5 Tips For Starting To Save Money Right Now

Save MoneyFor lots of people saving money may appear to be a hopeless task. They try and try to save money but struggle to consistently put money into their bank account. Failing to save money can often occur because you have so many other things to do on a daily basis. The key to saving money is to make it as easy as possible to do. Here are a few tips that will help you start saving some cash right now.

Save a little at a time
You don’t have to start with some grandiose savings goals in order to save money. Saving small amounts of money is actually a whole lot easier than saving a lot of money at one time. You can schedule small amounts like $20 to $30 a week to start building up your savings account. You won’t miss the money and these tiny deposits can add up over time.

Make saving money easier
You always want to make saving money as easy as possible for yourself. Take the burden of having to remember when and how much to save by doing it automatically. Schedule automatic transfers from your checking account and automatic deductions from your paycheck right into your savings account. After a month or two, you will get used to this amount of money being deducted from your account every month.

Make withdrawing money difficult
While you want to make saving money easy, you want to make withdrawing money a real pain. Resist the urge to withdraw by not getting an ATM card for your account. This will force you to go into the bank during banking hours whenever you need to take out some money. Also, place your savings at a bank that is inconvenient to get to. This will keep you from making frequent trips to your banks to withdraw your money.

Get a side job
If your reason for not saving money is that you simply do not have enough cash, you should get a side job. Side jobs are great at providing a side income. Find something that you are passionate about and would enjoy doing for money. You can designate this income for the sole purpose of funding your savings account. A few hours a week working on the side can grow into large savings account deposits.

Use your spare change
Sometimes the best solutions to problems are the ones that you learned in your youth. Remember having a piggy bank in your room that you would store all of your spare change in. You would fill the piggy bank up with coins until it couldn’t hold anymore. You can do the same thing as an adult. Store all of your spare change in a piggy bank and take it to the bank when it gets full. Deposit all of your change into your savings account and repeat this on a monthly basis.

Saving money does not have to be as hard as you thought. Apply these simple tips and you will be on your way to building up a savings account.

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12 comments

  1. Ashley @ Money Talks says:

    We do all these except making it difficult to withdraw it. That isn’t a problem for us, but keeping in a differnt bank from your checking account is a good idea if you have trouble not spending it.

  2. Miss T @ Prairie Eco-Thrifter says:

    Yay, I am 4 for 4. We also make a lot of our own stuff like cleaning products etc which saves a bunch of money.

  3. No Debt MBA says:

    I do all of these except the side job. I have the most fun with the coin jar but it probably contributes the least. I think making saying “no” to spending an ingrained habit probably contributes the most. I’m also looking into a side job to start soon to help support myself while I’m in grad school.

  4. 101 Centavos says:

    Love that spare change. Also helps to have a specific target in mind, whether it’s a CD, or starting up a Roth, or taking out your sweetie on a surprise date.

  5. Chatty Cathy says:

    All great ideas! I just started the saving change thing this past month after Suze Orman suggested only ever spending bills,and always putting your change in the jar at night. I changed that slightly since in Canada we have $1 and $2 coins. By just saving the little coins, I had over $40 in my jar by month end! I hadn’t even missed it during the month. I do have a side job,and unfortunately need some of that money to live, but last month I started saving some of it, and came up with an extra $200 in my savings account. I too have a bank account that is inconvenient to access, so it makes it harder to withdraw funds for an impulse purchase. Every little bit helps.

  6. Frugal Living says:

    The way that I save money is to not cash my checks and don’t put it into a bank

  7. Pam D. says:

    Tip number 3 “Make withdrawing money difficult”, gets right at me. My wallet goes with me wherever I go and of course, my ATM card and my credit card are in it so they go along too! I guess I would have to consider getting a passbook instead. Thanks!

  8. dividend stocks says:

    I used to save spare change but realized i had to roll it up to give it to my bank. Now i save a dollar from every bill i break and deposit that. I keep the change in a glass at home and some in my car and use it when i can instead of giving it to a bank. The dollars add up faster and using the change seems to work better.

  9. Graham@The Money Corner says:

    Getting a side job is a good idea. Not only are you making money but those extra hours working would be less hours in the shops! You’d save money just because you don’t have time to spend it!

  10. AlexA says:

    I totally agree that what you learn from youth you end up applying as an adult. I still have a little piggy bank (by the way is pink) and let my husband and kids deposit their coins in there. Once its full we take it to the supermarket and end up buying groceries with that! By the way, not using credit cards really helped me a lot, it was practically switched to debit only. Have a good night ladies! AA

  11. Hannah @ HowMuchIsIt says:

    What my family does is when treat our savings as a bill. What we have found is that it works wonders. If you really want to be creative, create a bill and just stick it in your bills to pay pile with a due date. While I don’t go that far, I just write a big number on a whiteboard and go from there each and every month. As I save, I will just scratch off what I have put in our account.

  12. The Wallet Doctor says:

    I’m all about those automatic transfers. I hardly notice the money leaving my main account and am very pleased to see the impact on my savings account. Its a truly painless way to save.

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