Everybody wants to save money, but when talking about savings, one of the most difficult things is how to get started. It is actually not that difficult after all, as there are many simple ways to save money and pursue your financial goals. For those who are living on a budget and want to start working on their financial health;

Here are a few money-saving tips and tricks that might help you save more and spend less.


Track your expenses

It will not take a lot of your time to take note of everything you have spent. There are a few good reasons on why you should do this. For instance, writing down your expenses will give you the visibility on how easily your money goes away, and you can also see the expenditures that you can cut back. Putting down your expenses into writing will also make you want to avoid an unnecessary expense, and it will make you feel more challenged to lower the amount that you spend daily, weekly, and monthly. Every single dollar you are able to save each day can make a significant difference later on.


Go homemade

You will be able to save a lot if you make your meals at home rather than eating out or buying fast food. It is also much healthier. It does not mean that you can no longer treat yourself out in restaurants. Just make sure that you’ve established the budget that you can stick to.


Cut back your expenses at the grocery store

How much you spend on your groceries is entirely within your control, which means that you have the power to cut back on unnecessary purchases. Start by listing down the items and the amount that you spend on your groceries and see if there are items that you can remove from the list.


Set saving goals

Setting goals for your savings can be an effective strategy if you want to be able to save money. Think about something you want to save up for. It can either be a long-term or a short-term goal. Then every time you think about spending, remember your goals and rethink if the purchase is worth it.


It is okay to say “no”

It can be a bit difficult to cut down on spending when you are out with your friends. But remember that it is okay to say no and decline some social gatherings, especially when you know that you are working on a budget. There are plenty of ways to be able to socialize without having to spend so much. Just look for cheap activities you can enjoy with your friends.


Walk or take a bike to work

If your workplace is just near from where you live, you can probably get to work by walking. It is an excellent way to exercise and is a perfect way to also cut down on your expenses.


Eliminate your debt

Start with your debt if you want to be able to save money. Try to calculate how much of your money goes to your debt each month. As soon as you are done paying up for your debts, you can start setting aside the extra money for your savings.


Take a staycation

This is an excellent idea for those who want to take a breather or to just take a break from work or school. Instead of spending hundreds or thousands of dollars for overseas flights and vacations, you can look for vacation places close to your home. Or, you can look for local flights just within your region.


Decide on your priorities

Your priorities will determine how much will be left for your savings after your income. If you have set short-term goals, also do not forget to set aside for your long-term goals. If these are your priorities, eliminate the “wants” from your expenses because priorities are much more important. Your priorities are actually the things that you “need.”


Make saving automatic

Almost all banks offer services for automatic transfers between savings and checking account, and because it is automated, you will not even have to think about setting aside some amount of money from your income as it automatically goes to your savings account. It will also reduce the temptation to spend your earnings elsewhere.

Don’t forget to talk with one of our talented team members to make sure you have the best rates on your loans, credit cards and savings accounts. Calcite Credit Union is here to help!