5 Ways to Save More Money This Month
Everyone wants to save more money. But with student loan debt, saving any amount can feel impossible.
Before you despair, remember there are lots of little things you can do to save more money. And, once you hit your savings goals, you can use that stash of cash to pay off your student loans a little faster! Interested? Try one of these five techniques to save more money this month:
Technique #1 Create Reminders
What’s your savings goal? Is it to pay off your student loans in the next five years? Ten years? This year?
Once you set a savings goal, create physical reminders of the goal. Constantly seeing your goal will motivate you to keep pursuing your dream, even when you’re tired.
Some fun goal reminder ideas:
- Post sticky notes on the fridge
- Change your phone backdrop to your goal
- Make a vision board with your goal front and center
Technique #2 Ask for More
Increasing your revenue is a great way to save more money, without changing your lifestyle. To earn more money, consider:
- Increasing your rate. Talk to your manager or clients about a pay raise. Then, if you’re successful, take the new pay bump and apply that amount directly towards savings.
- Taking on a side hustle. Start a side gig or pick up extra work to increase your revenue streams. Use the cash you earn from your new gig to pay off your loan faster.
Technique #3 Automate
If you can afford to, automate money to move directly from your checking account to your savings account. Consider a small daily, weekly, or monthly amount to automatically pass into savings.
Start small with amounts like $0.50, $1, $5. Every penny will add up – without you doing any extra work!
Also, if you struggle with savings, open a savings account at another bank. If you can’t see the money, you’ll be less tempted to spend it.
Technique #4 Pack the Piggy Bank
Save that loose change! Go old school and use a piggy bank or a big jar to save loose coins. Once the jar is full, take it to the bank, and add the cash to your savings account.
Pro tip: Be sure to check if your banking institution requires coin rolls for deposit. If not, there’s no need to waste time rolling coins!
Technique #5 Reduce One Small Thing
What’s one small thing you could avoid purchasing this week?
A few options:
- One cup of coffee
- One bottle of soda
- One snack from a vending machine
- One breakfast, lunch, or dinner purchased out
- One item from your cart at the grocery store
Whatever you skip buying this week, even if it only costs $1, put that amount in your savings account. Do this for a few weeks or months until you have a small chunk of change built up. Then, use the savings towards your student loan repayment.
Alexis Irvin is a writer and documentary filmmaker obsessed with entrepreneurship, careers, and pursuing dreams. Her Millennial career guide, Build Your Dreams: How to Make a Living Doing What You Love, is available at bookstores everywhere! Alexis lives in sunny Los Angeles where she loves to hike, eat tacos, and read on the beach.
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