Anyone who’s anyone wants to save money. No one goes into life itching to spend every dollar they get. If they do, that’s not a long-term way to live. Having money saved allows for purchasing bigger items and doing more expensive things, which, unless you’re incredibly frugal will most likely be a need at some point. So regardless of how much you feel you need to save, we’ve got a list of tips for saving money, including getting a financial coach, that’ll work for everyone. After all, each one of us could use a few more dollars in our banks!
Get a Financial Coach
A Financial Coach is ultimately the best way to save money and one of our top favorite tips for saving money. Financial coaches help individuals and couples focus on their financial goals and can often provide basic advice about everyday money matters such as bill paying, getting out of credit card debt, and saving. It may seem counterintuitive to hire and pay someone to help you save money, but their job is to change your negative habits and reinforce them with good behaviors to make the most of your money.
Unlike a Financial Advisor who primarily takes the money you’ve saved and helps you invest it, a Financial Coach would help you get to that step with an advisor. Otherwise, without saving money, what would you have to invest? Also, unlike Financial Planners who need licenses for investing, Financial Coaches do not need special licenses or certifications. In fact, the best Financial Planners are those who live what they teach and have the experience of paying off debt, budgeting, and good money management behaviors themselves.
Set Goals and Determine Priorities
Once you have a Financial Coach that you trust and enjoy in your corner, the first order of business is to set goals and determine priorities. Without goals, why else would you be motivated to work on your financial wellness? Some general goals to start with are paying off all consumer debt like student loans, credit cards, auto loans, etc. Debt-free is a great way to live.
Another goal would be to boost up an Emergency Fund with enough savings to get you through 3-6 months of expenses. This way, if a job is lost, or a family member gets incredibly sick, it’s not bleak as soon as it happens. An emergency fund is a buffer.
Other goals could be saving for a new car, save for a move, a trip, college, etc.. Everyone’s goals and needs will be different and a Financial Coach will help a client work through those and the best route to getting there.
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A list of tips for saving money wouldn’t be right without budgeting as a line item. A budget is a sure way to get expenses and income out in the open. It’s not only a calculating way to figure out if there’s enough money to cover expenses or if expenses need to be cut, but it’s a visual help to really understand one’s spending and lifestyle.
With a budget, and a financial coach will certainly help you create one, all one’s monthly bills and expenses are plain to see. Once that happens, a certain amount of money can be applied to each. With a budget you’re able to see what you’re typically spending, BUT also where you can save! Besides getting a Financial Coach, this is probably the tip of tips for saving money. Start your budget today!
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So with a Financial Coach, goals set, and now a budget in hand, one of the first things to jump on is eliminating debt. Debt is not only an expense but it carries interest, so the longer it’s there to be paid, the more money you’ll actually spend over time. There are different methods of paying off debt, so working with a Financial Coach, they’ll help you decide which method will work best for you. But no matter HOW you actually do it though, the faster you can do it the better it will be.
Stop Using Credit Cards
Credit cards themselves aren’t bad per se, but they can lead to bad habits and are certainly not helpful when you’re already in debt. The best thing to do? Cut them up and work on paying them off. Once they’re gone and you’re already budgeting and spending only what you make you won’t miss them or their monthly payments with interest either.
Afraid you won’t be able to work on a credit score? You don’t actually need a credit score if you just save up any money you need. Think about it – if you’re buying a car and you’re paying cash, you won’t even need your credit checked. It’s financial wellness.
Read More: 7 Apps for Saving Money While Shopping
Brainstorm Small Changes
Of course, those are all the big tips for saving money. Plenty of small changes, when added up, can make a big difference in how much money you’ll save. Food is a big expense, especially for a family. Eating at home, making fancy coffees at home, packing lunch, and skipping carry-out is going to make a bigger difference than one may think. Also, lowering the grocery bill by buying store brands, shopping sales, couponing, and eating less meat is going to shrink the money spent at the supermarketing.
A few other of our favorite small tips for saving money over the long run is selling off items you no longer use, getting rid of subscription services you can live without at the moment, and actually boosting your income, even just a bit, are all great tips for saving money today.
We could all use more money these days. Especially more money in our savings accounts. If you go through these tips for saving money and implement them into your life, you are guaranteed to have a larger savings account soon to reach all your goals. And don’t forget, you do not have to do it alone. Get a financial coach to help!
WANT TO READ MORE?
Check out Daily Mom’s article on Drowning in Debt? See If You Qualify For Student Loan Forgiveness.
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