How To Save X Amount Of Money
Most people see saving money as a task and a chore to do. But, in reality, if you find the right saving method for you and the amount you want to save, it will become easier. Even if you are struggling at the beginning, seeing your savings grow and grow will probably motivate you to keep going.
Saving money is something that anybody can do as long as you have an income. But, not everybody likes the idea of putting a random amount of dollars into a jar, luckily, there are plenty of other ways out there. Technically, you could save as much money as you want following a method that works for you, hence the ‘X’ in the title. We have some of the best methods to save money quickly, but it is your decision when it comes to how much you want to save.
For those saving a smaller amount
Although typically you can save however much you want with any saving method, here are a couple of examples that allow you to save a smaller amount.
Using a jar
As basic as it sounds, using a jar when it comes to saving is one of the best ways in which you can save. It is a very popular technique all around the world, making it commonly known. Throughout the year’s people have also started designing different types of jars. Whether you want to use a fancy pot jar that can only be smashed open or an old jam jar, it is completely up to you. With a job being a physical object you cannot only see and feel the money rising, but you can also set yourself a daily routine. You could place a jar in a place which you will always see it and never forget it.
You could set your routine, whether it be daily, weekly, or monthly. Allowing you to place money in the jar whenever. You could use notes or spare change. But, if you are trying to hit a specific amount of money in a certain time frame we advise that you keep track of what is going into the jar to enable you to know how long you need to save for.
Find ways to cut your spending
You may not be physically placing money into a jar, or transferring money from bank account to bank account, but cutting down on your spending is a great way to start saving. This could be unsubscribing from some unused subscriptions, turning off the lights or the TV, or even buying cheaper alternatives to certain items. After a little time has passed, you will be able to see all of the money you have saved as your balance will be higher than what it usually would be.
For those saving larger amounts
Typically, depending on how large the ‘large’ amount is, people might spend years of their life saving up for specific things. But, in this case, they may be putting a small amount of money away every month. In reality, that is not the fastest way to save up money.
Use the 50/30/20 rule
As mentioned in our previous post, the 50/30/20 rule sorts out our monthly income into three categories. This allows us to have a specific amount of money spent on our needs, wants, and saving (50%: needs, 30%: wants 20%: saving). We suggest that if you have any money left over in the needs or the wants categories, you put this in your savings. This way your savings will grow faster.
Take fewer grocery store trips
Whenever you step foot in a store, the likelihood of you purchasing your favorite things is high. You may only go in there for essentials but you probably come out with more than you need/intend too. So, if you take fewer trips and cut down on the essentials when you are in there you could save a large chunk of money every single month.
If you find yourself short of money and you are struggling to pay for the essentials, we could help you. Here at LoanPigUSA, we work with different direct lenders all over the United States. Although, before applying please ensure that your state allows payday or short term loans as there are numerous states where they are banned.