I saw a study recently that ~56% of Americans feel they are not saving enough for their future and some that say upwards of 70% feel that way. That is the majority of people which is a depressing statistic, especially for us at Glidewell where our goal is to ‘End Financial Crisis in Families’. With today being ‘National Savings Day’ (there’s a day for everything these days), we thought we’d offer a few tips for you to consider so you don’t find yourself with the majority that are worried about their future. We’re not going to tell you to skip that $5 coffee that brings you joy every morning and wanted to think outside the box a little bit so here are a few things to consider.
1. Wait for a sale. Amazon just had their “Prime Big Deals” event and Black Friday is on the horizon, so if there are purchases you have been thinking about making; start monitoring the price now so when the sale rolls around you can see how much you could save. This is not an excuse to buy more things just because “they are on sale” but for things you have already been considering purchasing. This also helps your patience and gives you time to think “Do I really NEED this?”
2. The one in-one out rule. This is not only a good tip for saving money but also decluttering your house. For every new item you purchase, commit to getting rid of one similar item. And with sites like, eBay, Poshmark, and Facebook marketplace you can also cash in a few bucks while doing it!
3. Round-up your purchases. We live in a digital world so the days of putting your spare change in a jar aren’t as common. If you do use cash, that’s great but for many, you can apply the same concept to every swipe of your card. If something costs $10.65, round up to the nearest dollar and put that extra 35¢ in your "virtual piggy bank”. There are apps out there that do this automatically that do charge a fee so it is up to you if you want to use those.
4. Review your regular expenses. You’ve probably seen them, “Low price offer for NEW customers” and you think, what the heck? I’m paying way more than that and I’ve been a loyal customer for years. Well in some instances, a simple phone call to the provider can get your bill lowered. Remember; the customer service representative isn’t the one who makes the pricing decisions so be nice to them. Your insurance is also a major expense and we believe we can help you find plans that fit your needs AND your budget, whether it’s home, auto, life, health, commercial, or your overall financial plan so reach out to us!
5. This last one encompasses the tips above and any others you might think of. When you do decide to NOT make a purchase or find some savings in your budget, actually put that money in a separate account. It’s easy to lose track, forget, or use that money for something else but when you actively do something with it, you’ll start to see that savings grow and give you the cushion you’ve needed. There are a lot of quality high interest savings accounts out there so look into those so your money can grow even more with these methods.
Do you have any unorthodox money savings tips? Let us know in the comments below!
