How to Save a Lot of Money
I’ve been in phases where I’ve lived paycheck to paycheck and in phases where I’m able to put away a decent chunk of money. Before I get into specific tips, I’m going to let you in on something that makes saving money a whole heck of a lot easier – making more of it! Instead of focusing your efforts on ways to save, reverse your thinking and focus on ways to make more money!
Here are a few ways to save a good amount of money each year:
If you’re a two-person household, save one income
This is key right here – live off of one income and save all the money the other person makes. If you are not in a two-income household, figure out a way to make money on the side. Here are five profitable side hustles you can start today.
Use a zero-sum budget
Holly over at Club Thrifty has written a lot on zero-sum budgets. Basically, you tell all of your money where to go so the end result is zero. With this way of budgeting, every single dollar is accounted for. While we have “flexible” amounts for groceries and gas, we always save money and pay our bills first.
Transfer money to savings immediately
As soon as you get paid, transfer money over to savings. This works well for two reasons: First, you don’t have to think about saving money until you get paid next. And second, this allows you to not have to track every single dollar you spend. You’ve already saved; the remaining amount is for bills and fun!
Try to earn as much as possible
THIS RIGHT HERE IS KEY!!! The more money you make, the more you can save. Thanks to the internet, there are a bajillion ways to make money online and from home. Here are just a few ideas:
- Take online surveys
- Start a blog <- I make $1500-$3500+ a month blogging part-time!
- Work as a Pinterest virtual assistant
- Become a freelance writer
- Write and market an eBook
Spending money is easy – almost too easy. That’s why football players and movie stars wind up broke. Saving money, on the other hand, takes discipline. If you’re just getting started on your saving journey, I recommend starting small. Put $50 from each check directly into savings and forget about it! Maybe next month you can increase that number to $75.
How much are you saving each month? Any tips or tricks you’d like to share?!
photo credit: Flickr via 401kcalculator.org