In this video, I go over the 7 tips everyone should know about saving money, especially if they're broke or not in the best financial situation right now. Add me on Instagram: TheCashInMind Add Me On Twitter: CashInMind
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1. Understand that no amount is too little.
One of the worst things that people can do with their money is blow it on a ton of tiny purchases. Spending $5 on candy at the dollar store, $7 on McDonalds, $20 on a shirt, etc. will lead to a hefty amount of money spent each month on things that don't help you long-term.
Start by saving super small amounts in a high-yield savings account. As little as $10 a week will add up to a lot of money over time. You'll find yourself struggling less and less to make ends meet as time goes on.
2. Be honest with yourself
Be honest with yourself and don't let yourself fall into spending traps. Write down everything you spend and keep track of areas you could be spending less on. If you need some smart ways to easily save money, check this out. When you see your spending first-hand, you'll figure out where your priorities are and you will decide what areas you can cut back on.
3. Try using a budgeting app
There's tons of apps that can assist you in saving money. You can try apps like Mint, Acorns, or Cleo. Some are very intelligent and work with you rather than against you to create a budget that will help you save money and enjoy the money that you do spend. This is called putting your savings on autopilot, and you can do it with your checks at work too.
4. Knock out your debt
One of the largest reasons people can't save money is because of their debt. While some debt is hard to avoid, like student loans, other debt is from impulse spending through credit cards. Focus on your smallest debt first, and start putting as much towards it as you can each month until it's fully paid off. You'll pay less in interest over time by paying it off early, and save a ton of money in the long run.
5. Try a "no spend" month
This next idea is one for the strong-willed. With this plan, you can only spend money on the true necessities for 30 days, that way you can catch all of the expensive daily habits that are dragging you down. You won't find yourself spending frivolously on things you don't need, and it will teach you to value the money you do spend a lot more.
Being able to understand the difference between a want and a need is a very powerful way to keep your money in check. It shouldn't be seen as a way to punish you for a month, but a way for you to see your finances in a new light. You'll be able to cut back, save money, and stop being broke a lot quicker.
6. Keep your money safe
Cash is no longer king. Keeping your money digital has taken over the currency market for the better. If you don't already have a bank account with a debit card, it should be on your to-do list. You'll have a lot more protection against stolen money and fraudulent activity. If you lose cash, there's almost no way to get it back, but you have a lot more protections with a bank. Not to mention, you'll collect interest on your money while it sits in the bank. Keeping your money under your mattress won't do that.
7. Make it a habit to search for the best deals
If you're saving often, it's a good idea to find more ways to spend less money. If you live in a city, perhaps you should ditch the car. If you're spending $30 on five different streaming services, maybe you should only keep one. You could lower your phone bill by getting a different plan. It's up to you to find the best deals that fit in with your lifestyle, so see which ones fit with you.
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