How To Get Better At Saving Money
May 20, 2021 | June Mckaig
Saving money is so important and a skill we all need to master. Sadly, many people don’t know exactly where to begin if they want to learn how to get better at saving. The upside is there are many ways to start saving money. Do you want to save some money but what you have always seems to disappear by the end of the month? Here’s what you need to know about how to get better at saving money and how a car title loan can help if you haven't saved up money yet.
Why You Should Want To Know How To Get Better At Saving Money
Spending money is the easiest thing in the world. The fact is there will always be something to spend money on. And living paycheck to paycheck impedes your ability to build long-term financial stability. Do you want to stop stressing about money? There’s no special trick. You just have to start saving it. Here’s how to get better at saving money in four easy steps.
Learn Where Your Money Is Going And Cut Unnecessary Spending
First things first – take a good look at your bank transactions and make sure you know what you’re spending the money on.
Do you see any unnecessary expenses? Say subscriptions and memberships you don’t use all that often, frequent takeout/eating out, or impulse purchases you never needed but got tricked into because you browsed the isles/e-commerce site. The list could go on forever. You’ll need to cut these out in the future.
Identify Your Biggest Expenses And Cut Them Down If Possible
After unnecessary expenses, you’ll need to examine your mandatory expenses. Is there anything you’re overpaying for?
Rent and utilities might not be something you can control, but insurance like car, health, and life can be negotiated. Credit card payments can be negotiated. Medical bills can be negotiated. The grocery budget can be adjusted. Free spending can be adjusted.
In fact, there are even apps out there that could help you find out which bills you can negotiate to trim your spending. Try Truebill or Trim, for example.
Create A Working Budget
There’s no long-term answer to how to get better at saving money without creating a working budget.
The budget is an ultimate money management device. It will help you control your expenses, deal with impulsive spending habits – or at least identify if it’s a problem you need to work on – and help you divide the funds in a way that works for you.
Here’s the deal – you don’t necessarily need to cut out everything unnecessary. Constant denial has never made anyone happy. Rather, you need to control the amount of money you spend on things that give you momentary joy but push you back financially in the long run.
Yes, you can eat out, you just shouldn’t do it every day. One popular budgeting method is the 50/30/20 rule. This calls you to allocate 50% of your income to mandatory expenses, 20% to savings, and 30% to wants. Start from there and adjust as you go.
Automate Your Savings
Automating your savings is possibly the most straightforward answer to the “how to get better at saving money” question.
Every time your paycheck comes in, a set portion of it should be going into your savings account before you get the chance to touch the money. Treat it like a pay cut. Most financial experts advise their clients to save around 20% of their income, but if you’ve yet to pin down the workable budget, you can start with less.
Ultimately, the real solution to the how to get better at saving money question comes down to forming a money-saving habit and prioritizing it over your wants, especially when your money gets tighter.
Always Know What You’re Saving For
If you’re aimlessly saving money, you may become tempted to spend it. This is why you always need to have a target in mind.
Don’t have an emergency fund? 6 months’ worth of emergency funds should be your first goal. After that, you can concentrate on sinking funds you know you may need in the future. Next, concentrate on retirement and investing after that.
The truth is goals form habits. Have a goal for your savings and saving itself will become easier. Soon you will have your answer to the ‘how to get better at saving money’ question.
Dealing With Emergencies Without An Emergency Fund
Don’t have an emergency fund set up before an emergency hits you? Consider applying for a title loan at Southwest Title Loans. This kind of loan is a secured loan. Secured loans require you to put up something as collateral. In the case of title loans, you are using your vehicle’s lien-free title – that is in your name – as collateral.
A title loan is an accessible, short-term loan that is a good option for those who need to get cash together for an emergency expense quickly. The plus side is you don’t have to relinquish your car while you repay the loan. We are using your vehicle’s title as collateral, so we hold onto the title, not the vehicle.
All credit types are welcome – whether you have good, bad, or even nonexistent credit – and you can even apply if you happen to be unemployed. The best part is the process takes only around 30 on average to complete. And if you are approved, you will have the cash on the same day.
How To Get a Title Loan Near Me
Another benefit is you can start the title loan process online. If you meet the requirements and have the required items, you can start by filling out our online form. You must make sure you are over 18 and fully own the vehicle. The required items you’ll need are:
- A state-issued ID or driver’s license to verify your identity and age;
- Your vehicle for a quick inspection to determine how much you could qualify for;
- The vehicle’s lien-free title in your name. Lien-free means it is free of outstanding liens.
If you have all the required items in check, you can then fill out the form on the Southwest Title Loans website and answer when the loan representative calls you with further instructions. You then head over to the nearest title loan location. Have the required items so the loan representative can assess them and inspect the vehicle. If you qualify for approval, your loan representative will help you fill out the paperwork and hand you the money.
When it comes to how to get better at saving money, there are no complicated tricks. With the right tips, you can easily get started and eventually see results. And if an emergency strikes while you are trying to save, you can always turn to title loans for help. Fill out our online form to get started.