3 Ways to Start Saving Money (Even if You Don’t Have Any Extra Right Now)

January 22, 2020

Saving money can feel impossible. Especially when you don’t have extra money just lying around.

But the great news is, no matter what your finances currently look like, there are ways to start saving money! And we’re going to show you 3 ways to get there:

1. Track Your Spending

This step may seem like a no-brainer, but you’d be surprised just how many people don’t think twice about their spending. In fact, 59% of Americans don’t keep track of their spending at all!

The truth of the matter is, if you aren’t keeping a close eye on where your money is going, it’s going to be near impossible to start saving money anytime soon. You have to know where your money is going every month in order to redirect some of those funds to savings.

And we’re not just talking about what bills you paid this month, either.

You need to know where every penny is spent.

The Wally app is perfect for tracking your finances so you can start saving money today.

2. Set Goals for Saving Money

As with anything in life, making something happen starts with setting a goal for yourself and knowing you’ll do what it takes to get there.

It works the same with your money.

In order to start saving money, you need to set goals for how much you’d like to save. It’s good to have both long and short term savings goals, too.

Let’s say you know you want to save to buy a house. That’s a great long-term goal for saving money because it’s not something that will likely happen in the next 1-3 months. But you should also set short-term savings goals, too.

For instance, maybe you know you’ll need to buy a new cellphone soon. Setting a goal for saving money will help get you there without causing you to scramble to find funds when it’s time to replace it.

Learn how to create an action plan to achieve your short and long term goals for saving money.

3. Create a Budget

This is the final and most important step to help you start saving money. Why? Because a budget will help you stay on track and actually get you where you want to be.

Creating a budget is the easy part. Sticking to it takes some real grit. But don’t worry if you struggle staying on budget the first few months. It will take some adjustment. Just keep working towards it.

The sooner you stick to a budget, the sooner you can start saving money and reaching your savings goals.

Find out how to create a budget with these super simple steps.

South Suburban Currency Exchanges Offers All Your Financial Needs Under One Roof so You Can Start Saving Money Today

If you’ve been looking for a place to quickly and easily handle all your financial needs – check cashing, prepaid debit cards, coin services, money orders, wire transfers, and more – then stop by your nearest South Suburban Currency Exchange location today.