For many people it is hard to save their money. Read on for some strategies that anybody can do to build up a savings account.
Make a Commitment to Save With Every Paycheck
Commit to saving money every paycheck, not matter how little the amount. As soon as the check is deposited, set aside a portion for savings. Some people find it easier if they come up with a set amount to be automatically taken off their pay through their work or their bank.
Change the Way the Family Views Change
Change can add up. Instead of piling it up in jars around the house, put those jars to use. When paying at local shops like the gas station or grocery store through the week, pay with cash and keep the change. Every week take the change collected and bring into the bank to put into a savings account.
Spend as if the Raise Never Came
A great way to save money is for a mom to fool herself. Even if she is all excited about getting a raise, she can save money by pretending she is still on the same old salary. Then the extra money she makes from her raise can be put into a savings account. Another idea is to split the raise so half goes into savings and the other half goes into a checking account.
All Extra Money Goes to Savings
People get money as gifts on birthdays, holidays and sometimes just unexpectedly like through a lottery. Instead of spending that cash, save it. The same goes for tax refunds or an extra shift done at work.
Wait Before Buying a New Car
If a parent is thinking about getting a new car, try to drive it as long as possible before trading it in. Figure out how much car payments would be on the new vehicle and then pretend to pay that amount while still driving the old car. Do that for at least three months or more and that’s more money to actually pay down the car versus just paying interest on it.
Pay Bills That Aren’t Owed
Often people get used to paying payments for cars, medical bills or a long-term credit card bill. Once they are paid off, keep putting out cash for the same amount each month, but this time put it toward a little nest egg in the bank.
Say No to Long Distance Phone Calls
A great way to save cash is to stop making long distance phone calls. For many folks, while talking on the phone they don’t know how much it is going to cost them, until they get the big bill in the mail. Take the long distance option off the cell phone and home phone. These days it is easy to communicate online and it can be fun to communicate the “old-fashioned” way by writing letters.
Cut Back on Spending for a Week
Find a routine expense like renting movies, going out for dinner or buying a dozen doughnuts that happens each week. Pick one or two of these expenses and stop doing them for a limited amount of time, and use that money towards growing a bigger savings account.
Going Cold Turkey on Extra Costs
Trying to save for a vacation or a car? Then one idea is to pay only for necessities and say no to any extra expenses or treats. It can be interesting to see how much a person can save in a month doing this. Add up all the money saved and then put in the bank.
Single moms can save money, it just requires some commitment and time. Simple ways to build up some savings include paying with cash and then collecting the change to take to the bank to making sure a certain amount of money is taken from each pay check and goes into a savings account.