Saving money is not easy and it can be hard sometimes because most of us usually want to spend money and not saving it (right!!). But, saving money should be a priority for you and your money.
Putting aside money from your monthly salary for an emergency fund, vacation fund, retirement, buying a new house or car, or whatever else you want to save money for should start to be your number one priority.
However, I really think that the hardest thing about saving money is the Mindset. When you put your mind into it and get into that mindset of saving money, it becomes as easy as drinking water. And today I find this great saving money challenge that I want to share with you, along with some tips and tricks.
Money Saving Challenge Monthly Personal Finance
You can implement this amazing money saving chart and start this great challenge. I’ll assure you that you’ll be surprised at the end of this year.
Save $1,050.00 a 12 Weeks
Save $1,378.00 in 12 Weeks
Getting Into The Mindset Of Saving Money
If saving money isn’t your thing, don’t worry. Changing your money habits is really challenging, but with a little effort, you cant stop spending your money on things that you don’t really need and start building sizable savings.
Those are the main key that you should know to get into money-saving mindset starting with:
- The first thing you need to do to get into that mindset of saving money is to think about your goals and priorities. Ask yourself, Why do you want to save money? What is the goal behind it? You may be looking for the security of an emergency fund, or hoping to buy your dream house or dream car or something like that. Knowing what’s important will help you a lot to the place where saving money seems only natural.
- The second thing is examining your financial behaviors so that you can determine what you can change. Here I can share with you creat tips that I used to do, is go and look at old credit card statements and bills, and see if all those purchases (or some of them) could be eliminated or reduced. In order to have enough from your savings account to draw, you need to keep the future in mind. Many consumers live paycheck to paycheck, not because they have to, but because they are impulse buyers
- And the final thing to build a money-saving mindset is education. Educated your self by reading personal finance, people who are already great at this, who tried and succeeded. Read their stories, talk to them if you know them, or simply talk to people you know about money. Then once you start prioritizing future needs over personal wants, your savings account will grow in no time.
4 Fast Ideas To Save Money
Aside from the challenge let me share with you some of the greatest money-saving tips that you can start doing from today.
1. Cute Down On Groceries
One of the biggest costs that you pay each month is groceries. Most of us when calculating their spendings of grocers are shocked by how much they actually spend at the grocery store each month.
The average American family spends around $500 a month on groceries. Most people properly walk through the supermarket aisles and grab bag or two Oreos, and ships, or other snacks and then top it off with the fun goodies at the register. But you really need to know that those little purchases will blow your budget every single month.
So you really need to consider cutting down on groceries and buy the necessary things without adding anything.
Read More: if you want to know more about reducing your grocery bill, check out our article about how to save money on groceries.
2. Save Automatically
Setting up automatic savings is one of the easiest and most effective ways to save money. Will, you might be asking what Automatic saving means. It simply means that you have a process in place to save at regular intervals, whether that’s yearly, monthly, or weekly.
You can set this up today by instructing your employer to direct a certain amount of money from your paycheck each pay period and transfer it to a retirement account or savings account, or even both. If you want more information about how to set it up just ask your RH representative for more details and I’m pretty sure they will answer all your questions.
3. Bring Your Lunch
Although this might seems weird, but according to the Bureau of Labor Statistics, The average household spends around $3,300 on food outside of home each year, which is $275 per month.
Yes that much, so you need to stop eating outside and start preparing your meals at home (they are delicious anyway). By following this advice you’ll save a lot of money in no time, just try it and you’ll find a big difference in the few first months.
4. Try To Reduce Energy Costs
Did you ever know that you can save money on your electricity bill by just doing some simple tricks to your home?! You can start by taking shorter showers, fixing leaky pipes, washing your clothes in cold water, and installing dimmer switches and LED lightbulbs (by the way LED light is great it can light the whole room/house and will not consume that much electricity).
Read More: for more tips and tricks about how to save money check out our article about 14 tips on how to save money.