How To Save Money: The Top 5 Ways

Everyone wants to save money, no matter who you are or your financial situation. But figuring out how to save can be tricky. You can test out thousands of methods for saving money each month, but with so many options, what's the right game plan for you and your family?

Since we're in the business of lending peace of mind, we've compiled a short list of five quick ways to save money from your living room couch.

So, without further ado... 

Create “Saving Goals”  

Start your foray into saving money by creating "saving goals," or the desired purchases you want to make at some point in your life.

To start, identify what your goal is. It could be a vacation to the Bahamas, or maybe it's the dream home your kids will grow up in. Either way, write down what you want, how much it will cost, and all the ancillary costs attached. Remember to factor in the airplane ticket price or monthly mortgage payments you'll need to make. If you want to start saving, having a shiny prize at the end of the tunnel might be the motivation you need to finally put aside a hefty chunk of change.

Map Out Your Largest Expenses 

It might benefit you to map the larger expenses you plan on making in the future; that way, you'll know exactly how much to save and the date you'll need those funds. Say you want to purchase a new car in three years' time. But by the end of this current year, you want to help pay for your child's wedding. Locking in these big purchases with a deadline should help you figure out how much money you need to put away each month and how much you have left over for other big-time purchases.

Track Your Money 

Do you ever feel like your money is being pulled in a million different directions? Before you know it, you don’t have much left to save from your last paycheck. If that speaks to you, try tracking where your money is going each week. The results might surprise you.

Maybe you’re still paying for a streaming service subscription you only wanted to test out a few months ago. Or maybe you’re spending more than you’d like to admit on fast food each week. Whatever the case is, pay closer attention to the flow of your finances to cut out any unnecessary expenses and redirect that money to your savings.

Sell, Sell, Sell 

Have any unnecessary or unwanted items lying around your home? Why not put them up for sale on an online marketplace to see if you can turn a profit to be put toward your savings?

That old wooden dresser that’s clogging up real estate in your garage is the perfect candidate for auctioning to interested buyers. Ideally, you’ll receive interest from someone local, and you can meet up somewhere in public that’s close, well-lit, and has plenty of people around to complete the transaction.  

Save Automatically  

These days, you don’t have to manually transfer money from your checking account to your savings. Most banks offer a feature to assign a fixed amount from your paycheck to go directly into your savings with no additional action required.

If saving automatically is new to you, it might be best to start small. Pick a low dollar amount to extract from your paycheck at first, as choosing a number value too high could unexpectedly disrupt your usual economic routine until the next time you get paid.

We hope these ideas help you get started saving a little more each month!