It’s easy to make excuses for why you’re not saving.
“I have too much debt.”
“I spend too much money.”
“I live in an expensive city.”
“My job doesn’t pay me enough.”
Listen, do you want to hear about all the odd jobs I took on to both save money and pay off debt?
I dressed as Disney characters to entertain kids on the weekend. It didn’t matter that I was multi-degreed with a full-time job living in NYC. I did what I had to do at all costs.
You should do the same.
To save money, you have two options, well, really three. You can earn more. You can spend less, or you can do both. I try not to make this more complicated than it needs to be.
Here are some tips to help you earn more
- Take on more hours at work or additional responsibilities if they result in more pay
- Ask for a salary increase at work
- Take on a part-time job
- Drive Uber, deliver groceries or complete any of those on-demand jobs that work around your schedule
- Start a business, though it’s essential to understand that this will not always lead to instant cash
- Rent out an extra bedroom in your home or put it on Airbnb
Here are some tips to help you spend less
- Buy a gift card to your favorite grocery store and only spend what’s on the gift card that week or month – food is often one of the first budget categories you overspend on
- Call all of your bill companies and see if you can negotiate a better deal. Do the same thing with your credit card companies for your interest rate – the worst thing that can happen is you continue to pay what you are currently
- Cut your cable bill. More and more people are going this route today with so many other options available to watch the shows you love at home
- Wait 24 hours before making a purchase that’s a nonnecessity – if you still want it in 24 hours, it’ll be there
- Make cash purchases – I know cash isn’t as convenient, but when you pay with cash you can only spend what you have
Once you’ve decided how you’re going to spend less and/or save more, take the extra available money and add it to your savings account.
Here are some resources I recommend to support you in saving money so you can create and commit to your financial plan.
The Happy Finances Challenge Book
Build Your $1,000 Emergency Fund Training
1-on-1 Financial Coaching aka Money Therapy
Your Saving Options Seem Too Drastic? Well Here’s How You Can Be Smarter
How To Save Money Whilst Getting Your College Degree
Single and Saving in the City