Five Ways to Save More Money

It's back to buget basics and today I'm going to talk about saving money. I know some people are naturally spenders and some are naturally savers but everyone should be saving money, even if it's only for a rainy day.

Here are five ways to save more money:

1. Make it Automatic.  With online banking making saving automatic is easier than ever. You can set up a reoccurring transfer from checking to savings. Or if your paycheck is directly deposited into your checking account, try talking to the human resourses or payroll department where you work to see if a percentage of your paycheck could go directly into your savings account. You'll be surprised how much money you'll accumulate in your savings account this way!

2. Use the "Leftovers." Leftovers? How could there be leftover money? Let me explain. If you work hourly and you usually get the same hours per  week but some weeks a little more and some weeks a little less, find what is an "at least" paycheck for you and when you get a paycheck that is more than your "at least" paycheck, put those leftovers in your savings account. Here's a basic example: your  paycheck is usually at least $100, but this week it's $117 so you would move those $17 leftover dollars into savings and next week it's $101, then move that $1 in your savings account. Your "at least" paycheck is the lowest amount you typically get. You don't want to overextend yourself budget wise so base your budget on what you usually at least receive and then put the leftovers into savings.

3. $5 Bill Savings Plan - I don't know who first thought this up but it's a great idea. Every time a $5 bill falls into your possession, save it. Put it in a piggy bank, coffee can, envelope, etc. do whatever you have to do to set it aside and not spend it. This thought process can apply to any amount of money. Every time you get a $10 bill you save it, or every time you get a quarter you save it.Whatever works for you is best (obviously.)

4. Spend Less Somewhere Else, Save the Difference. If you are out shopping and buy something on sale and the bottom of your receipt says "YOU SAVED $10 TODAY" then move ten dollars to your savings account. If you're a normal coupon-er (as in not extreme coupon-er) then that $15 or $20 you save each week with coupons could be moved to your savings account. You would really see how spending your time couponing can add up. This also applies to your budget categories. If the month ends and you've got $8.76 left in your entertainment budget category, well then transfer that $8.76 to your savings account. This could possibly encourage you to come under budget sometimes. (The better you get at sticking to your budget the easier it is to come in under budget.)

5. Don't Go Shopping. Okay so this one is kind of a trick (and it's completely opposite of tip #4) The best way to save money is to not spend it. No matter how many 40% coupons you get in the mail or how many "blowout sales" there are; the best way to save money is to not spend it. Don't even go to the store or their website (if online shopping is your thing.) If the purchase is not a need then the best "deal" you could possibly get is not buying it and keeping your money in your pocketbook. I know no one wants to hear that, but it's the truth.

As always, I am not a financial expert I am just sharing what works for me with the hope that it helps at least one person out there.