Financial freedom. It’s something most American’s chase. There are tons of tools out there to help you along the way – some helpful and some not as much. When you’re trying to make ends meet or you feel in a hole, all these tools can feel miles away. It’s easy to feel overwhelmed or to give up when one program or idea doesn’t work for you.
Don’t give up. You may never have a huge savings account. That’s okay. The goal isn’t to store up money and sit on it. The goal is to learn to live with what you need, value what you have, and to not be ruled or crippled by money. It’s about taking the power from debt and giving it to yourself. Here are some great strategies to push you forward! Start today!
Apps – There are a variety of apps you can choose from. Some are free and some have a small fee. They are only worth it if you are going to keep up with them . If you’re not willing to update them as you spend – apps probably are not the best option for you. If your meticulous – this is your solution. Some apps simply track spending while others automate savings for you. Browse app options!
Envelope System – The idea of this strategy is you budget for various categories and then get that amount out in cash. Whatever amout you have in cash is all you can spend on the category for the month. Each category is signified by an envelope. For example, if you say you’ll spend 50 dollars on clothes a month – that’s all you can spend. If you have left over cash you can reward yourself! Read more about the envelope system!
Spreadsheet – If you have a spreadsheet program on your computer, this is the easiest option to obtain. If you know how to create formulas or can ask someone for help, spreadsheet budgeting is pretty minimal. You just enter your numbers and see where you are in line of your budget.
Great ways to save as you budget:
Incremental – If you don’t have much to spare – incremental saving is the strategy for you. As you get paid, you save small amounts, over time you can increase the amount. Maybe you save 1 dollar each day for the month of January and 2 dollars every day for the month of February. This adds up quickly after a bit of time!
Reducing – If you do a lot of impulse buying or luxury buys this is a great place to start. All you do is cut back the amount you spend in certain categories or cut them out all together. Then what you save can be more focused on needs.
Don’t be limited by debt, be empowered by budgeting. You can be in a better place. These options can help you get there. Have patience and do your best.