The Best Money Saving Tips For Chronic Non-Savers
You may have read a long list of money-saving tips in the past only to fall back into bad spending habits – it happens. What's important is that you desire to improve and get focused on saving for your future. We're here to help.
Our five money-saving tips will help you change how you think about saving and, in turn, change how you act with your money. It's time to start saving to improve your future.
Keep reading to discover how our money-saving tips can help you reach your financial goals today.
Five Money-Saving Tips For Financial Success
1. Know What You're Saving For
If you're only on this page because other people tell you you need to save money, these tips won't work. You need to be convinced that saving is necessary for it to become a real and reliable part of your life.
The best way to do this is to clarify why you should and will save. You can start by answering a few questions.
- What's the purpose of having extra money?
- Will you use the extra money to create the specific future you want for yourself and your family?
- Are you saving to get your parents or spouse off your back, or do you want to improve your life financially to make more significant changes with your job, home, or free time?
Clarify your why and make sure it's powerful enough to motivate you. With this, you'll progress past the following tips.
2. Avoid In-Person And Online Shopping At All Costs
You only need to look at last month's bank statement to see where your money goes. Are you an avid clothes shopper? Big restaurant guy? Techie, who needs the latest gadgets? Any of these scenarios could be enough to drain a bank account, so pinpoint where your weak links are first.
Second, it's time to start avoiding the situations leading to these weak links. Do you tend to shop when you're bored, either online or at home? If so, it's time to fill your schedule and find an alternative activity when you're bored.
Do you eat out every time you hang out with friends? Propose a potluck or invite them over for coffee instead. Be honest about your financial goals or, if you'd rather fib, tell them you're watching your diet for the time being – they don't have to know it's your financial diet.
No matter your tactic, you must change your environment to avoid your most significant spending habits.
3. Automate Savings And Investments
Once you can cut back on your expenses, you'll have some extra money to play around with. You'll be tempted to spend it if you see it, so instead, set up automatic transfers and investments that move the money as soon as it's available.
One of the best money-saving tips is this; as soon as your primary bank clears your paycheck, that money should be moved out of sight and out of mind. For a savings account, open a separate one that isn't at your primary bank. This means you shouldn't have to log on to it often.
As for investments, consider a standard S&P 500 index fund or robo-advisor account that is as hands-off as possible. Set it and forget it, and only check in now and again to see how your investments grow.
4. Work On Your Financial Literacy
Searching for money-saving tips is a step towards financial literacy, but you need more. Most of us only get the chance to learn about investing, saving, and being financially stable if we get out there and find the information ourselves.
Pick up some highly-rated finance books, read news articles every week, and stay in the know to grow.
5. Connect With Chronic Savers
Your community will influence everything from how you dress to the money-saving tips you use. Connect with frugal savers to catch the financial fever and stay on track. There are online groups you can check out or try having more financially-open conversations with those you meet to see who clicks.
Saving Money For Financial Emergencies
You may be in a tough spot if you suddenly face a big-time bill and have yet to start saving. An online car title loan could be a temporary solution for those with a paid-off, lien-free vehicle title. Carolina Title Loans, Inc. loans provide hundreds or thousands of dollars in as little as a day for those with a state I.D. and lien-free car and title.
For more information and to see if you qualify, complete our online inquiry form. You don't need good credit, a steady job, or a bank account to apply.
Go From Chronic Non-Saver To Financially Stable
Our money-saving tips can help transform negative money habits into financial stability, but it will take more than just a few pointers to get it done. Your mindset needs to be clear and focused with a matching environment before any change occurs. If you're tired of being financially exhausted, this change is for you.
Carolina Title Loans, Inc. also knows that sometimes life hits you hard. We have a car title loan online if you're experiencing a financial emergency and have yet to start saving. Fill out our online inquiry form to start the online car title loan process today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.