5 Money-Saving Tips That Really Work

So, you’re trying to rein in your household spending, stow away cash for home improvements, or—the biggie—save up for a down payment on your first home. Saving money sounds simple. All you have to do is figure out where you can cut back, and do it—right?  

Not exactly… 

Adjusting your finances isn’t always so cut and dry. Unexpected expenses have a way of popping up, well … unexpectedly. And “cutting back” is often easier said than done—like when gas prices spike and a trip to the grocery store drains your bank account faster than you can fill it.  

Here’s the good news 

With the right approach, you can achieve your savings goals. Stick to these tried-and-true tips and you just might find yourself closing on your new house or tackling home improvements sooner than you thought possible.  

1. Make a budget.This is the foundation of all your other savings efforts. There are many budgeting methods and apps out there, so do a little research to decide which one will work best for you. Choose an approach you’ll be most likely to stick with. And when you make your budget, be sure to factor in savings as a necessary expense.  
   
   
2. Set savings goals.Whether you’re looking to save up for a down payment, tackle home renovations, establish an emergency fund, send a kid to college, or just give yourself some breathing room between bills, you need to know what you’re aiming for. Boost motivation by setting small goals with timelines to reach them. You’ll be surprised how much progress you can make when you keep your eye on the prize. 
   
   
3. Pay down debt.Spend money when you’re trying to save? It may sound counterintuitive, but decreasing your debt—especially high-interest debts—will make a world of difference in your savings efforts. The more you pay toward your principal, the more you’ll free up in your monthly budget as you work toward your longer-term goals.  
   
   
4. Automate your savings.Consider opening a high-yield savings account that earns a competitive interest rate, and then having a portion of your paycheck direct-deposited into this account. It’s easier to save money you never see—avoiding the temptation to overspend or dip into what you intended to save.  
   
   
5. Reduce unnecessary expenses. Take a closer look at your spending habits and think about what you can do without for a while. Consider canceling subscription services, stepping down entertainment expenses, and shopping around for deals. Planning ahead—like making and following weekly meal plans and setting spending limits—can also help you keep your spending in check.  
   

 

Get Inspired on Nestfully  

As you work to achieve your financial goals, Nestfully is here to remind you where your hard-earned savings can take you. Head over and start browsing homes for sale any time you need a jolt of motivation.