Painless Ways to Save More

Saving money is no one’s idea of a good time. However, there are little, painless changes you can make to beef up your retirement or bank account. If you suddenly adhere to a strict budget, you’re bound to break it. The smarter approach is to learn how to spend and save better while not completely going without.

However, first make sure you have a feasible budget in place. Don’t forget to include key line items like student loan repayments, food, utility bills, insurance, savings and entertainment. Every budget, no matter how small, should have an entertainment budget. When you try to do too little, you’re more likely to give up on savings.

Tax Yourself

No matter how big or small your salary is, or even if you’re a freelancer, ideally at least 20 percent of your take-home pay should go towards savings. Change your thinking so that your paycheck is no longer $1,000. It’s now $800. If possible, have 20 percent automatically put into a different account than the rest of your pay. You’re used to paying taxes, after all; at least this time you’re taxing yourself.

Work within your own budget to chip away at the (likely) high budget items like food, entertainment and clothing. You can still get a lot even with a small amount reserved for these items. However, it will require you to put keeping up with the Jones’s on the backburner.

It’s Where and How You Shop

The vast majority of things you need and things you want can be scored second-hand. There’s nothing wrong with thrifting for clothes, furniture and books. In fact, once you get the hang of it, there’s a thrill of finding brand new clothes (with tags) for $8 that you’d normally buy at the mall anyway. Pride yourself on spending wisely instead of how much you spend and you can enjoy the spoils of both.

Buying second hand means you might be able to score that luxury item you’ve been wanting, like going to a luxurious rehab spa or sourcing that commercial-quality treadmill. When it comes to groceries, shop seasonally as well as locally. Farmers markets often have produce for a steal. If that’s not for you, make the extra effort to shop at the discount shops even if the atmosphere isn’t as great as the high-end grocery store you prefer.

Take Up Side Work

I’m not saying you need to tack a part-time job on top of your full-time one. However, look into research studies and seasonal gigs that you might actually enjoy. Promotional modeling is a very real possibility for many people, and don’t be put off by the title. These gigs often simply want someone who’s outgoing, clean, professional and friendly. It pays as much as $25+ per hour, the work lasts for only a couple of hours and it’s tax-free if you make less than $600 per year, per company.

Get creative when it comes to savings. If you can afford it, hire a private financial advisor or work with a professional at your retirement plan’s administrator. It’s never too late to change your savings habits.

 

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Category: Family Finances