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Insights on money, career and trading

3 Tips For Saving Money Instantly

Posted on August 23, 2017 by Daniel at 9:09 am

Wanting to save more money is something that most people can agree is ideal.  When you have money in savings you can rest assured that you have security stashed away in case you need money in a bind.

While some people make the mistake of seeing their credit cards as their emergency funds, this can lead to serious debt and the inability to come out from interest piling on top of interest.  

Having savings on hand isn’t something that you should simply dream about, but you should put it into action.  Knowing that you and your family are well taken care of in any situation will take your stress levels down and increase your overall confidence.  Here are some of the ways that you can start saving money instantly.

Stop Going To Restaurants and Bars

Eating and drinking out frequently starts to add up quickly.  Restaurants are fun as a once in awhile activity, however when it starts to become something that you do every night then you can start to develop an addiction to this expensive lifestyle.

Try to limit yourself to eating and drinking out to only once a month.  If you think it’s possible then try to limit yourself to not going out at all for several months.  You will find that by disciplining yourself for only a short time you will have hundreds more each month.  The hundreds of dollars that would have gone into the temporary satisfaction of food and beverage could go to savings instead.

Save Your Dollar Bills

Try to make an effort to take any cash that you get and store it away accordingly.  Big bills can be used towards your daily needs and bills, but the smaller bills are a perfect way to instantly store savings.

Try to make a commitment to put all of your 1 and 5 dollar bills into a shoe box.  You will find that even though it doesn’t feel like you are missing a lot from your pocket, after a few months you may find yourself with hundreds in savings just by putting these smaller bills to the side.

Coins are also a great way to save although they take a bit longer to reach large amounts and can be bothersome when taking to the bank.  Bills are the simplest and most effective way to make savings pile up quickly with minimal hassle.

Put Away 20% of Each Paycheck

Since some jobs aren’t always the same paycheck each month it can be daunting to imagine putting away a set amount into savings each time.  Therefore, making a commitment to a certain percentage of your pay rather than set number can be much easier to commit to.

Try putting away 20% of your next paycheck and fight the urge to spend it on frivolous purchases.

Insights on money, career and trading