Friday, January 9, 2015

3 Simple Ways to Build Your Savings

Let me start off by saying I am not the financial guru in our household, but thankfully, my husband is wonderful with money and numbers. After we got married, I felt I should be more responsible with how I handle money, since it no longer affected only me. I still don't hold a candle to Spencer as far as financial smarts are concerned, but I am learning. A big incentive for me has been a big European vacation we have been planning a few years for. We couldn't take the trip until we had enough money saved, and I am dying to go. Guess what - we are going in May!

Hopefully you find at least one of these tricks to saving money helpful in your financial life!

If you don't have one already, create a budget. Once you have one, you actually have to stick with it! It's shocking how much money goes down the drain without you realizing it. Until you have a budget, there is no way for you to find the leaks! Then you can tighten the pipes (sorry, I had to continue that...).

Never spend $5 bills. We have a bank in our closet (probably the least cute bank ever, which is why it's in the closet) that Spencer made out of an old cheese ball container (yes, we washed it first). Ha! He cut a slit in the lid and bam. Insta-bank. Whenever my wallet starts to feel heavy, I know it's from too much change (definitely not too many bills!). I empty all of my unused change in there, but reserving some for things like parking meters. After I started doing that, I heard a tip. When you get a $5 bill, don't spend it! Hold on to it. Put it in a piggy bank. Sure, it doesn't make interest there, but it's a way to set money aside from the rest and visually watch it grow.

Sell unused items. When I re-did my Craigslist dresser, we were left with an unused TV stand collecting dust in our garage. I considered getting rid of it quickly by putting it in my in-law's upcoming yard sale, but decided I would give Craigslist a shot. I listed it and waited. I dropped the price by $25 after 2 weeks, and not long after, got a buyer! It was out of my garage, and I had a handful of cash that I could put in our cheese ball bank. I was thrilled, and all of a sudden wanted to start selling everything haha.

What other tips do you have for building savings? Let me know in the comments!

Until next time - - 

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