Over the years, I’ve observed a few things about people who are good savers. It’s not because they are the most frugal, have a budget that accounts for every single penny or make high salaries. Their strategy is simple: Make it automatic.
Putting your savings on autopilot simply means that you have set up a recurring amount to be deducted from your paycheck or checking account every pay period or per month. When I first started automating my finances I set up what Jacquette Timmons, founder of Sterling Investment Management, refers to as a “no-matter-what savings strategy.” I committed to saving a fixed-amount regardless of how my financial life changed. The biweekly savings started as low as $50 per month until I was able to work my way up to saving 15%. Odds are, you won’t even miss the money.
“You must create a savings strategy so that you can back your actions into a goal,” says Timmons. “If you don’t have a strategy you are less likely to save and you diminish the probability of meeting your goals in the time frame you outlined. You’ll say, ‘I’ll do it next time’ and then a year from now, you’ll realize you haven’t met your savings goal.”
How many of you can relate to financial procrastination? No need to be bashful here; we’re in this together and we’ll take it one week at a time until you too can say, “I follow Wealth for Life Principle No. 4; I save at least 10 percent of my income.”
Read more: Black Enterprise
Photo Credit: Femalepreneur Lounge
Going out to grab a bite to eat is one of the best ways to relax and catch up with your friends after a hard day of work. But eating out often comes with a high price tag and can quickly burn a hole in your pocketbook. Here’s a couple of ways you can eat out but not eat up all of your money.
Drink water: Water is always cheaper than soda or an alcoholic beverage so save yourself some money and stick with the H2O. Even go for a larger bottle to split with friends.
Share plates: If you often find yourself not finishing all of your food at restaurants start sharing your plates with friends. This way you can order less food and still try different options.
Skip out on dessert: Desserts are one area where bars and restaurants really hike up the prices. Save yourself some money and a few extra calories by skipping the dessert. If you are looking for a sweet treat after your meal, pick up something outside the restaurant where it will be much cheaper or carry some candy with you.
Sign up for daily deal websites: From Mocality in Kenya to Deal Dey in Nigeria and back to Ugodeal in Ghana, there are new daily discount sites popping up every week. Sign up for these sites and review the deals they have available before you go out. You could save yourself more than 50% of your bill if you just do a little research beforehand.
With these quick tips you can save yourself a little money every day that can add up to a lot of money in the long run. Are there any tips you follow to save some extra money on the side?
Photo Credit: Corbis/Madame Noire