Let’s face it. How many times have you set a savings goal and actually made it work? Most of us start with determination, only for it to wane a few weeks down the line. We know savings is never fun. However, your spending habits have a direct impact on your financial status – now and in the future.
You’ve probably read somewhere about financial planning – things like budgeting and cutting back on expenses. It’s easier said than done, right? Well, it is possible to save for a big goal. When starting your savings journey, it can be hard at first, especially when your goals feel so far away. However, having a savings tracker helps to keep you inspired and motivated.
Like with every journey, you have to start somewhere. Moreover, no matter how small your savings goal is, tracking your money allows you to visualize your growth. When you realize that your goal is achievable, your perspective will change. Slowly, you can see your dreams coming true right in front of your eyes. There are various money goal trackers on the market, most of them free. Let us explore these tools and strategies in more detail.
Start Small and Build Confidence
Starting out small is among the best tips to change your life. After all, people are more comfortable with what they feel is tangible. For example, saving $10 a week or a month for six months is more attainable compared to saving $400 a month for a year. So, start by setting a short-term savings goal, and when you hit your target, you can be proud of yourself for the effort you’ve made so far. Plus, you will have developed a savings habit and can gradually increase the savings amount and period.
Reevaluate Your Spending Habits
How many times per month do you eat out? If you do it often, you probably spend a lot of money that would otherwise have gone to your savings. Home-cooked meals are not only more economical but also delicious! Plus, having leftovers for dinner or lunch is way cheaper than going to a hotel or restaurant. If you must eat out, order smaller servings. For example, opt for appetizers or split an entrée with your dining companion to save money.
Consider shopping for groceries and cooking at home. However, before you set out to shop, check your pantry and make a list. This way, you will be able to buy only the necessary items that you will actually use.
Create a Practical Budget
Creating a budget gives you a clear picture of your monthly expenses. For many families, housing and car payments are the largest expenses. Take a look at the big expenses and find a way to cut them back. Ask yourself if it’s possible to move in with roommates or find a cheaper place to live. Here are more tips that could help you save on housing expenses:
- If you are making car payments, consider refinancing your auto loan and take advantage of lower interest rates. You could end up saving a considerable amount of money over the life of the loan.
- Are you spending money on things that don’t give you value? It’s time to cut some utilities out. Simple tips to save money on utilities can make a big difference.
Utilize Reward Programs and Smart Payment Methods
There are plenty of retailers willing to reward customers who shop at their stores. All you have to do is sign up for every free customer rewards program you can find and collect a card. The next time you plan to go shopping, check that account for available coupons.
Likewise, use reward credit cards to earn points whenever you purchase at participating stores. You can then redeem the points for cash back or other benefits. It is easy to overspend when paying via a credit card. The temptation is too much when spending money you don’t see. Switch to cash for most of your purchases. This way, you will have more control over your spending, and you can limit your choices.
Embrace Technology for Better Savings Tracking
A savings tracker helps to keep you on track on your way to financial freedom. You might wonder why you need a savings tracker when you can simply save money. You see, monitoring your progress is crucial if you want to save more. There are templates and apps out there to help you get started.
Thanks to technology, there are countless savings trackers designed to help you reach your financial goals the smart way. You can create your own savings tracker or grab one of the free printable savings trackers available online. To succeed, you need to develop the habit of filling it out weekly. Keep your tracker where you can easily see it every day – your fridge could do just fine. Whenever you see it, you’ll be reminded of your goals.
Every week, when you put the money into your savings account, color the box for that week. As the weeks fly past, your sheet will start to fill. When you see your progress on the chart, your motivation to save will increase. Remember, even if you miss a week, keep going. Save whatever little you can. Quitters never win, and winners never quit.
Conclusion: Start Saving Today
So what are you waiting for? Start saving today – your future depends on it. We’d like to remind you of the importance of tracking time in everything you do. Proper time management reduces time wastage and allows you to do more. As a result, you become more efficient at your work, hence more productive.
Try Traqq, an efficient time-tracking solution that monitors your progress on projects and helps you to avoid overworking yourself. The time tracker notifies you of the next item on your to-do list, ensuring that you stay on top of your tasks. The best part about this tool is that it automates the payment process. It records all the hours you’ve worked through the week or month, automatically creating an invoice within that period. It even allows you to send invoices to clients directly from the app. With such convenience, inaccurate payments will be a thing of the past.
