A lot of people think saving money is hard. Then again, there are plenty of people out there who make a habit out of a handful of things and they wind up putting a good portion of their paycheck into savings and investments each month. If you were to ask them, they’d probably tell you that their habits are fairly easy to maintain. In other words, saving money is easy for them. 

So who is right? 

We’d say both parties are. Here’s why — when you treat something as challenging as “saving money” as a monstrous, singular problem, it’s easy to get intimidated. You might try to cut back on spending money in silly places, like eating out too much or going to the bar too often. 

However, if you think like the latter group of people, who break down the process into manageable, bit-size habits, the challenge becomes significantly less daunting. On the contrary, saving money becomes the natural byproduct of enacting the aforementioned handful of habits these folks have made a part of their lifestyle. There’s the rub. 

Now, let’s talk about what these habits might look like. We don’t think it’s reasonable to expect our readers (or anyone interested in budgeting to save money, for that matter) to employ all of these tips in one go, so don’t let the sheer volume of ideas stress you out. Instead, take a couple that sound doable, do them, and use it as a platform to launch you to a brighter, more financially sound future! Let’s dive in. 

Pay Attention To Your Grocery Expenses

If you are anything like the average American family, you’re spending in the range of $650 each month on groceries! Why? Running the risk of painting with too broad of a brush, we’d say a lot of it has to do with simply not paying attention to the prices of our favorite snacks, cereals, beverages, and other packaged food. Sure, everyone loves Chips Ahoy!, Ruffles, and Frosted Mini Wheats, but you don’t always get bang for your buck when you buy name-brand. 

But it’s not just buying the fancy snacks and cereals. If you are looking for ways to truly save money, perhaps it’s time to start thinking about cooking more often. We know, we know, cooking isn’t terribly fun for most people, especially when you have kiddos with hungry mouths to feed. You’ll find that cooking as little as once or twice a week will help you save money overall, especially when you cook with leftovers in mind. What’s more, it will help deter you from ordering delivery or going out to eat as often (if that happens to be something you make a habit of). So don’t be afraid to double and triple those easy recipes. You should start to see savings show up on your grocery bill almost immediately!

Try The Envelope Budgeting System

This might sound strange at first, but it works well for some people, so don’t knock it until you’ve tried it! If budgeting sounds confusing and obnoxious to you, let’s break it down into its raw ingredients by having 1) cash, and, 2) envelopes. Sounds easy enough right?

The next step is to set aside a set amount of cash for most expenses you will have during the month. Once the cash is gone, it’s all gone! There’s no cheating. If there were cheating, the system would be completely pointless. Since you’ve gone to all this work, like a responsible adult, you might as well see it through to find out if it works!

Set Up A Savings Account

Perhaps we should have led off with this tip. Regardless, it’s probably the easiest and arguably the most effective thing you can do. Setting up automatic savings puts aside any extra cash you might make during a given pay period. That way, it’s out of mind and out of sight, so you won’t be as tempted to use it later on in the month once the rest of your funds are tapped. 

The key is to break it down into manageable chunks. Can you put $20 a week in your savings account? If you do, you’ll wind up having saved over $1,000 if you are consistent through a 52-week year! If you don’t have direct deposit through your place of work, there are other options to set up a similar system. Check them out at your convenience!

Use The 24-Hour Rule

The final tip we’d like to offer up in today’s blog is another simple one. If you have a bad habit of making impulse purchases, this one is for you. The rule is as basic as it sounds; wait one day before making any kind of impulse buy that’s not, you know, gum at the grocery store. If you still desperately need that item, go get it! You might just find that your thoughts on the matter have changed, however. In which case, “a penny saved is a penny earned” seems particularly apt. 

Your Loan Depot: The Best Payday Lender In Texas

While the above is advice to set you up for the long-term, Your Loan Depot is also here for your immediate financial needs. We offer payday loans, title loans, bad credit loans, and a variety of other loan types to help you get the cash advance you need. Reach out to us at your convenience or visit us at any one of our storefront locations in Texas. We’d love to hear from you and help you get back on your financial feet!