So you can save money at the store.. but the question is what are you doing with that savings. Shelly from Coupon Teacher gives us some ideas about how we can save our savings.
I see it on frugal blogs all the time. “I spent $3.02 and saved over $30!”
I am guilty of saying that myself. Sometimes I wish for a way to really “save” those savings. Spending $3.03 and putting $30 in the bank may be impossible for you, but here are some steps to start “Saving Your Savings”.
1. Set up a budget. This is always the first step to building savings. If you don’t know how much you make and spend, it is very hard to save anything. Once you have a reasonable budget in place, work hard to stick to it.
2. Pay yourself first (or second, or third). Many financial gurus say to “pay yourself first”. Here is what I do. When we get paid, I immediately subtract all the bills that need to be paid with that pay check. Next I subtract our charitable giving. I subtract the budgeted amount we will need to make it until the next pay check, and I move the rest of the money left to savings. If it is in savings already, I am much less tempted to spend it! (**I am not a financial guru, nor do it play one on t.v.**)
3. Stick to your budget, and try to spend even less. If there is money left in your budget at the end of the pay period, move it to savings as well. I know a lot of people move this money into a separate vacation or fun money savings account.
4. In my book, rebate checks equal easy savings. I always deposit my rebate checks and survey checks directly to my savings account. That is money that you have already spent. There should be no need to add it back into the budget, so save it!
5. Set a goal that a couple of times of month your “savings” from your receipt actually goes into your savings account. If you have a really tight budget, this one probably won’t work for you. If you have some leeway in your budget, this will be a fun and exciting way to know what you are saving!
Finally, I have to tell you. I don’t have too much money in savings right now. What do I do with all my “savings”? I save it until the end of every month and apply it to our debt. I hope in the near future, I will be able to actually “Save Our Savings” for good!
Shelly is a full-time fourth grade teacher and blogs at Coupon Teacher. She wants you to share and celebrate your successes with her, and she may give you a few tips along the way! Right now, she is trying to Tame her Stockpile. She would love for you to join her!
Caroline says
Thanks for these ideas! I just asked this question on Money Saving Mom. We’re trying to save for Disney World. While it looks great on my receipt that I saved 97% at CVS, those savings are still sitting in my checking account. I like the idea of moving anything left at the end of the month over. I’m also going to start putting all my survey rewards into savings instead of checking.
Katie K says
I really like the idea of taking your savings at the end of each month and paying towards your debt, I’m going to try that! Thanks for the great info!
Lucy says
@Katie K, If you have a debt that you can pay online with no early payment penalty, remember that even little bitty payments help. When I was trying to pay off my car, I sometimes would make an extra payment of — literally — like $5. Or maybe sometimes $15. It felt ridiculous, but they did add up!