Rick Munster Profile Picture
Staff Writer at Debt Reduction Services

changed being saved in a jar

Start Saving Money with Minimal Effort!

Saving money can be tough. For most people, it takes hard work, dedication and follow through. I’ve compiled a handful of easy to accomplish tips that I feel can help you get ahead and on the fast track to begin saving money.

Everyone wants your money…okay, perhaps not everyone, but let’s face it, businesses want your money, banks want your money, maybe your kids want your money? There are specialists out there that thrive on figuring out how to get you to part with your hard earned dollars whether you need what they are selling or not.

6 Tips to Begin Saving Money Today

At Debt Reduction Services, we’ve helped thousands of people transition to a mindset of saving money and believe it comes down mainly to an individual’s willingness to change their view on saving money. I recommend you read How to Save Money written by our Education Manager, Todd Christensen, for an in-depth review as to why having a strong commitment to saving money is so important.

  • Set Goals Upfront: There’s something about speaking or writing your goal that solidifies your commitment. It may be the difference between wandering aimlessly and choosing a roadmap to give yourself a sense of direction. After setting a goal or two, you’ll want to determine what is a reasonable amount to save and write it down, or create an excel spreadsheet and track what you are saving. Do your best to keep yourself on track. If you find you can only save a small amount of your income each month, try adjusting your budget in order to free up more money to save, because every penny counts!
  • Become a Collector: Some people collect baseball cards, antique bottles, dolls, etc…you name it and chances are someone collects it. Try getting yourself in the collecting mentality. View savings as just another way of collecting. You might find the process more rewarding and gratifying. Perhaps start by collecting certain denominations of bills. Once a seasoned pro, you may consider beginning to collect stocks or a variety of high yield accounts, certificates of deposits, or bonds as a way of increasing your savings.
  • Pay Yourself: Continue paying a bill once it is paid off, only make that payment to yourself. How rewarding would it be to pay a credit card off and then take that payment and put it in your savings? Not only would you be saving money, but you would also be earning interest rather than paying it! You can get the same result by setting aside the excess income anytime you get a raise.
  • Budgets are Your Friend: When you budget, you are able to cut expenses that have very little meaning to you and instead redirect the money to something more fulfilling. Set a budget and give yourself permission to put your money toward the most worthwhile things. Evaluate this budget frequently. I recommend at least twice a month. Doing this will help you identify where you are spending money and where you might be able to cut back and start saving. For example, if you eat out four times a month you might decide to try only two or three times a month and save what you don’t spend.
  • Do Your Homework: Are you getting the lowest insurance rates? How about your cable or cell phone bills? In many cases, once your contract terms are up, you may find that your rates are much higher than other services. It goes back to what I said at the beginning. Businesses want your money and often times carry great promotional deals to gain your business from their competitors. If you switch cell phone carriers and save $30 dollars a month you may find you can easily place those extra dollars into savings.
  • Commuting Can be Costly: Transportation is often a large expense in any budget. You may find you can save just a bit of money in this category. Is your commute to work efficient? Are there ways you can save by carpooling? How about walking or riding a bus or other city transit a few times a week? As harsh as changing our daily routines can be, the long-term prospect of saving money now can in many cases far outweigh the short-term disruptions.

Good Money Savings Habits Take Time to Develop

Ultimately you’ll need to make sure you aren’t overwhelming yourself. Try not to bite off more than you can chew! Even accomplishing one or two of the items from the list above to start with can be a great way to develop good savings habits. Avoid looking at the techniques above as being restrictive, instead, try looking at them as a means to improve your quality of life in a lasting and meaningful way.

These are just a few sure-fire tips on saving money and there are many more methods to try! I recommend brainstorming and coming up with ideas of your own. I also encourage you to call 1-866-688-3328 to speak to a Certified Credit Counselor for more strategies that specifically relate to your personal situation. As a certified nonprofit organization, Debt Reduction Services offers the call and consultation for free.

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Related Money Saving Articles:

Alternative to The 52 Week Money Saving Challenge

How to Save Money

Do You Have Questions About Saving Money?

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If you need more information on Saving Money or have any other questions about improving your personal finances, please feel free to comment below and we’ll answer as right away!

Updated: 7/25/2018

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