The best way to create a money saving plan in 2019 is to start today with a budget and savings goal. Start with a monthly goal, a yearly goal, and a 5-year goal.
How to Create a Money Saving Plan
It’s never too late to start saving money. All you need is a good plan that fits into your lifestyle. When you’re already living on a tight budget, it’s hard to come up with extra money to put into savings but it’s not impossible.
The best way to start is by creating a money-saving plan. Having a plan makes it easier to save. You can see where you are now, where you hope to be in six months or a year and what you need to do to get there.
Here’s how to create a money-saving plan that works:
- Create a budget and stick with it. If you know that you’re going to go over the budget one week, try to be under it the next to equal things out.
- Have a reason for saving the money. You may want to pay your mortgage off early or save for your retirement. It doesn’t matter why you’re saving as long as you have a goal to help motivate you to stick to the plan.
- Set a goal. How much do you want to save and by when? Use these figures to determine how much you need to save each week or payday to meet your goal.
- Come up with a way to save the money. Choose a method that makes it easy for you to save money. For example, have a set amount sent directly to your savings account each payday. Most people find it easier to save money if it’s taken out before they see it, so this method is very popular.
When you have quick access to your cash, it can disappear quickly. That’s why you can benefit from having a plan to help you save money. It helps you stay focused so you can meet your financial goals.
Sign Up for Money Saving Services
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What is the 30 Day Rule?
The 30-day rule, is to prevent you from impulse buying with challenging yourself to wait 30 days before you make the purchase so you can really decide if it is a good decision.
Try a 30 Day No Spend Month
Whether it’s 1 day, 1 week or 30 days. Get a calendar and challenge yourself not to spend money on those days. Now that doesn’t mean to purchase the day before or day after. You will really be focusing on saving money during this time.
Find a Financial Accountability Partner
Once you have created your money and savings plan either with your spouse or friend, hold each other accountable to reach your goals.
Remember it’s the small savings that add up over time.
- Pack Your Lunch
- Have Date Night at Home
- Make Your Own Coffee or Latte
- Cut Your Grocery Budget by $10 a week
- Turn up your thermostat or down 2-3 degrees
- Little savings add up and get you to your goal.
How to Become a Money Saving Expert
Is it important to you that you learn how to save money? Maybe you’re trying to save up for a big trip or large purchase. Maybe you want to be more frugal or you want to learn how to save the most you can so you can teach your children. Whatever your reason for wanting to become a money saving expert, here are some tips to help you do so.
- Have a plan – No one becomes an expert at anything without first having a plan. You need to know what you’re saving for or why you want to learn more about saving. What do you hope to gain from this? What are some of your goals?
- Get educated – Next, you need to learn all that you can about saving money. You can take an online course, attend workshops, listen to podcasts, read books, attend a Financial Peace University class at your local church, and read articles online. These are all good ways to start boosting your money-saving education.
- Get your mind right – Sometimes the only problem with saving money is your mindset. When you get your mind right, you’ll be set to become an expert.
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