0 Tips for Saving Money, a Little at a Time

Over time, small changes can add up to big results. Whether your are working on the small lifestyle changes that can result in weight loss over time, or whether you are working to save up for retirement, the little things you do can add up over time.

Identify Waste in Your Budget

Experts estimate that the typical household in America wastes between 10% and 15% of its income each month. This means that you probably have money that you can set aside for the future. Instead of letting that money go to waste, consider how you can find the small money leaks in your budget.

Look for what you might be wasting money on, whether you get take out three nights a week, or whether you spend too much on convenience items rather than shopping around. You don’t have to find huge money wasters; look for the small things, and you might be surprised at how they add up.

If needed, use debt counseling services like Consolidated Credit to help you identify the waste in your budget, and put together a plan for getting rid of the waste, and paying off debt, so that your savings will be more effective.

Work Up to Saving More

The best thing to do is to start small and then work up to saving more money over time. It can be a shock to your budget to suddenly saving a ton. Instead, start small. If all you have right now is $50 a month to save, start saving that. You can work up to more later. Start saving a small amount, and then look for little things to cut from your budget, like subscriptions you don’t really use, buying lunch every day, or making those impulse purchases at the store.

Start small and work up to saving bigger. Do it a little at a time, in steps, and you’ll see better success.

Make It Automatic

Another good way to get moving on your savings goals is to make it automatic. Figure out how much you can save as a base figure, and have that automatically saved. You can have it taken from your paycheck each month, or you can have it automatically transferred from your checking account to a savings account. If you make it automatic, it is easier to be sure that you will save each month.

You can boost the amount as you go along, or you can set a base amount, and then make a game of looking for more ways to save over time. Look for small savings of $5 here and $10 there, and it will add up eventually.

Use a High Yield Savings Account

You can maximize what you save by using a high yield savings account for your money. Look for an account that pays out a competitive yield. That way, your money will earn interest as you save it. You will see better results, and be more interested in finding ways to save even more money. Look for an account that makes it easy to transfer money in, and then watch your wealth grow a little bit at a time.

If you aren’t using your savings for an emergency fund, consider using a discount brokerage for some of your savings. The potential returns could really turn your small savings into something large over time.

It really does help to start small. While you’ll want to increase your efforts over time, a small start can be a good way to get in the savings habit.

This guest post comes courtesy of Consolidated Credit.