Developing Money Saving HabitsComment June 12, 2017 by Evan, eCommerce Specialist
Developing good money saving habits at a young age can be a crucial step in setting yourself up for a stable financial situation in the future. However, most young people don’t know how to start. If you’re wondering how to begin saving, here are three quick ways to create saving success.
- Create a budget/plan: Set yourself up with a monthly spending budget and try to stay within that budget as much as possible. Invest as much money as you can in a Savings account, and keep the rest for bills, trips, and other expenses. Some ways to go about doing this are with free apps Finance Works, Mint, GoodBudget, and Level Money. These apps all help with budgeting and managing your money, paying bills, and keeping track of your purchases. Having all of your personal finances stored in one place can be extremely beneficial in keeping track of different goals & bills at the same time.
- Research: Before you purchase anything, do your research to see if you can find the same item – or something similar – for a lower price. An app such as BuyVia compares prices between different local and online retailers to show you the cheapest place to buy a particular item. Useful apps such as Groupon, RetailMeNot, and SlickDeals also provide discounted prices and coupons on anything from food to travel accommodations. You can also allow these apps to send you notifications or emails anytime there is a flash sale or low-price alert. So the next time you are shopping, check these apps for discounts on items you want to purchase. Saving a couple of dollars here and there adds up, so any little amount of savings counts!
- Needs versus Wants: Create a list of things that you need to live comfortably, and a list of things that you would like to have. This will help you realize what your “essential” items are, and make you aware of where money should be going. A good wish list app is WishMindr, which allows you to create a wish list and also be able to share it with others. A good rule of thumb to have when debating whether to buy an item is to put it on your wish list and wait a week. If you still want it after a week, then go ahead and buy it if you have the resources. Grocery list apps such as Cozi also are beneficial in making sure you keep track of your purchased items and making sure you don’t make any unnecessary purchases.
These quick three tips will help you get started on developing healthy financial saving habits, and something that can be utilized throughout your lifetime. Do you have any money saving habits that you already take advantage of? Let us know in the comment section below!