposits from your paycheck or checking account into your savings account. To get started with this habit, choose a small amount, such as $20, that you’ll never miss if you don’t see it. Your savings will grow automatically!
- Walk or bike to work. If you’re only a short ride from work, you can save money on gas and car maintenance by simply riding a bike or walking.
- Buy generic. We all love the name brand cereals and cookies but switching to generic brands will save you a wealth of money in the long run.
- Save more at the store. Plan your weekly menu around your grocery store’s sales for each week.
- Never pay full price. Buy items only when they’re on sale or if you can get a discount. Buy in bulk and split the cost with friends.
- Work out at home. By exercising at home instead of going to the gym, you can save at least $10-20 a week on gym memberships.
- Cut the cable. With the high cost of cable TV, you could save $15 per week (or more) by using a digital antenna, alternative sources of TV channels online, or with devices like those available from ROKU or Amazon.
- Kick the habit. Whether it’s smoking, going for a drink after work, grabbing a cup of coffee in the morning, or getting fast-food for supper, cutting down on some weekly spending habits will leave your bank account in a happy place. Which spending habits will you cut down on? List them here and make a weekly plan:
- Example: Fast Food – pick up fast food only once.
Use this checklist each week and watch your savings grow!