Money Saving Techniques

Money Saving Techniques

Have you ever thought to yourself: How can I start saving money today? What can I do? How? Well look no further! Today I’m going to layout a few different ways to challenge your self to save money. Who says saving money has to be boring , why not have some fun with it. Now without further ado lets get into the moneys saving ideas.

* DISCLAIMER: I AM NOT SAYING YOU HAVE TO DO THESE IDEAS. I AM SIMPLY STATING MY OPINIONS IN MY BLOGS*

1. Envelope Method.

The envelope method is as easy as it sounds. All you need is a pack off 100 envelopes and a marker. What your going to start off by doing is label each envelope with the number 1 through to 100. Next shuffle the envelopes as you would a deck of cards. Now that your set up is done the money saving process can begin.

Wether you get paid weekly, bi -weekly or monthly this method works the same. Each payday with out looking you select a random envelope. If it has the number 14 written on it then you simply put fourteen dollars in side it and set it in the done pile. If it says 78 dollars then you put 78 dollars and so forth. Keep doing this every pay day and before you know it you’ll have saved $5050.

2. $1 a day

This method is one of those slower ones that gradually build over time.If you save $1 a day for a year you will get $365. To some thats not a lot , but done for several years could make a difference.

A scenario in which this could be used would be to start when your son or daughter is born. If you start saving just $1 a day up until they turn 18 it could be used as their college fund. Think about it $1 a day multiplied by 365 days a year then times 18 years is $6,570. It may not be enough for full tuition buy is a good jump start.

If you wanted to amp it up and save more a day , then that decision is yours to make. Let me map out the numbers for you using 18 as a base number:

$1/day = $6,570

$2/day = $13,140

$3/day = $ 19, 710

I will say this ,starting with a dollar a day is the safe bet to start with. Only increase the daily savings value as your comfortable.

3. All the change

So do you ever go to the store and have to break a bill? Every time we break a bill nine times out of ten we receive a small handful of change back. Why not put that change aside and not spend it. Imagine putting that change aside for months and before you know it your going to the back to deposit for aguementive sake $500 dollars. Yes! $500 just from putting all that spare change aside into a jar.

However how you want to save your change is up to you. Either way it’ll still add up in the end. A large coffee nowadays is roughly two dollars at your local Tim Hortons, so you may not want to put your loonies and/or toonies in that saving jar. To begin your change saving journey i suggest going small. All those nickels dimes and quarters your always moving around , start with them. You’d be surprised at how quick they add up over time.

Finally set a goal. Chose when you take it to the bank. Wether it’s monthly, yearly or maybe even once it reaches a certain amount. Make it a challenge for you or your spouse.

Thank you for taking the time to read this money saving article. If you liked it , then hit the share button. If you really loved it then head down to the tip bar and buy me a tea. Until next time!