Living on a Budget: Tips for Saving Money

Money Saving Tips
Image Credit: SeniorLiving.Org

If you are like a lot of people in this world today, you know that it’s important to save money. You may have even gotten yourself in the habit of saving some, but it doesn’t seem to give you the ability to put enough aside each week that will satisfy you. If that is the case, then you need to learn the best way to save money, which is what I want to share with you right now. So let’s look at this topic much more closely at this time.

Automate Your Savings

There is one absolute best way to save money that you need to know. And what is that best way? To do it automatically. If you happen to have a checking account online, then you will easily be able to set this up once and never have to worry about it again. But before you set it up, you are going to have to figure out your monthly budget and then see how much you have left over out of each paycheck.

Budget

So the first thing you need to do is do a budget. If you happen to make $3000 a month from your job, and your total monthly bills are only $2000 a month, then you are going to have the ability to set aside at least $1000 each month. I actually do not recommend you do this though. Instead of putting aside the whole thousand dollars, you should take a little of that money so you can use it on something that you enjoy.

Keep Some For Yourself

If you are married or in a relationship, you could set aside money for a night out. You could take the family to the movies or go out for a nice dinner. Or you could just treat yourself to something nice. Whatever you choose, just don’t cut yourself from all the things you enjoy or it will make it that much harder to stick with your budget.

Small Amounts Add Up

Determine your monthly budget, decide on a small amount that you can set aside each month to allow yourself a night out or something fun to do, and set up automated deposits with your bank so that a small amount of each paycheck goes directly into your savings account. These simple changes can help you get started with saving money every month.

Saving money is really not hard when you know how.

23 thoughts on “Living on a Budget: Tips for Saving Money

  1. Such an informative way to save money! And I agree with your point on “Keep Some For Yourself”, because we all need some treats for ourselves or for those we love to keep us happy 🙂

  2. Budgeting is definitely the most important (and hardest) part of an endeavor like this. But as long as you are honest with your finances and saving goals the savings should pile up at a decent rate. Great read and tips in this piece.

    1. Yeah Matthew, it would be nice if the savings do pile up, but even if they just kinda e a s e up, then that’s better than nothing;)

  3. Setting aside $1000 per month might seem like a difficult task, but it is definitely something to consider. I think it’s important to try and invest those savings into something greater so that it can accumulate to even a greater dividend in the end, putting it towards real estate or stocks can make for a worthwhile investment.

    1. Stocks and Real Estate are risky investment, but it could work out with the proper guidance. So definitely know what your doing before you commit all your savings to these areas.

  4. Automating my savings is one of the best decisions that I have ever made. Its true that after awhile the money saved actually seems like excess money that you can easily live without and still go about your month as normal just by saving on simple items that are not necessities, ie cutting down on the frequency of Starbucks

  5. I agree with the point of setting aside some money in your budget for things you enjoy. It is important to make time for the things we enjoy, to treat ourselves and to treat are friends and families. By doing tis we will be happy and more likely to stuck to are budget.

  6. Starting small is always a good start. It’s better to start small rather than not starting at all. It’s not always easy for everyone as saving requires discipline and the advice provided in this article is a good start for everyone that are looking to cultivate a good habit that will go a long way. Excellent article.

  7. I agree that automating your savings can help you save money consistently, as it takes away the option of not putting money in the bank. Great tips for saving hard-earned dough.

  8. I have also found that setting up a secondary bank account with a dedicated title like “wedding”, or “Vacation”, or “new car” and sending money from every paycheck to it is a great way to save up quick. You usually get better interest rates and are less likely to touch that money if you set up said account with an online bank like ally. Also if you use passive apps like admee or qmee you couldadd a bit of extra money to your savings every now and again.

  9. Making a monthly budget is the best financial option. It keeps control of your income, and helps set aside extra money for your bank account. Even if it is a small amount a month after a year you will notice it was worth it. So imagine after a few years. Perfect advice. Thanks.

  10. I tried saving some amount of money on side before. It never worked for more then couple months. Now I have a job on side and the things are looking better, but I have almost no free time.

    1. Well it’s a constant balancing act sometimes now isn’t it? Now that you have a second income, do your best you can to save as much money as you can so that you’ll become more in control of your time/money balance.

  11. Regular savings are not difficult to manage if done with discipline. And automating savings is a sure shot way of enforcing discipline and this will eventually lead to a healthy savings habit. Of course, what part of the disposable income should go into savings varies from person to person and that in turn depends on the detailed monthly budgeting each individual does for himself / herself.

  12. Budgeting is key here, without a budget it is difficult to allocate and spend within your means and also leave spare money for yourself. Rewarding oneself is important as well, all hard work and no play makes jack a dull boy so some money to treat oneself, family and loved ones allows for a balanced money management method.

  13. That part about keeping money for yourself, that could really work out. Part about not being able to save money especially on young people is that they might miss out on a lot of fun like going out at night with friends or so that if you got a sizable income spending your money on such “treat yourself” moments would keep the life work balance as people say.

  14. I guess it is all about ‘planning’ in life! Mismanagement is the most expensive mistake and this is the reason why our income suffers. Plan your day and expenditure accordingly and follow these amazing tips. Thanks for sharing this awesome post, I appreciate this concern 🙂

  15. As far as I’m concerned, living a frugal life is helpful for everyone who want to keep theirs budget in balance. There are so many ways to be a frugal person that it’s difficult to list them out.Tips in the article are good and helpful. If you’d like to save money in shopping,I advice you shopping online with couponsnapshot’s coupons and deals. If you want to save on food, I think cooking by yourself and eating at home will be helpful. All in all, to be frugal is a habit that you should make.

  16. Renting vs buying
    Sometimes it makes more sense to rent an item that you will be using just once or twice. It included some DIY tools. Also you might have some stuff collecting dust in your garage or storage, you an rent them out to those in need and earn some money. There are websites developed for this purpose including ADoNeed.com and zilok.com. ADoNeed launched recently and will be free of charge for individuals and designed in Canada, but for the second one you need to pay a fee to be able to rent.

  17. According to bank of america , you should set up your goals like $1000 a month or any achievable one which result in more savings.

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