Day 2 - Learn How To Kickstart Good Saving Habits

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There are a few simple ways to improve your saving habits.

  1. A Penny Saved Is A Penny Earned
    At some point when you were younger you may have collected coins either in a Piggy Bank or Jar or another location that was convenient for you. That habit should not end as you get older.

    Collecting spare change is a small way to start saving money as those amounts do accumulate. IIG recommends that if you are someone who does a lot cash transactions, you should start saving the coins you get back and deposit them into a savings account. This is especially a great way to get younger kids to practice good banking habits. Many major national banks have removed their coin counting machines however, large retailers like Amazon or Walmart offer very affordable analog ways to organize your coins for deposit.
     
  2. Setting Clear & Attainable Savings Goal
    When you set a clear and attainable goal of saving money you get better outcomes. A great way to do this is by simple budgeting.

    Add the cost of your monthly fixed expenses (the amount of money in bills you know you have to pay every month like your phone bill) and your monthly variable expenses (the bills whose amount vary from month to month like restaurants for example) together before subtracting it from your monthly income (the amount you expect to earn in a month). With the amount that is left, you can determine how much of it you want to save. You can choose to save all of it or some of it. Depending on the amount, you can see how well you're doing from week to week towards your saving goal by tracking your spending.
     
  3. Cutting Down On Miscellaneous Expenses
    You work hard for your money and deserve to treat yourself. Be careful though because that can add up over time. Choosing to not buy or reduce spending on something that is nonessential can be a great way to save. For example, if you are a coffee lover, reducing the number of times you buy coffee from your favorite cafe or even abstaining from it in favor of making your own at home during the course of a month could help you towards a savings goal.

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