I know what you are probably thinking when you see this title. I am going to tell you to stop spending money on your favorite coffee every morning, or not to splurge on any of the things to enjoy. Well, I am happy to tell you that this is not the case craigslist free stuff.
Instead, I want to provide you with some alternative methods of saving that I have found work for me. They might not all be something that you want to try but do keep in mind that I still end up with money to spend on myself each month. So far, it has worked out for me, so continue with this article if that intrigues you.
The Basics: Understanding Saving and Investing
Admittedly, there are a ton of other articles out there on this topic. Some examples include this one, https://americasaves.org/resource-center/insights/54-ways-to-save-money/, though there are plenty more too. Most of the time, the advice is rather rudimentary.
The usual suspects like “stop going to Starbucks” appear quite frequently. That is a huge part of why a lot of us struggle to find effective ways to save, honestly. Most of the pointers or tips that we are given are not very helpful and instead come off as judgmental towards us for doing the things that we enjoy. No one likes to read something like that.
I would like to start off with an acknowledgement that making the decision to start trying to earnestly save each month is a great first step. It is a hard thing to do in our world surrounded by constant consumerism. So much is tempting, and the FOMO (fear of missing out) is real.
My only caution here is not to wait on this. It is tempting to say “oh, I can start saving next month,” but if you keep doing that every time, you will never get around to it. Get started as soon as you can.
You’re on your phone. You’re playing Candy Crush or one of its spin-offs. You are so close to beating the level, but you fail, and…well, it only costs ninety-nine cents to continue. That is not so bad, right?
Unfortunately, this is how these mobile games reel us in. They are called microtransactions for a reason, right? You can learn more about them in this article if you want to learn more, but they are not exactly the main point of this today. I bring them up to make a point.
There is nothing wrong with spending that ninety-nine cents once in a while. It is once we get in the habit of brushing off the small expenses that they become big ones, though. So, when I say to check into your spending, that is what I mean.
Something else that you can do in a similar vein is to double check on your auto renewals for subscription services. Things like streaming services and other recurring charges can end up really screwing you over if you are budgeting tightly, so keep track of them all. Consider cancelling auto renewals if you have a hard time remembering them.
Should You Invest?
This is the last topic I would like to discuss today, since I think it is deeply entwined with savings. If you are on the fence about it, one thing that you could do is check out other testimonies from consumers like you. For example, Lear Capital reviews could offer some insight if you feel like checking them out.
In terms of why we should start to invest as early as possible, it is pretty simple. Let me explain. It is shown to be one of the more effective ways to start building a nest egg for us. What is a nest egg, you ask?
Well, it is a set of assets and/or funds that allows us to pursue our dreams in the future. Often, when we first enter the workforce, we settle for a career that pays the bills but is not what we dream of doing. However, if we begin to set money aside each month and plan that into our budgets, we can start building this nest egg.
That means that in the future, you are more able to go after a career or job placement that you truly have a passion for, whatever that might be. It might sound like cheesy advice or something that you do not really believe in but trust me when I say that later down the line you will thank yourself if you start to do this now.
So, was any of this helpful for you? I am sure some of it was a bit cliché, but sometimes things are cliches because they are effective, after all.