It seems like a silly question right? But when it comes to saving money, can you afford to save more? There are many factors involved when it comes to your savings, but no matter how you are managing your money; your savings is something you should always be keeping an eye on. So when it comes to trying to save more, here are some tips for you to take into consideration.
Update Your Budget
How often do you update or manage your budget? Do you check your budget regularly or is it something you only monitor when needed? When it comes to your budget, doing regular updates is what can help you see where your money is going and if you can cut back your spending in the future. So when updating your budget, start small and you will be surprised and how quickly a little bit each paycheck can make a difference in your savings.
Treat Your Savings Like a Bill
We’ve mentioned this tip before, but it is one of our favourites to force yourself to save. Saving money comes in many different forms, investments, high-interest savings, etc., and the first step is to put any little bit away. With how technologically savvy we are these days, we have bills that come out of our accounts automatically each month, so why aren’t we doing the same with our savings? By making automatic payments, not only is there money already in your savings account, but you don’t have to worry about whether or not you’ve saved enough this month since it’s already been taken care of. We also suggest scheduling these “payments” or automatic savings deposits on your payday so it’s like you’ve never had the money in the first place to spend. You will be surprised how quickly this will add up.
This is the real test as to whether or not you can save more money. Are you financially stressed with yor spending every month? Are you constantly looking back at your statements and wondering where your money is going? It’s things like out for lunch and dinner multiple times a week, that new pair (or two) of shoes, and your coffee every morning that are going to be the little things that add up quick. We don’t expect you to never eat out, deprive yourself of coffee or enjoy yourself, but if this sounds like you then there is potential for you to save money by not doing these things as often and breaking these lifestyle habits.
You will thank yourself for saving more, especially in the case of an emergency. Having an emergency fund is more than just your savings account, but being financially prepared for any situation. An emergency fund is also one of the best things you can do to help build your finances and give yourself reassurance knowing that if something happens, you will not immediately be in a crisis because you’ve saved. If this is not motivation for saving more, we don’t know what is.
Can you afford to save more? Let us know your tips and tricks for saving below?