February 1, 2018
In this time of speedy technological development, it’s not only important to manage your money, but it’s also easier! Keeping track of your bank accounts can also help you save money. Of all the apps and software that can help we, at Wilson & Muir Bank, find it beneficial to incorporate old school money-saving techniques into your lifestyle. Here are a few tips:
1. Patience is a virtue
Saving money will test your patience. You’ll be tempted to splurge, especially if you’re not used to letting your money sit idle. It will take time to adapt to this lifestyle change. Be patient and know that the best results are yet to come.
2. Take on money-saving hobbies
Practicing or learning home production crafts can result in significant savings. Learn how to bake, garden, craft and sew to cut back on those sneaky costs.
3. Set aside a percentage of your paycheck
This can be a difficult change for many. As consumers, we expect to enjoy the full rewards for our labor. But remember the old saying, “a penny saved is a penny earned.” Start small. Set aside just 10% of your paycheck each month and in less than a year those savings are equivalent to a full paycheck!
4. Learn to cook from scratch
Americans spend roughly 14% of their income on food alone! Cutting back on dining-out and expensive cooking at home can increase this percentage quickly. The age-old practice of cooking from scratch seems to be making its return. Do you consider yourself an avid foodie? Take on the practice of cooking from scratch and enjoy the food and savings!
5. Look for free activities
What a time to be alive! Sometimes the most fun events don’t cost a penny. Take a walk around the city, visit free parks, look online for free concerts, movies, fairs… the list goes on! Taking your friends and family to free events gives you a greater bang for your buck that will help you save and have fun!
6. If you can do it, don’t pay for it
Think about all the services you pay for in a given week. Going to the car wash, buying a $5 latté, eating lunch out daily. These expenditures can be eliminated by taking care of them yourself. By doing so you’ll keep your wallet happy and your body healthy! Those coffee shop visits and weekend brunches can add up!
7. Change jar
This one is less common because of the use of credit cards. We recommend designating a jar or box for your house and telling everyone to toss change in it. You can even label the jar for the event or something for which you are saving. Once the jar is full, cash it in and put the bill under the jar. After a while, you’ll be shocked with how much change you save.
These tips may seem obvious, but they serve as a great reminder on how to reach the financial freedom you desire. Saving your money is something anyone can practice. Over time you will see results and saving money will come more naturally. At WMB, we are happy to help guide our customers in the right direction. Reach out to us for more money saving and management tips at any time!