With gas prices, grocery bills, and the cost of housing through the roof it might seem more difficult than ever to increase your savings, but it isn’t impossible. Anyone can build up their savings as long as they have a goal and a plan. In this article, I’ll share with you five unique and creative ways to boost your savings and enjoy doing it.
The 24-Hour Rule is a simple but effective way to stop yourself from making any large, impulse purchases. When you see something you want to buy that wasn’t part of your budget, wait 24 hours before making the purchase. This gives you time to consider whether the item is truly necessary or just an impulse buy. More often than not, you’ll find that you no longer want or need the item after 24 hours have passed.
Having the discipline to save money consistently can be difficult for a lot of people. The 6 Month Money Saving Challenge is a great way to get into the habit of saving money regularly. The challenge is simple: for 6 months, save a certain amount of money each week and increase it as you go. If you’re consistent, by the end of the challenge, you would have increased your savings.
The pantry challenge is a fun way to increase your savings and learn a few new recipes along the way. For this challenge, you commit to using all of the food in your pantry before shopping for more. Not only will this help you save money on groceries, but it’s also a great way to get creative in the kitchen. This challenge could be turned into a fun activity that involves the entire family.
For someone who would prefer a more hands-off approach to boosting your savings, setting up automated savings is a good option. With this method, you can choose how much and how often you want to transfer money into your savings account and your bank does the rest for you. Your money is consistently put away in your savings and you never have to think about it.
Many of us are subscribed to different services and memberships that we hardly ever use. Take a close look at all the subscriptions you’re currently paying for and consider canceling any that you don’t use or don’t value enough to justify the cost. The cash that would have gone towards these subscriptions can be put towards your savings instead.
Boosting your savings doesn’t have to be boring or difficult. With these five creative tips, you can have fun while saving money and working towards your financial goals.