How to Save Money

Saving money can be tough sometimes, especially when you are young. The temptations of food, and other luxuries always seem to bring your wallet out of your pocket.  Saving money was really hard for me at times, so I can up with some tips to help you save money, like it did me.

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The most tempting thing that sucked my money away was food. I have friends everyday that text me and ask me if I want to get food. Five to ten dollars spent on food here and there doesn’t seem like much, but let me tell you, it really adds up. In one month I saw my bank account go from 150 dollars to almost nothing, all because of food. I really needed to cut back on how often I bought food, and that’s what I did. I only bought food when I really felt that I needed it, or there was no food at home.

Loose change is something we all love, it gives us some money to buy a drink or a slurpee at anytime. One thing I found really helpful in saving money was collecting this loose change in a jar rather than spending it on little things that are gone in five minutes. Over time the jar fills up all the way and after returning it, you end up with some real cash, cash that you can save.

One last thing I found really helpful while saving money was saving every 5 dollar bill I got. Every time I got a five dollar bill, no matter the circumstances, I put it in a glass jar and didn’t break it until it was full. At the end I broke it open to find that I had 100 dollars! 100 dollars in less than three months was really good, it was money that I worked hard to save and I got to spend it on something I could enjoy.

Do you have problems saving money like I do? Have you used some of the same methods I did to save money? What were some other methods you used to save money? What were some of the things you found yourself spending money on that you didn’t need to?

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3 thoughts on “How to Save Money

  1. Hey Max,
    I think that the methods you have described for saving money work well when one is motivated to stick to a pattern such as this. While I may have used piggy-banks when I was younger, I never really found them all that effective, unless you think putting coins in and completely forgetting about them for a long time is effective. I would not say I have “problems” saving money as much as I have a use for it and I spend it on something only for it to be a completely useless expense in the end. The absolute best way to save money is to create a savings account at the bank, put enough money in so you will earn interest, and do not touch it until you absolutely need it(i.e. college or retirement). You need to have a motivation to keep money to the side and you need to know how much needs to be saved and for how long you need to save it. The whole process is quite complicated, but creating a spreadsheet makes saving money much easier. Hope that helps!

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  2. Hi Max!
    I enjoyed your post. I am the self proclaimed queen of spending. I love to online shop and go to to dinners and things with friends which can add up. I found that carrying cash has cut back my spending instead of using a credit card. I am usually more less hesitant to use my credit card since I can’t immediately see the money draining from my account. It is a lot harder for me to hand over my hard earned cash to someone unless it is for something I really want or need. It also gives me a spending budget instead of having full access to my bank account. I’ll try some of your ideas in the future!
    Great post,
    Mallory

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  3. Max, I found your tips to be very interesting. I do the same sort of things that you do and it has really saved me a lot of money. I have done the same thing that you did with the five dollar bills, but I have not broken the jar yet. I used to have the same issue with blowing money as soon as I got it. i think that its the kind of thing you some what grow out of. I think once you get older you definitely start to realize the value of money more and have an easier time saving it.

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