Are you interested in saving money? Odds are that you answered yes — almost all of us could stand to stash away a little extra cash. Whether you’re saving toward a specific goal, such as buying a home, or just want to pad your savings account as adding security against economic emergencies, read on to learn about the habits of the best money savers!
The 5 Financial Habits of Money Savers
You might think that some people are naturally frugal and cautious with their money, while others are helpless spendthrifts. That’s just not so. No matter what your financial tendencies in the past, you can learn how to live below your means and sock away money for that proverbial rainy day.
1. Savers Save for Specifics
Unless you have your eye on a particular prize, it can be easy to fritter away any extra income on temporary pleasures. So set yourself a goal — it can be anything from a new pair of shoes or an upgraded flat-screen TV to a vacation or a house.
Whenever you are tempted to stop for a latte or splurge on movie tickets, ask yourself if it’s worth delaying your goal. (And sometimes, the answer might be yes!)
2. Savers Keep Savings Visible
Of course, once you’ve reached a certain financial level, you’ll want to safeguard your money — and earn interest! — by keeping it in a bank account or investment.
But if you’re just starting out and learning to save, consider using a clear container of some sort — a mason jar or even an empty 2-liter soda bottle. Watching the jar fill up can be a powerful incentive to save even more!
3. Savers Never Pay Retail
The most successful money savers will tell you that they never pay full price for anything. Especially now that comparison shopping can be done from the comfort of your own home, thanks to the internet, it makes sense to shop around and look for the lowest price.
You already know that the day after Christmas is the best time to buy discounted wrapping paper, ornaments, and decor. But seasonal sales don’t end there. Learn when to shop for what, and you could save a bundle.
The same goes for your groceries. Find out when meat is marked down for quick sales, and what day the vegetable stock is replenished (which may mean scoring slightly older veggies for a song).
4. Money Savers Are Internet Savvy
Bargain shopping on the internet can help you save big, but it’s also time-consuming. Luckily, there’s an app for that! Check out smartphone apps like Retail Me Not, or Chrome extensions like Honey. They’ll crawl the web for you, letting you know where the best deals are. Many of these money-saving apps also have cash back reward programs, which can reap even more dividends.
5. Savers Are DIYers
Almost every time you can make something yourself, you will save money. This is true of householder cleaners, condiments, bread, yogurt, clothing, decor, and many other ordinary items. In many cases, products you make yourself are also vastly superior to their commercial counterparts. Teach yourself how to cook, sew, and get handy around the house, and save big.
It’s easy to adopt the habits of super money savers. If you’d like more practical advice on how to get ahead financially, bookmark this blog and check back frequently for updated posts!