Tips on How to Save Money for Minimum to Average Income Earners

Having a stable job truly is a good thing. You can go on with your life, buy food, pay rent or mortgage, pay bills and even go on an occasional vacation. However, for many individuals working a 9 to 5 job on a fixed monthly paycheck, putting money in the bank for their life savings could be quite a challenge. Especially if you don’t really earn a lot of money, you have to struggle to make ends meet. If you manage not going into debt then good for you. Having savings is very important though because this allows you to prepare for your family’s future and you are ready for any kind of emergency. Try to find out which items you really need. So you know what to save up for. If you’re having a hard time putting a few hundred dollars in the bank consistently, here are some tips on saving money that can hopefully help you out.

Set Up Multiple Savings Accounts

Having a bank account is good and if you continue depositing money regularly, you will be happy to see your savings grow. If you’re saving for that new laptop or widescreen TV, you put the money in the bank and just withdraw later on once you’re ready to buy. While this is a good practice rather than spending money you don’t have yet by making purchases through your credit card via installment, just one bank account for all your savings makes it tempting to spend more. Why? A good example is when you already have $5,000 in the bank and you think that’s big enough money and you spend half of it on a new Macbook, you’d be sad to see that you only have over $2,000 left.
If you have multiple accounts, you can designate one for your savings and a few others for bills, and for the things you are saving for like your laptop. This way, you can manage when it’s time to spend rather than spend the moment you see you already have enough money on one account. You would be less tempted to touch those other savings that are meant for more important things!

Stop Buying What You Don’t Need

Espresso GustoIf you already have enough clothes in your closet or you have way too many sneakers that a man could wear in his lifetime, stop buying already. Bring packed lunch to work instead of having to eat out every single day and make your own coffee! Did you know that an average American worker spends around $1,100 per year on coffee alone? Maybe it’s time you stop dropping by at Starbucks every single day. If you have to drink good coffee, Espresso Gusto can be of great assistants to buy an espresso machine instead and a nice cup with lid that you can bring around. Coffee made through an espresso machine is way better than the instant ones that you can buy from groceries. If you make your own coffee every single day, you’d be an expert and you might just be your very own barista. Invest on an espresso machine for a few hundred dollars that you can use for several years rather than spend over a thousand dollars for overpriced coffee!

Leave Your Credit Card at Home

When you have the ability to spend money that you don’t have, things could be tempting. Having a credit card is good because you can use it in case of emergency and you are on short on cash. Unless you consider that new dress you’ve seen on sale a state of emergency, it’s not something you should buy if you don’t have cash on-hand. Leave your credit card at home to avoid all those impulsive shopping sprees. More often than not, by the time you get home, that dress you didn’t buy will no longer be on your mind.