Did You Know?
On average, an American spends $165 a day! That’s a lot of money!
You’re not alone. Many of us struggle with a healthy savings account, constantly playing catch-up between income and expenses. However, the good news is that progress can be made with small, consistent changes.
Firstly, start by taking a proactive approach to your finances as well as identifying areas where your money might be slipping through the cracks. After that, you’re going to want to incorporate these five daily habits into your routine. Therefore, you’ll transform yourself from a passive spender into a mindful saver, building a solid foundation for financial security.
I. Track Your Money!
We live in a world saturated with marketing messages, constantly nudging us towards impulse purchases. With arising technology, I don’t think advertisements will slow down either. Thus, the first step to saving money is to become a conscious consumer.
To begin, track your spending for a week, recording every expense, no matter how big or small. With mobile budgeting apps or spreadsheets, the key is to find a system that works for you. Once you’ve compiled this data, ask yourself a few questions.
Are there recurring expenses you can eliminate or reduce? Perhaps you’re surprised by the daily coffee runs or the impulse buys at the checkout line. By gaining awareness of your spending patterns, you’ll be able to make more informed financial choices and start plugging those pesky leaks in your budget.
II. Pack Your Lunch Like a Pro!
Dining out is a notorious “budget buster.” While it’s undeniably convenient, the cost adds up quickly, especially if it becomes a daily habit. Instead, challenge yourself to pack lunch most weekdays.
Personally, I try and meal prep on weekends, which is a game-changer. Typically on a Sunday, I dedicate a couple of hours to preparing healthy, portion-controlled meals for the week. As we all know, leftovers from dinner can be reinvented for lunch the next day. Invest in a good thermos, so that your food stays hot or cold, and don’t forget reusable containers for snacks and sides.
Packing lunch doesn’t have to be boring! There are unlimited online options for healthy and delicious meal prep ideas.
If you’re a coffee drinker, try and ditch the expensive coffee shop habit and bring your own coffee or tea from home. Certainly, this will save you money over time, as well as build better habits.
III. It’s Okay To Say “No”
Our culture thrives on instant gratification, constantly pushing wants over needs. However, learning the power of saying “no” to tempting purchases is an essential skill for mindful spending. What I would do is try and develop a “wait 24 hours” rule before buying anything non-essential.
Because of this, the cooling-off period allows you time to reflect, evaluating whether it’s a genuine need or an impulse buy. Often, the desire fades away, saving you from an unnecessary expense. Don’t buy anything that you’ll regret!
The same principle applies to social pressures. Don’t feel obligated to participate in every expensive outing or activity. There are so many budget-friendly alternatives you and your friend can partake in. By being financially intelligent and emotionally smart, you will regain control of your spending and direct your money towards your savings goals.
IV. Entertainment Should Be Accessible
Speaking of outings, entertainment doesn’t even have to cost a cent!
For example, many libraries offer entertainment options such as free movie nights, author readings, or sometimes even museum passes you can borrow.
Also, I try and take advantage of community events like concerts in the park, farmers markets, or outdoor festivals. These do cost money, but they are relatively on the more affordable end.
If you find yourself being bored, get some fresh air and exercise! Check out and explore your local parks or hiking trails and burn some calories!
A fantastic way to connect without spending a dime is by gathering your friends and family for a board game night. If you’re not a board game person, watch a movie! Remember, with frugal fun, you can save money and still have a fulfilling social life.
V. Automate Your Finances
Know that you’ll be setting yourself up for success by automating your savings. The Dan Avery from CNBC estimates that late fees cost American families over $14 billion per year!
Most banks allow you to schedule automatic transfers from your checking account to your savings account on payday. Therefore, this “pay yourself first” approach ensures a designated amount is saved before you even see it.
You can even split your paycheck into multiple accounts to help you stay on budget. Additionally, setting up automatic bill payments eliminates the risk of late fees and potential credit score damage.
Bonus Tip!
Before rushing to hire someone for a small task, I always consider DIY first. Simple repairs, basic car maintenance, or learning to cook a new dish are skills that can save you money in the long run. Certainly, you have a wealth of free information available online in the form of tutorials, blogs, and video guides. You might be surprised what you can accomplish with a little research and effort.
Remember, Consistency Is Key!
Building a healthy savings account is a marathon, not a sprint. Don’t get discouraged by occasional slip-ups. The key is to be consistent with your efforts and celebrate your progress, no matter how small. By incorporating these simple daily practices, you will have a solid foundation for financial security!
Questions, Comments, Concerns?
So, what will you do?
Do you think my strategies help?
I would love your feedback!
