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How to Save When Saving Doesn’t Feel Like an Option

November 20, 2018 | By Louis Tully

Saving money is one of those things we all know we should do, so why don’t we? We try to defend ourselves by saying it’s because of the economy or it’s our employer’s fault for not paying us enough. But the truth us, it’s our own fault. We all have the ability to save, no matter what our financially situation looks like. Even if you had to reach out for an installment loan for financial relief, there are ways you could save money if you play your cards right. Here are 5 easy tips to help you start saving today!

Cut Back on Entertainment

The biggest reason why people don’t save their money is due to their entertainment budget (or lack thereof). We spend a lot on creature comforts and entertainment – a lot! Think about it. How often do you go to the movies, go out to eat, or purchase something at the store you didn’t need? All of these are purchases that should be placed under a restricted entertainment budget. Here are some more examples of luxuries and entertainment we pay for that we may take for granted:

  • Starbuck coffee.
  • Drinks at the bar (or drinks in general).
  • Our Netflix subscription.
  • Buying clothes (Look inside a minimalist’s closet).
  • Going to the movies.
  • Date nights.
  • Going out to eat (or picking up take out).
  • Buying holiday decorations.
  • Traveling.

While there’s nothing wrong with indulging in any of these things, it’s our over indulgence that’s the weight of the problem. So, if you’re serious about saving, limit your leisure.

Change Your Lifestyle

So, what’s the secret to saving money? Change your lifestyle. Replace bad habits with good ones. If you’re used to going out to eat, get into the habit of cooking meals at home. If you’re used to shopping for new things, get used to digging in your closet to rediscover things you already have. By changing up the way you live and developing better habits, you can learn to live within your means, keeping your money in the bank.

Save Little by Little

Saving money doesn’t have to mean saving a lot of money at once. The dollars and cents part isn’t what’s important here, it’s the principle behind it. You see, saving money isn’t an event, it’s a journey. It’s a way of life. The thing is, there’s more to saving money than just having money in the bank. You want to get into a saving mindset. That is how you will be successful and that is how you will ultimately thrive in life.

Speak with a Financial Advisor

Now, if you really think you need some professional help in getting your finances in line, there’s no shame in reaching out to a trusted financial advisor. They can help steer you in the right direction and even help uncover any options you may have to make your financial situation better (debt management program options, bankruptcy options, refinancing options, etc.).

Get a Healthy Relationship with Your Money

Of course changing your lifestyle isn’t going to happen overnight. You need to take small steps now that will lead to bigger changes down the road. For example, your relationship with your money can have a big impact on how you use it. Learning to look at your money through a more positive lens could lend itself to more responsible traits like tracking your spending and saying “no” to unnecessary purchases.

Now that you have some tips to help you save money, go ahead and apply them to your day-to-day routine. You might start by changing some habits, opening a savings account, speaking with an advisor, or all the above. Take it slow and remember that progress doesn’t just happen. Much like your savings, it takes time to grow.