4 Simple Steps to Save Your Money
Good habits will lead to more money
Before I ventured into adulthood, I thought financing and budgeting was going to be difficult. I worried about it so much that I was sometimes hard on myself. However, I realized that saving money doesn’t have to be a tedious and strategic task.
If anything, the answer to most of my problems was right in front of me. The resources were easily obtainable if I just put some effort into using them. I’m fully aware that not everybody has the same resources and/or opportunities in this world. Realistically, I don’t know everybody’s financial situation and their money goals.
However, I can share some tips to help you with your money saving journey.
1. Have A Plan
Before we dive into the details of growing and saving money, we have to establish a plan and a goal that we want to reach. Your goal(s) can be as high or as low as you want it to be.
My only advice is be realistic with your goals. Don’t shoot too high or too low when you’re deciding on your end goal.
In my opinion, try to have a range of where you want to land by the end of the month or the year. A range is better because you’ll have more flexibility in your journey.
2. Multiple Forms of Income
One of my favorite comments that Saweetie (the rapper) said about making money was to have seven-forms of income. I’ve been told by many people to have multiple ways of making money. I didn’t realize how valuable that was until I graduated college.
In my opinion, it’s highly encouraged that you have many forms of income because if anything happens in this world (*cough* *cough* the pandemic), you would have something to back up on if you lose your job or if your income isn’t as stable as it used to be.
Most importantly, by having multiple incomes, you can utilize or save your money more freely. You’ll have more leeway if you want to save more on future rent money, a car, a house, or just for personal spending.
3. Do A Monthly Challenge
Are you guilty of buying something on a consistent basis? It comes so naturally to you that you don’t even realize how much money you spend on that drink, food, or product?
Well, I have a fun challenge for you that can help you save money.
Every time you feel an urge to buy a tall iced caramel macchiato take that amount and put it in a jar. Better yet, try to do this for 1 month and see how much money you can save by not buying a drink at a coffee shop.
According to Real Menu Prices, a tall iced caramel macchiato at Starbucks is roughly $3.75 per cup. So, every time you feel an urge to go to Starbucks just put $3.75 in your jar.
At the end of the month, you should have (more or less) $112. I don’t know about you but I can definitely do a lot with $112 or I can save it for other things that I may need in the future.
4. Save Your Coins (literally)
Any change that you can find in your wallet, drawers, on the ground, or wherever should always be saved. Trust me, it will add up through time! I can definitely prove it to you through an experiment I did on Eureka.
I used an app called Eureka for 2 months and I wanted to know how much money I can make from just taking surveys. I was eager to put this theory to the test because it doesn’t hurt to make extra money, right?
Also, what was intriguing to me was the amount I was getting paid for doing these surveys. I can get paid anywhere between 1 cent to somewhere as high as 42 cents. Sometimes, I might qualify for a higher priced survey or win one of their sweepstakes.
But again, it was based on my luck because I won’t qualify for every survey.
Within 2 months and a few weeks, I made (more or less) $40. In my opinion, that’s pretty impressive because no one is going to randomly hand me $40. So, let’s say this becomes a thing where I consistently make $40 every 2 months. That means in 6 months I can make about $240.
So my whole point is…don’t underestimate the value of coins because they will add up through time!
- Start with a plan before you begin your journey. It’s good to be organized during this journey because we want to save money not lose money.
- Next, have multiple forms of income. With so many opportunities online these days, there’s no reason why you can’t find a fun side hustle that can make you extra income.
- Cut back on things that you buy excessively by having a monthly challenge. It’s more fun to make it as a game because it’ll be more enjoyable and less stressful.
- Last, if you have extra change in your pocket, wallet, etc make sure you save it. Don’t underestimate the value of a penny, dime, nickel, and quarter because it will add up through time!