Sometimes when we have a certain goal in mind, we get impatient and we want to see our savings grow exponentially NOW! While this isn’t totally possible (unless you win the lottery of course), there are a few little things that you can do to kickstart your savings account immediately!
It’s amazing how much you can save by implementing a few changes to your everyday lifestyle. It seriously takes little to no effort on your part. You’ll wish you were implementing these money saving habits earlier!
Not sure how to get started? No worries! Here are some little things you can do immediately to skyrocket your savings account!
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A few years ago, I was living aimlessly without any financial plan. I mean, I knew I wanted a house, I wanted to be debt free and I wanted to take fancy vacations with my family.
Did I do anything differently to achieve these goals? NOPE!
I was not budgeting, was not making a big effort to save and was not frugal in any sense of the word. I wasted money every single day!
I’d walk into a store and just buy a new shoes –I didn’t even need to think about it. I’d buy unnecessary items – JUST because they were on sale (DON’T do this guys! It’s a trap!).
My financial goals were not really goals – they were dreams. Because a goal is something you work towards, right?
I have this quote on my desk that I love –
Dreams don’t work unless you do.”
And this is so true!
When I came to this realization, I made every effort to adapt a frugal lifestyle and save money in any way that I could. Some of these frugal habits help me save thousands of dollars every month!
It is absolutely possible to become debt free and have a big savings account! I know things may get in the way of this goal – like car troubles, unexpected medical expenses, unexpected birthday party invitations etc. However, keep a good head on your shoulders during this journey and keep on keeping on!
I believe that a life without financial frustration is so much more enjoyable! Won’t you agree?
So why not try to make little changes wherever you can? A change in habit here and there can really make a huge difference in the end! Before you know it, you’ll have a hefty savings account too!
If you feel like you’re ready to start this process of saving money immediately, here are some things to do RIGHT NOW!
7 Little Things you can do Immediately to Skyrocket your Savings Account:
1. Turn off the lights & Unplug Appliances
This is one of the EASIEST things you can do if you want to start saving money and the best part is that it’s an effortless way to start saving immediately!
Did you know that lights and plugged in appliances are a money suck? They make you waste your hard earned cash. Even if your electronics and appliances are not switched on, once they are plugged in, they are using electricity – aka you are being charged for it.
The same goes for lights. Once you are not in a room and not using a light, switch it off. Trust me, your wallet will love you for it!
2. Negotiate your Rates
If you have a financial goal and it includes skyrocketing your savings account, this is a crucial step to get there. A few phone calls can help you save hundreds of dollars on your bills and expenses!
Did you know that you can actually call and negotiate your rates for your credit card, internet and cable bill and all other monthly expenses? You are actually wasting money by not giving this a try. Imagine how much you can actually save by lowering every single one of your bills!
How does this work? Well all you have to do is call and ask for a better rate.
PRO TIP: If the company detects the slightest hint that you’re considering switching to their competition, they usually offer even lower rates and may throw in a few bonuses in there too!
3. Create a Budget
Creating a budget was actually life changing for me and the step that was most important in my journey to financial responsibility and frugal living. Creating a budget plan was such an eye opener for me!
There’s just something about allocating each dollar to a specific category and knowing exactly what you are earning and how you are spending it. It gives you a sense of financial control – and this is exactly what you want – to take control of your finances and not have it the other way around.
Personally, my favorite budget is the Zero Based Budget where every dollar has a ‘home.’ This budget plan has helped me so much with money management and financial accountability.
If you’re not sure how or where to get started, feel free to check out my super simple guide on How to Create a Budget in 7 Easy Steps.
Here are some common budget categories but set aside a few minutes to skim through the complete guide. There are just 7 steps and you’ll regret not doing this sooner!
Creating a budget will allow you to plan exactly how you’d would spend and save your money. Believe it or not, this is something you should do immediately if you’re embarking on the journey of growing your savings!
Once you create your budget, the next step is to stick to it!
4. Meal Plan
Once you create your budget, meal planning is a must! If you are serious at all about saving money, get started on a meal planning straight away!
Meal planning will save you THOUSANDS of dollars per year! Why? Because it takes the guessing out of things.
Because of this, I plan quick and effortless meals and reduces the number of times I get takeout per week.
It’s no secret that home cooked meals are wayyy cheaper (and healthier!) than takeout. Hence, meal planning and sticking to it can significantly reduce your food budget each month.
I understand that sometimes cooking is just not an option. Sometimes work gets the better of you, early mornings, late nights, fussy babies, evening extra curricular activities, Parent-Teacher conferences, your back hurts, and a whole list of other unexpected hurdles may be thrown your way.
What I do, is try to plan as best as I can. I double check appointments and activities for the week and on those evenings, I plan to not cook.
I consult with my hubby and we decide upfront if we’ll cook up a double batch the day before so we can have leftovers on appointment days or sometimes we even plan to get takeout.
Most importantly, ensure that you don’t go over budget! Right now, our weekly grocery bill is $50 for our family of 4 (Learn How Here).
I meal plan, then make my grocery list (use an app like drop or ebates to save on your groceries), calculate a rough estimate of the grocery bill, and once there’s extra money (if my list is less than $50), I add in a takeout evening for one of the days where we have an upcoming scheduled appointment.
Pssst! Did you know you can save more money by meal planning? Meal Planning saves me thousands of dollars every year! Not sure how to get started? Grab a copy of my free Meal Planning e-guide below.
5. Make $500+ Fast
When you want to get started on building a savings account, the more money you make, the faster it will grow, right?
Making 500 dollars fast might sound like a difficult task but believe it or not, it’s super simple to start making money right away!
Check out this list of 30+ ways that you can use to start making money immediately!
Many of these pay via PayPal and you can get your money straight away. Additionally, some of these tasks may take just a minute or two to complete and can be done from almost anywhere in the world! Some require a cellphone and wifi connection and others require absolutely nothing to get started!
If you need to start building your savings account, this is a pretty good place to start making money NOW!
6. Set up Automatic Transfers
Why not automate the majority of your banking? Set up automatic bill payments using online banking and never miss a payment again! This translates into no late payments and no extra fees – so more money in your pocket.
After automating your payments, and creating your budget, allocate some of your extra cash towards savings. Even if you save $10 per month, let it automatically transfer to your savings account.
The idea is that once its not available for spending, it cannot be spent – you know… Out of sight, out of mind.
Maybe you feel like you don’t even have an extra $10 to save each month. But don’t worry. Soon that will all change.
Once you start practicing some of these frugal habits, you’ll be surprised that soon you’ll be seeing some wiggle room in your budget.
Frugal habits include spending on necessary items only (check out these 29 things I stopped buying to save money), changing up a few habits (like the ones listed in this post + check out this list of genius things we did to cut our electric bill in half) AND finding ways to make extra money (see #5 above).
7. Hang a line
Want to start saving money, hang a line somewhere in your house. Get this, line drying saves me thousands of dollars because with proper planning, I’ve completely eliminated the use of the dryer in my house.
The dryer sucks so much energy and money that it’s so not worth it, especially when you’re trying to save! If I have small loads, I even opt to hand wash whenever I have the time!
If you’re determined to save money and want to start right now, go ahead a get the materials to hang a line in your home.
If you wish, you can also choose to get a drying rack like me. This is one of the best investments I’ve ever made!
You can have a huge savings account too!
Saving money requires frugal efforts all round. But the best part is if you really do want to save money, you can get started immediately!
Are there any other things you can do to start saving money right away? Share with us in the comments below! I’d love to hear from you!
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Until next time,