Let’s face it, some of us are saving wizards while for others, it comes as a real struggle. If you find yourself questioning where all your money went, then you are one of those people who have a harder time saving than others. This is nothing to feel bad about, you just haven’t yet found what works best for you. Luckily, there are six simple ways that you can stop overspending and get started building your savings.
Utilize a savings app
Thankfully, some tools can automatically take money out of your bank account and put it into a separate savings account. This takes the work out of savings for you. Apps like Qapital or Digit are great for transferring over small amounts at a time. You can set rules for how much of a percentage is transferred from every deposit that hits your checking account. You can even set a “guilty pleasure” rule that saves an amount set by you each time you make a purchase somewhere you probably shouldn’t be.
Limit eating out
You’ll be surprised how much money you will save by just cooking your meals at home. You don’t have to refrain from going out completely but limiting the frequency in which you do will help tremendously. This also applies to ordering food on UberEats, Door Dash, GrubHub, or any other food delivery provider.
Cancel any unnecessary subscriptions
Are you guilty of still paying for that gym membership that you haven’t used in two years? If so, you should probably cancel it because you’re wasting money. Yes, you might go eventually, but if you do, you can always just start your membership again. Don’t be one of those people who are paying their hard-earned money for a service that doesn’t even get used. This money can be going straight to your savings account.
Cutback on online shopping
If you’re an avid online shopper, whether that be for clothes or just things you might not really need on Amazon, then this is for you. Set a budget for yourself for what you can and are willing to spend for any online products each month and stick to it.
Prep for grocery shopping
Before writing out your grocery list, make sure you check your refrigerator and pantry so that you aren’t buying things that you already have. It might also be helpful to utilize coupons to rack up extra savings.
Track your spending
This is probably the most important step as it will help you figure out where the majority of your money is going, which will then help you determine where you need to make cutbacks. You can also use a budget app for this like Mint where all of your purchases are automatically split up into categories for you, making it easy to see the areas where you overspend the most.
