How to Become a Savvy Saver

How to Become a Savvy Saver

During these difficult economic times, which have been made harder by COVID, you may be wondering how you can save money when you're barely coming up with the cash to pay the bills. It's therefore important to be open to all kinds of ideas and opportunities for saving money. To be a savvy saver is to put money away consistently and to live within one’s means. If you're also willing to try new things including adjusting your mindset to save you money, your confidence will soar as will your savings.

Consider these ideas to help you set aside funds for savings and investments:

Attitude is everything

What you think and feel about saving matters. If you feel incredibly overwhelmed or pressured about saving, chances are you'll avoid doing it. However, if you embrace the concept of saving and get behind the idea you're paying for your future when you save, you'll be quite excited about saving every payday and demonstrating some saving savvy.

Avoid convincing yourself that you can't save because there's just no money left after paying the bills.  Instead, tell yourself that you will save something every week. In general, it's best to focus on the positives and embrace an I can do it attitude for saving money.

Make a conscious decision to save money

Write this down and put it on a sticky note on your bathroom mirror: I will save some money today. Then do it. Sometime each day put some money aside for your savings, no matter how small the amount. Maybe you'll save your change or skip a coffee, but you will set something aside. Deposit your daily savings into your account weekly.

Start small

Even saving just $5 or $10 per week is something. It signifies a commitment on your part to save. It shows that you believe saving is important and you can succeed at it. Starting small and working towards a larger goal also shows you have real saving savvy.

Set a minimum weekly savings goal and exceed it

If you're starting small, make an effort to exceed your minimum amount. So, if you establish a minimum weekly savings goal of $7, anything over that amount is a bonus.

Use discounts, sales and loyalty rewards

You can find coupons through reward memberships, newspapers, grocery store flyers, and all over the internet. Your purchase comes with receipts that list at the bottom how much you have saved if you have used your coupons. Take that amount of cash and place it in an envelope for the bank. Whether it's fifty cents or $4.50, it's money you saved.  Place your daily savings into the bank weekly where it will do real good.

Learn from others who demonstrate savvy savings

Interview friends or family members who show they know how to manage money. Do you have a sister who's an avid saver? A friend who always pays cash for his cars? Ask to sit down with them and gather some of their saving tips. When did they start saving?  Where did they learn about saving money?  What tips do your saving savvy friends have? Keep your mind as open as possible and write down their tips. Then, decide which tips will work for you and apply them in your life.

Keep a positive attitude and making a personal commitment to continuously save, no matter how much. Set a weekly minimum savings goal and learn from the savvy savers you already know. Remember the ability to save money over time takes discipline and a focused mindset. In other words, if you change your mindset from consumerism to actual need you will be amazed at how disciplined you become about money-saving. Your accumulated savings will inevitably lead you to a brighter future where you can budget for, and later attain, the real estate goals you desire.