Saving the Coins!

Hey friends,

I hope you had an awesome weekend and were able to enjoy the beautiful weather we had. I was pretty busy with my dad and brother on Saturday so by Sunday my body said, please stop! As we were all renovating some concrete slab and walls with no insulation in them, I began to think what these jobs usually cost. Of course, my dad spent money on the materials, but we all did the work ourselves, which is why we were physically drained. I had so much fun though and learned so much from my dad. So, since we decided to do the work ourselves I decided to share some tips that I think could help when saving money. I’ve been responsible for keeping track of the bills, so I believe that I have definitely gotten the hang of it.

1. Write it down: Begin by writing down your net income for a month as well as all of your expenses. You can do it on paper or on a computer, but either way, make sure you round up your bill amounts if you can.
2. Set a date: You can often get overwhelmed when your bills are due on different dates throughout the month and for me, it’s not helpful when I’m trying to save. Many companies will change your due date if you call and ask, that way all of your bills are due at once. This will give you a piece of mind once the payments are done. Making your due dates at the end of the month or at the beginning of a month are great options. Always remember to make the payments ahead of time since it does take a couple of business days to make a transaction, and you don’t want to be charged a late fee!
3. Autopay: Ok, so I’m sure not everyone likes this option when they’re given it, but please consider it because your payments will be paid on time and can even save some money by choosing this method of payment.
4. Do the math: After you’ve calculated your expenses and seen how much you make monthly, subtract your expenses from your income. The rest of the money you have will be the number that you’ll use to save. Now, you can save a certain portion of that amount for one thing or many things, but I always make sure to leave some as a “cushion” in case a bill comes higher than expected. Better safe than sorry, right?
5. Split your savings: Whether you’re saving for a car or school debt, I think that saving for specific necessities can be really helpful. For example, my dad and I have a debit card that we both use to fill up our cars, so I always make sure to put at least a certain amount on a weekly basis. We use this card just for car-related expenses and trust me, it makes saving money very easy.
6. Savings Accounts: Opening a savings account is simple and is usually free depending on your bank. I recommend having at least two so you can save for more than one thing at a time. Don’t overwhelm yourself though; if two seems to be too much, just start with one. When it comes to saving, I believe that every dollar counts. Even if you’re not depositing large amounts into your savings account, a little bit once a week makes a big difference. We’re not perfect, so don’t be hard on yourself and enjoy your life as well. Remember that dollar by dollar, everything adds up and can make a difference in a month.

Well, I hope these tips help you start saving some money! I have many more tips that have worked amazingly, but these sums up the general idea of saving to me. Try to have fun while doing this because there’s nothing better than the feeling of being financially secure. Start slow and you will succeed:)

Until next time Raptors,

Meredith