Saving money can be a chore, but if you find a method that works for you, it can be a breeze. Putting aside money in a savings account is more or less essential in this day and age: it’s better to have some extra income on the off chance something bad happens, after all. How should you go about saving your money in that case? Here are some money-saving strategies that will help save both better and faster.
Percentage of Income
One way you can save money is by setting aside a certain percentage of your income per month. It doesn’t have to be a large amount; 5-to-10% is more than enough to get started, though if you want to save more or less, that’s entirely up to you. Experts suggest at least 10% of your income, though.
Set Dollar Amount
On the other hand, instead of a percentage being saved each month, you can set a dollar amount that you want to put into your savings and save that way. It’s a method that can be easily automated through your mobile banking app. If you choose this method, set aside a small amount a week or month rather than setting aside a large amount per year. People are generally more successful with short-term goals than long-term ones.
Keep Your Change
How much spare change do you have in your house? Everyone has at least a little bit of pocket change scattered around their homes or tucked into their pockets. It’s very simple to turn all of your spare change into a money-saving tactic—get a bowl or jar designated for your change, then drop it into the container. This can quickly add up as you continue to save your spare change, and soon you’ll have a decently-sized saving right at home.
Buy in Bulk
Saving money isn’t just about finding ways to set it aside for the future; it’s saving money in the present as well. Whenever possible, buy non-perishable items in bulk rather than in singular packages. These tend to be on discount as well, meaning you’ll save even more money while you shop.
Don’t Impulse Buy
Whatever you do, avoid impulse buying goods that you don’t need. It’s far too common for people to buy things just because they think they need that item. Practice self-restraint and wait; either the impulse will pass, or if it doesn’t, you might come across the item later at a lower price.