Are you saving money on a daily basis? We know that we can save hundreds of dollars on mega purchases just by doing some basic research. What about on daily basis? How can we save a few bucks here and there? How can daily savings lead to thousands of dollars in saved cash?
Many of us are on a tight time management plan and we want to save money without spending too much time reading personal finance books or meeting with an advisor. This is why I wanted to share some tips on daily savings today and how you can save thousands slowly over time:
Keep a change jar.
A change jar is a great way to store your loose change. I used to find myself always spending my spare change. Whenever I had a few bucks extra in my pocket I would foolishly spend it at the convenience store. Then I finally started to use my childhood piggy bank to store my extra money. I noticed that I would have an extra hundred bucks or so every few months. This means that my pocket change would leave to big savings after some time. This is some nice extra money to have on the side.
Track your spending for a few days.
Once you master saving your spare change, you can dig a little deeper. There has to be a reason why you have so much extra change in your pocket. Chances are that you have a few holes in your budget. I know that tracking your spending is just as fun as counting calories. This is why I only suggest tracking your spending for a few days. With an iPhone app or any typing software on your smart phone, you can easily track where you spend your money. After a few days you’ll be able to figure out where you’re spending too much on a daily basis. Once you cure this problem, you can enjoy saving thousands of dollars in the long run by saving a few bucks a day.
Automate your savings from your paycheck.
A few years back I decided that I would take off $50 every paycheck and put it towards Canadian Savings Bonds (very low interest btw). The amazing part here is that $50 every two weeks results in a good chunk of change every year. This account now has over $4,000 in it just from saving $25 a week. It’s amazing to see how much money you can save by putting aside a little bit of money on a weekly basis.
Build a strong daily routine.
There are many daily habits to save you money. I find that a strong daily routine can help you save money and improve your health over time. If you have a poor daily habit where you spend money or affect your health in a negative manner you need to switch things up to build a positive daily routine. A strong daily routine usually involves eating a big breakfast and preparing your own meals. Not only will you save money but your gut will thank you for it.
Plan for your major expenses.
We all feel so unique. Our minds and bodies are unique. Our actions are actually very similar. When you actually think about it, we all have the same major expenses in life (car, wedding, home). The trick is to be realistic and plan for these major expenses that are bound to happen. The sooner you start planning for your home (or any other major expense) purchase, the sooner that you’ll have enough money saved up.
After reading this post you should be able to master your daily savings. Once you start saving a few bucks on a daily basis, you’ll be pleasantly surprised by how much money you can save in the long run. Good luck!
Check out the rest from the series:
(photo credit: niseag03)