Here’s the thing: some people are just natural-born spenders. Give them some money and POOF! It’s gone! Anyone can change their ways (heck, I did) …but sometimes it is what it is.
If you’re a spender, it doesn’t mean you can’t also be a saver! In fact, there are some easy ways for spenders to save money, regardless of their habits.
I’m all about making life easier where I can. I’m also all about helping you do the same! If you’re a natural-born spender who struggles to save money, I got you covered! Keep reading for 5 easy ways for spenders to save money and keep it in savings!
Easy Ways for Spenders to Save Money
#1 Start with a small amount to build consistency
When you’re getting started on your savings journey, it’s not the amount that counts—it’s the consistency. We want to build a repeated pattern of saving money.
The best way to do that is by starting small, with amounts you won’t miss. To help you decide on that amount, ask yourself a few questions:
- Am I currently saving consistently now? Is that a small enough amount to leave alone?
- If I’m not currently saving now, what number can I start with?
Even if it’s $5 per paycheck, the goal is to build the consistency with your savings. Once you decide on the amount, set up automatic transfers. This can be from checking to savings, or from your paycheck.
#2 Have your savings direct deposited
I recommend having your automatic savings done directly from your paycheck. If you can have the small savings amount automatically deposited into your savings from your paycheck, it saves you the hassle of seeing the money in your checking account. Out of sight, out of mind!
Some employers don’t allow for multiple accounts when direct depositing, so if that’s the case for you, automatic transfers from checking to savings will work just fine.
Just make sure to schedule them around your pay period, so the money doesn’t sit in your checking account, waiting to be spent.
#3 Function on a cash-only basis
The great thing about using cash for spending is the fact that you have a physical limit, literally. Once the cash is gone, there should be no more spending until more cash is received.
This can be very effective if you’re trying to get a grip on your spending so you can save more money.
I recommend looking at your budget to see what you can afford to spend on groceries, gas, and fun spending each pay period. Then, pull that amount out in cash and use it for those spending items.
Leave your debit and credit cards at home. When the cash is gone, the spending needs to stop until you get paid again.
Obviously, if there is an emergency, you’ll need to spend. However, the point is to build up the discipline to stick to your limits. Cash is a great way to help yourself do that. As you save more money, you can always increase your cash spending limits.
#4 Make sure your savings account is separate from your checking
Want to avoid tapping into your savings? Make it hard to get to! The best place you can keep a savings account is away from your checking!
I love high-yield savings accounts, which are typically offered through online banks. Not only is it harder to get to your money, but you earn more in interest!
To access the money in a savings account that’s in a bank away from your checking, you really need to think about if you need the money. The act of getting the money has a few extra layers, so you’ll have to ask, is it really worth pulling it out?
If it is, then you do so. If it’s not, then you leave the money exactly where it is.
#5 Track your spending
Are you a spender who wants to save more money? Then start tracking your spending. When you track your spending, you actually see where your money is going. This allows you to make a conscious effort to change where it’s going in the future.
Imagine finding out that you’re spending $400 a month on Amazon! Even if you saved half of that, it could be a game changer for your savings account.
You wouldn’t know unless you tracked. Make it a point to keep a closer eye on your spending. As you start reducing the spending, put more into savings.
Related: 10 Bad Spending Habits that Will Hurt You Down the Line
Isn’t that great? You don’t have to completely kick your spending habit to save money! I’d also recommend checking out the book The Spender’s Guide to Debt-Free Living. It was a great read!
Are you a natural-born spender? What are your struggles when it comes to saving money? Post your feedback in the Comments section below!
