How to Save Money

Posted on January 14th, 2013 by Discount Debbie

Every day we give you ideas on how to save money on purchases and even how to get freebies. But what about just saving money out of each paycheck? There are several ways for you to do that too!

Here are some ways…

1. 52 Week Challenge. Maybe you’ve seen this floating around the internet. Basically just put away so much a week into your savings account. It’s super easy and it’s not a lot of income. Sure we are two weeks into January, but you can easily make it up. The whole premise is to put away the amount of the week you are on. So for the first week $1, the second week $2 and so on until you hit $52 for week 52.

2. Pay off one debt then, the money you would have paid to the debt, put it into savings. If you are used to budgetting that debt every month, you won’t miss it going into savings as well.

3. Set a small goal. Don’t start saving with the thought of a million dollars in your head. You will surely fail if your goals are that high. However setting smaller attainable goals will help you gain more confidence in savings money. Meeting goals is the best way to keep going forward.

4. Don’t eat out and save that money instead. My bank specifically will tell us approximately how much we spend eating out. We continually make goals of eating out less. A great way to build up savings is to not eat out, but still put that money away like you were spending it.

5. Think about what you can nix. Is it cable? Is it a lower cell phone plan? Think about it, but once you do nix a monthly expense, don’t replace it with another expense. If you do, you’ve defeated the purpose.

What are you doing to save money?

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