Just uttering the word "savings" can sometimes prompt a twinge of guilt, because even if you live frugally, no amount of saving ever seems like enough in the eyes of financial experts or concerned relatives. Add in the fact that lots of us are bogged down by student loans and high costs of living, and saving seems all but impossible—but it's easier than you think! Tossing an extra few dollars each week into your savings adds up fast, and it's as simple as making a few tiny changes. Dive in with these easy tips from financial pros.
Before you start, get real with yourself about exactly where your money is going.
Staying aware of your spending makes all the difference when you're trying to save. "Just by not tracking their spending, women don’t realize they’re wasting money," Nicole Lapin, financial expert and author of Rich Bitch tells SELF. "The Netflix subscription, making late payments on bills, having dinner out four nights a week—little things like that add up. It is important to have a face to face conversation with your spending. The only way to fix it is to see exactly what's going on there and to set a budget," she says. Take a look at your bank statements from the past three months and look for any spending patterns you hadn't noticed before. "I’m not saying you shouldn’t spend—it is your life to enjoy, and, yes, even indulge when it’s appropriate—but to do that, you need to know what you’re doing with your money," Lapin says. If you're not sure where to get started with your budget, try software and apps like You Need A Budget and Mint.
Once you've got that squared away, set up automatic deposits from your paycheck to your savings account so you're not tempted to spend that extra cash you're putting away. It doesn't need to be much—even $50 a week can pile up quickly. "I find that the physical separation from your checking account is often enough to keep your savings in savings," says Lapin. "It’s a foolproof way to keep from spending and as you get more comfortable, you can increase the amount deposited to ramp up savings."
1. Embrace homemade lunch with the help of meal prepping.
"You can easily spend $10 a day by eating lunch out. That's $50 a week," Pam Friedman, author and certified financial planner, tells SELF. This one simple change can make a huge difference. "Meal prepping is the easy way to go," Leslie Tayne, debt expert, author, and lawyer at Tayne Law Group, P.C. tells us. "Shop at your grocery store each Sunday and purchase everything you will need for the week. Prepare all of your lunch meals on Sunday night and store them in small containers that you can bring to work so you’ll be all set with lunches for the week." You can even make a game out of challenging yourself to try new easy recipes each weekend and seek out a few favorite signature dishes to make week after week. If you like your new eating habits, you can ramp up your home cooking at dinnertime too and save even more cash.
2. Kiss cabs goodbye and make best friends with your bike.
If you live in a big city, it can be painfully tempting to hop into cabs instead of taking public transportation, especially when winter rolls around. "If you find yourself spending $50 every weekend on cab rides, then you need to re-evaluate," says Tayne. If you just can't seem to motivate yourself to take the subway, come up with hobbies that can pass the time on the train or bus. If you're hooked on a great book or in the middle of knitting a scarf, you'll practically look forward to your commute because it'll mean spending some time alone with an activity you love.
Both city dwellers and suburbanites can also benefit from embracing biking—besides saving you cash on gas or public transit fees, it's a great way to get fresh air and help out the environment. "In nice weather, opt to ride your bike to places you need or want to go to, which will not only save you money but can also be a great way to stay in shape in lieu of a paid gym membership," says Tayne. Two money-saving moves in one!
