by Emily Hechler 
Healthy habits take time to develop. With time and practice, you can implement money saving habits into your everyday life. Saving money regularly can help you avoid overspending, lower your cost of living, and plan for your future. Here are seven money saving habits for you to try.
- Follow a budget. A lot of people cringe when they hear the word “budget.” Budgeting doesn’t mean that you’re trying to be frugal. It just means that you’re following a plan to responsibly manage your income. By following the 50/30/20 budget, you can allow yourself a portion of money each month to spend on needs, wants, and goals. Budgets only work if you actually stick to them! Budgeting apps like Goodbudget and Honeydue can help you easily track your spending and saving each month.
- Avoid impulse purchases. According to CapitalOne, 89% of shopper have a history of impulse shopping. Since most of us are guilty of this habit, chances are that you have room for improvement. Before you go shopping, create a list of things you need to purchase. Stick to the list. The only exception should be if you forgot to write something down before going shopping. If you are tempted to buy something spontaneously, don’t buy it in the moment. Give yourself a week to think about it. If you still want to purchase the item later, make sure you have enough money in your “wants” category to cover the cost.
- Automate your savings. Intentionally putting money into savings can be difficult. Use Alltru’s online or mobile banking to automatically move money into your savings. You can do this with a portion of your direct deposits or set up recurring transfers throughout the month. Saving has never been easier.
- Buy secondhand items. Thrift shopping is a great way to find what you need for a lower cost. Resale clothing stores like Uptown Cheapskate and Plato’s Closet can be found throughout the St. Louis area. Go to Goodwill and local resale stores for gently used furniture or other large items. Plus, you help reduce waste by reusing existing items. It’s a win-win situation!
- Cancel unused subscriptions. How often do you use your monthly subscriptions? Examine your bank statement and see how many subscriptions you pay for and how many you regularly use. If you find some you can do without, cancel your subscription to save. Repeat this process every six months or so to stay on top of your recurring payments.
- Eat out less. Dining out can be significantly more expensive than eating at home. Groceries can be expensive, but they can be a lot cheaper if you repeat ingredients for different recipes in the week. Pinterest is a great resource for finding new recipes. If you cancelled a few subscriptions, consider subscribing to EveryPlate, which can take the planning and grocery shopping out of schedule.
- Use a Rewards Credit Card. By using a Rewards Visa regularly, you can quickly accrue points that you can redeem for discounts, merchandise, or cashback. This is an indirect way to save money, since you get financially rewarded when you use your card. Remember not to overspend for the sake of earning more points. Also, make sure you allocate money in your budget to pay for your credit card bill every month, so this idea doesn’t backfire and result in paying for interest.
Fortunately, implementing money saving habits into your everyday life costs minimal. By following a budget, you can visualize how you really spend your money. Automated savings help ensure that you save a portion of your income each month. Other habits like shopping secondhand, avoiding impulse purchases, and eating out less take more effort to follow. It gets easier with practice. Start saving now, and future you will thank you.
