Retirement. Your child’s education. A vacation. The down payment on your next Jersey Shore Home. What do these all have in common? Money. Most of the time, we need to save up for these. But how do you get started? I’ve got a few simple ways to start saving money that won’t leave you subsisting on a peanut butter and jelly every day (unless you like that sort of thing).
Simple Ways to Start Saving Money
Stash the “Extra”
What do I mean by “extra”? When you receive a raise or bonus, put that extra money into a separate savings account. Did you get a refund on your taxes? Don’t spend it. Save it. Live within your means and all this becomes “extra”. That’s just the first way you can start saving money.
Pay Yourself First
Another simple way to start saving money is to pay yourself first. Does your paycheck automatically get deposited into your bank account? Talk to your employer about splitting it up into two different deposits. Whether it’s just $25 a week or a percentage of your paycheck, have it deposited into a completely separate account from your regular checking.
Listen, we all end up with spare change at some point throughout our week. Instead of letting it settle to the bottom of your purse or throwing it on the dresser, set it aside in a jar. When the jar fills up, roll the change and deposit it into your savings account. Helpful tip: roll the change yourself. If you take it to an automatic coin machine (like Coin Star), they charge a fee. Ask the teller for some coin wrappers next time you’re inside. They’ll give them to you for free.
Set Up a Budget
No, this doesn’t sound like fun. Yes, it can take some time at first. But you’d be surprised exactly how much money you waste each month on unnecessary purchases. Saving money gets easier when you know what’s coming in, what’s going out and where it’s going to. Simply sit down and write out all your monthly expenses (mortgage, insurance, cell phone, utilities, etc). Set a spending limit on things like entertainment, clothes, food. Then, stick with it. All the “extra” can then go into your savings account (see above). Helpful tip: make a grocery list before you do your weekly shopping. It cuts down on “impulse buys” and you’re less likely to forget something you actually needed.
Finally, here’s my last tip for saving money. And it will only cost you $1 to start. That’s right. Set aside just $1 this week into a savings account, shoe box, pickle jar, whatever. Then, next week, add $2. For week three, you’ll add $3 to that. On week four, you’ll add $4. And so on and so on. At the end of the year, when you’ve add the final $52 on week 52, you’ll have saved $1378!
Saving money doesn’t have to be scary. In fact, once you see your savings account grow, it can become quite addictive. You’ll start looking for as many ways as possible to add to that bottom line. In no time at all, you’ll have that Jersey Shore down payment together. Just be patient and consistent. Slow and steady wins the race.
Don’t forget that the 2017 Project Prom Fundraiser takes place on July 20th. Tickets are still available. Contact Rene Kane (609) 703-8592 or via send her an email today. Help make next year’s Project Prom even better than ever for our Jersey Shore girls. Thanks!
FEATURED JERSEY SHORE HOME OF THE WEEK
For more information on this and other homes for sale on the Jersey Shore, please visit my Featured Listings page.