Saving money is an adult skill that many people have yet to master. The good news is that many have resolved to start saving more in 2017, and January is the perfect time to start putting away some cash for a rainy day.
But how exactly does one start saving at the beginning of the year? Moreover, is there a right way to save money? Is there a set amount that one should put away in case of emergencies?
Here are some tips and tricks on how to jumpstart your savings in 2017.
Make a pact with your friends to give up one thing this month
According to Refinery 29, it’s not advisable to give up something that one truly loves in order to save money, as it’s too easy to feel resentful about doing something positive. But involving others can keep you accountable, and at the same time, it can be incredibly motivating when you and your friends decide to quit just one thing to save some cash.
A few things that you could quit are your daily coffee runs, happy hours, or your thrice-a-week takeouts. As a cup of flavored coffee starts at $3.50, giving up your daily cup of joe will amount to about $100 of savings, this month. A few beers at the bar could set you back at least $40 a night, so giving this up would also help you jumpstart your savings.
Save first, spend last
According to certified financial planner Brittney Castro (via The Everyday Girl), employees are used to paying off bills and buying things first, then whatever’s left goes to savings. This year, Castro said that you should switch things around by automating your savings so that you get to save money right away. That way, when you’re spending cash on a small shopping spree, you won’t feel guilty as you have already done the responsible thing by prioritizing your savings ahead of your expenses.
Learn to DIY
Instead of taking your stained items to the dry cleaners, research on the appropriate stain removers and clean your own clothes to save on dry cleaning bills. The same goes for beauty treatments, such as hair coloring, blow drying, manicures and pedicures. If you learn to do it yourself, you’ll look great all year, and you’ll have a tidy sum in your bank account by the end of the year.
Identify your spending triggers and avoid them
Most people have spending triggers. For parents, it can be toy stores, as some cannot resist buying new toys for their little ones. For others, it could be online shopping websites. Some also cannot keep themselves from spending when they visit their favorite stores.
Identify your spending triggers, and avoid them while you’re trying to save money. For instance, if you can’t help but buy new books whenever you’re in a bookstore, you could remind yourself to avoid going into one. Instead of buying new books, you could make a beeline to the library and get your hands on new titles, for free.You could also tell your loved ones that you’re on a spending fast and ask them to remind you not to spend whenever you feel the urge to splurge on your favorite things.
For more tips, check out Jobs & Hire’s tips on how to spend money the right way.
