September 11, 2019 | 2 min read
By: Danna Borbon
We’ve all heard the phrase, “it’s not how much you make, but how much you save.” However, saving up can be quite a challenge for many, especially if you’re just trying to make ends meet. Here are a few tips and tricks on how to save money while working.
Do a Lifestyle Check
People can tend to spend more than what they make and this leaves them with zero budget left when payday is near. How are you spending your money on a day to day basis? Do you need to get designer coffee every day? Are you often inclined to take the cab to or from work because you can’t bear the commute? When added up, these seemingly small costs can put a huge dent on your budget. Make a lifestyle check and see if there are things that you can do without.
Make Saving Automatic
It’s the digital age and virtually anything can be automated these days. Set up your payroll account to automatically transfer a specific amount to your savings account every payday. This way, you actually “pay yourself first.”
Reward Yourself for Resisting Impulse Buys
This is something I do myself. Whenever I wanted to buy something on impulse, I set aside the amount of that item and put it in a separate wallet. If I failed to resist the urge to buy it, I need to penalize myself and still “pay” that amount and put the same amount in that separate wallet. This may be too much for some, but if you can do it, you should. You’ll be very surprised at how much you’ll actually save doing this. You can also come up with something creative. This will show you how much you've been actually spending on impulse buys.
Uninstall Shopping Apps
Technology has made everything very convenient and that includes spending money. These apps are equipped with marketing strategies, pop-ups, and everything that will encourage you to make that purchase. Make impulse shopping a little less convenient by removing shopping apps from your phone.
Bring Packed Lunch
Planning and preparing your own meals can do a lot of wonders for your health and budget. Not only is fast food expensive, it’s also very unhealthy. So, during your rest day, do your grocery shopping and make a list of your meals for the week.
Learning how to save money at work takes conscious effort. Self-discipline plays a huge role in building your life savings, so you might need to be a little hard on yourself at first. But once you see your savings grow, you’ll be so proud of yourself for putting in all the hard work.