5 End of Year Money Saving Secrets

Have you started saving for the last six months of the year? You know, those months that house Back to School, Labor Day, Halloween, Thanksgiving, and Christmas? Factor in birthdays and holiday travel and your expenses have increased. It’s time you get a new savings plan for the bottom 6 months. We’ve talked about how to save money by adjusting your spending habits on “second nature” expenses such as adapting your grocery shopping habits, evaluating your utilities, and managing your subscription accounts. Now, it’s time to talk about taking your savings to the next level with 5 easy money saving secrets.

 5 Money Saving Secrets that Actually Work

  1. Start with Automated Saving Deposits. This one is so much easier than you would think. Start by having a direct deposit made into a savings account automatically every time you get paid. It would be like the tax and other benefit deductions you don’t see coming out of your paycheck. But this one you see each time you look at your savings account at the end of the year. If your company won’t process it that’s okay, you can set it up with your bank account just like you would pay a bill.
  2. Stash Unexpected Income. When you find yourself on the receiving end of a bonus, a refund or any unexpected income before you yell “shopping spree” use my spend 10%, stash 90% rule. Put this extra income in your savings account. You can still have as much fun spending an unexpected $50 knowing that you have stored $450 in your savings.
  3. Pack a Lunch/Eat at Home. You will see the most noticeable savings when you practice this for one month. Fix coffee and breakfast at home, pack lunch/eat lunch at home and finally prepare dinner at home. You will have more control over what and how much you eat. Each meal, snacks, and desserts can be on your terms and in the comfort of your home. Implement a movie night with your meal and you will have made it a double savings night. Try this for a solid month and see the amount of money that stays in your bank account.
  4. Borrow vs. Buying. When you have a need for a big ticket item for a short period of time, consider borrowing the item from a friend versus purchasing one from the store. For example, if you want to make waffles for a special occasion and won’t be making them again until next year, save the money and try asking a friend to borrow their waffle maker. Keep the saving mindset and if an item will only be used less than twice a year, reconsider the investment.
  5. Implement a Spending Freeze. As a way to make the last reach toward achieving your goal for the year, try pulling out all the stops and put all non-household spending on hold. For one month, only spend money to pay for household bills and expenses. Focus on how much you want to save and how you will move mountains to achieve that goal. What will become clear is how much money you spend on items that are “wants” and may have slipped into the “needs” category.

Manage these 5 money saving secrets with our household management budget speadsheet

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Money Saving Secret Hack: Create a Household Budget

Having a healthy household budget is the best solution for developing and maintaining effective savings habits. Good saving intentions are established and will need to be aligned with actions then implemented. Live with the thought process of always spending less than you make and consider saving a priority your friend. Remain focused and you will achieve your financial goals.

Always Invest in You.