I’ll admit it. I used to have a spending problem. While some people take their paycheck directly to the bank and deposit it into savings, mine went straight to the mall every payday. I had tried so many strategies of saving money, starting with putting $100 into a savings account every month, or even bumping it up to saving half of what I make.
Unfortunately, no matter how hard I tried, there never seemed to be any money left in my savings account at the end of the month. However, I found some new techniques to keep balance my spending and saving. As an added bonus, if you don’t have a job, these also work to earn some fast cash. So whether you’re trying to save up some cash for spring break, study abroad, or to pay off those student loans, here’s some ways to beat the temptations of spending all of your paycheck:
1. Find Fast and Easy Cash
Earning some extra fast cash is a great way to start saving. This way, you can deposit most of your paycheck into savings and still have some extra on the side for any other monthly expenses, or even the occasional shopping splurge. ESI Experiments are the easiest way to earn fast cash. All you have to do is sign up, show up, press a few buttons, and BAM! You can walk out with up to $30 in your pocket. Not too shabby for an hour of your time. These are especially helpful for those who don’t have jobs and need the money!
2. Set Up Direct Deposit
Look into setting up direct deposit for your paychecks! If you can get your paycheck directly deposited into your savings, chances are that you’ll spend less of it because you’re less likely to remember that the money is there and ready to spend. When you have to physically go deposit your check into the bank, it can be easy to forget that it’s NOT to spend at the Urban Outfitters online sale. Or maybe that’s just me.
3. Spend Less on Eating Out
In my journey to discovering the secret to saving, I decided to go through my spending records and see how much I was actually spending on food (more specifically, how much I was spending on Coffee Bean and frozen yogurt). Needless to say, it was not a nice number. Those $5 coffees add up, and the money you’re spending on eating out is probably more than you think. Instead, spend your money more wisely on groceries and eat more at home. You’ll be surprised at how much you can save!
4. Set Up a Budget
I used to run and hide from budgeting because it made me feel too much like an adult. “No, no, I’m still in college. I don’t have to be a real adult yet”. However, taking the time to actually sit down and plan out a budget can be super helpful in saving your money. Baby steps! Just plan out your expenses each month, like set a limit for how much you want to spend on groceries, gas, and other personal expenses. It helps me keep a mental tab of how much I’m actually spending on things, and keeps me from splurging.
5. Keep Your Eyes on the Prize!
Finally, remember the reason why you’re saving! Whatever the reason may be, just remember your goals whenever you want to spend your money. Just occasionally ask yourself, “Do I need this?”. You’ll be rolling in dough in no time!