One of the things I had trouble with for the longest time was sticking to a budget. I really didn’t have any savings or plans for the future, besides the retirement savings account through my old employer. I definitely had a YOLO mindset throughout most of my 20s, with regards to spending and saving.
It wasn’t until I met my husband, who takes saving very seriously. I admired his good saving habits, and wanted to make some changes in my own life.
I know it can be scary to sit down and really look at where your money’s going. Once you make the decision to be bold, courageous, and attentive – you’ll be able to take hold of your money habits and make positive, lasting changes that’ll benefit not only you, but your entire family as well.
How to Prioritize Saving
Make it a routine.
Set a specific amount that will be transferred to your savings account each month. This doesn’t have to be huge; just add what you can. Even if it’s $20/paycheck.
Decide what’s important.
Many of us love having that daily latte from Starbucks, or Target runs that add up to a lot more than we planned. Skipping that latte every other day can make a huge difference in the long run. In fact, if you spend $6 on coffee every weekday, that adds up to $1,560 per year! Are those treats really important? Do they bring that much more joy & value to your life? That’s something to think about.
Keep a Budget Book or Planner.
If you’re like me, you appreciate beautifully decorated planners and journals. Adding your monthly and unforeseen expenses in a planner will keep you cognizant of how much you’re actually spending in a month. Record how much you’re actually bringing in each month, and each month’s total expenses.
Find a savings option that includes monthly interest.
You can contact your bank to see the best offers. Don’t be afraid to ask for the best rates!
Use affirmations.
I love using affirmations, because they help to put you in a positive mindset. The Bible says “The wise have wealth and luxury, but fools spend whatever they get.” Proverbs 21:20.
Affirmations may include, “I love saving money, because it is a gift from God.” “I am a wise child of God, so I do not spend everything I get.”
Cut costs in your biz.
Research which software is the most effective for the least cost.
High-end software can be great, but there are many that are just as effective and user-friendly for a more budget-friendly option. When I first started my business, I was paying $179/month just for email! That really hurt my revenue and it discouraged me in general. That’s why I love using Flodesk. No matter how much your list grows, the monthly rate stays the same. Use code “LINDSEYJOHNSON” to save 50% on your first year, at just $19/month!
Optimize your ads.
See what ad copy is working, and what’s just wasting money. Adjust, adjust, adjust! Don’t let ads run too long if they’re ineffective. One of my clients had run an ad before she began working with me, and she only got 4 email signups for $100, which is far too much.
Record deductions.
Remember that business expands can make your tax payments go down. So make sure to keep track of every business-related expense. These can include software you use, packaging, supplies, and even informational books and courses.
Repair your money leaks.
Make a list. In order for you to repair your money leaks, you have to physically see where your money is going each month. Make a list and record every single expense that is accrued during the month, to determine which are worth it, and which aren’t.
Pick the best streaming services. Do you still have cable? When I moved into my home in 2015, the cable company quoted $142/month just for a cable box! That’s the moment I broke up with cable forever, and got a Roku instead. With that does come streaming services. Sign up for free trials. Determine which add more value to your life. Keep those and cancel the others.
Cancel unnecessary subscriptions. Make sure to take note of all of those free trials, and cancel them. Do you have a gym membership you never use? It may be best to cancel it and try to exercise at home if you’re trying to save money.
Do you eat out frequently? This is the biggest thing that most people spend money on besides mortgage/rent/utilities/etc. It is so much more cost effective to eat at home.
Drive less, or carpool. With costs of gas increasing, it’s important to figure out whether you can accomplish things from home.
Celebrate reaching your savings goals.
Saving money is very hard for most people! When you reach a goal, celebrate! Reward yourself by going to dinner or getting yourself a beautiful outfit. That way, when you do experience the reward, it’ll be that much sweeter.
