1. Get a Job
In order to save money you have to be making it. Pick up a part time job that you think you will enjoy. It may sounds terrible at first but once you start making your own money, it’s worth it.
2. Opening up a savings account
By starting a savings account and setting money aside from your paycheck to put in, there is a great way to save. Some jobs can even split checks into different accounts meaning they can put some in your savings and your actual checking account.
3. Hide your debit card and spend cash instead.
Before leaving anywhere, pull out the amount of cash you want to spend and leave your card somewhere. Let’s say you want to go shopping with friends. If you pull out a certain amount like $40 and leave your card at home, it limits you to only spending that $40 and no more.
4. Set a realistic budget
Setting a weekly or bi-weekly budget can help you save lots. Prioritize your spending and track it. By tracking how much you spend you may realize that most of your money is going to unnecessary things. For example, getting coffee everyday or eating out all the time can be limited to only once or twice a week.
5. Set saving goals
Having goals can help you want to save. What I mean by setting goals is each month you can set a certain amount you would like to have in your account and limit your spending to reach this amount. A good resource to help is the 52 week saving challenge, which is week one you would save $1 and week two you save $2 and so on. By the time you get to week 52, you should have $1,378 saved up.
6. 30 day rule
The 30 day rule states that before buying an expensive item, you should wait 30 days and after that, if that item is still on your mind and you want it then it was worth the wait and you should go buy it. During this period of time, it gives you time to think if it’s really worth it or maybe you might be able to find a better deal.
Make saving money a priority because when you can learn how to save it helps build good financial habits in the long run.