An extra $100 a month could go a long way in helping you reach your financial goals – but how easy is it to get that extra dough? This week’s episode tackles tips on how to save an extra $100 each month.
Everyone likes to save money – but that’s often easier said than done. A big part of the savings process is intentionality in your spending. After all, it’s easy to grab those little goodies each time you’re shopping at Target, but how do those small purchases add up over time?
This week, Founder Tim Regan and Head of Marketing Katie Umland round up seven clever ways you can stash some extra cash each month. While some of these tips are as simple as downloading an app, others require an intentional lifestyle shift toward a “saving” rather than “spending” mindset.
For example, you can set up multiple direct deposits with your employer – one to your checking account as per usual, and another that deposits a certain amount in your savings account each month. With this process, you don’t ever have to worry or wonder about whether your money made it to savings.
You can find other ways to save closer to home as well. For instance, limiting your coffee purchases to twice a week rather than three times a week can save you money and still allow you to enjoy the occasional splurge. Every time you choose to skip the coffee, put the money you would have spent into your savings account. It’s a little win that also emphasizes intentionality behind your spending and saving.
Making lifestyle changes to prioritize your long-term goals is an effective way to save money. It requires you to be intentional about your spending and make conscious decisions about where to invest your money.
Listen to the full episode to catch all seven clever money-saving strategies – and tune in to our other episodes to gain even more financial insights.
Key Timestamps and Topics
- [1:28] Saving money is also about spending money – your habits and thoughts around spending matter.
- [3:15] Automating savings vs. intentionally saving – which is right for you?
- [7:44] Your spending habits change over time, but are the upgrades always worth it?
- [11:11] How and why you should set up several direct deposits through your employer.
- [12:49] Lower vs. higher-level lifestyle choices.
3 Key Takeaways
- Small savings can add up over time. For example, an app that automatically saves small amounts from your spending can accumulate to a significant amount over the years.
- While third-party programs can be helpful in enforcing good financial behavior, intentional modifications to one’s spending behavior can be more beneficial in the long run.
- Changing one’s lifestyle to be more financially responsible can be more effective than relying on pre-made programs, as it can create lasting changes.
Links
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