Do you struggle to save money?
Do you have a habit of spending stashed cash as soon as you’re running low on funds? You sound just like me. I’ve never been the best at saving money, even though I’ve desperately wanted to be! But not too long ago I decided that enough was enough. This is our year to become serious about saving money, investing into our future, and never being broke again! I’ve learned how to say no to unnecessary spending and save money without even thinking about it. I’m going to share a few of those tips, including saving money automatically, with you!
In the past I’ve always tried to save money by stashing cash in a safe spot around the house. I always tell myself “out of sight, out of mind.” But guess what, it’s never out of my mind, haha. As soon as our checking account starts getting low, I run straight for the stashed cash.
Which don’t get me wrong, it’s great to have. But I want a legit savings. A certain amount of money set aside for emergencies and expenses that I don’t touch unless it’s an emergency.
Not just some cash laying around the house just in case I want to buy Chick Fil A the day before payday.
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The one thing you have to have when it comes to saving money, is self discipline.
I talk about self discipline A LOT because you definitely need it when practicing personal development. But you also need it for other areas of life, including your financial goals.
People who have savings accounts, and are buying homes, and people who make smart money decisions aren’t just “lucky”. It takes a lot of practice, patience, and self discipline to get there.
My biggest downfall when it comes to saving money, is spending money on food. We loveee take out in my house. I enjoy cooking, but grabbing a delicious meal cooked by someone else is amazing. Especially because that means less dishes for me to clean.
But what I have learned to do is limit the amount of times we eat out in a week.
I’m not gonna lie, we used to eat out about 7 times just on the weekends. Breakfast, lunch, and dinner at $20-$40 each time adds up quick. And then we’d occasionally eat out once or twice on a weekday. When I sat down and actually added up the amount that we spent monthly on eating out, I got a little nauseous.
As much as we love take out, I knew it couldn’t continue like that. So we went cold turkey and cut back to eating out once a week.
It was tough, no doubt about that. But having that money in our pocket was worth it. We do give in occasionally and eat out more often than once a week, but we don’t make it a habit.
When the kids say they’re hungry, and I’m really not feeling like cooking, I look in the kitchen for something super easy to make. Like our favorite, chicken and rice. A box of Zatarains Jambalaya Rice Mix mixed with some frozen chicken (after you cook it of course) or cooked sausage. It takes me about 5 minutes to throw some frozen chicken breast in a pot to cook and then once I dice it up, I add the rice to the pot so it can simmer for about 20 minutes until ready.
My self discipline really comes into play when trying to avoid take out.
I spend a few minutes talking myself out of just running to the drive thru.
If you’re really having trouble with this, you should take that $30, or however much you would spend, and add it to a jar to keep in plain sight. Each time you think about eating out, add that money to the jar and see how fast it adds up. Or do what I did and write down how much you spend on eating out weekly and then multiply that times 4 weeks. Visuals always help me.
I recently ran across a post in a Facebook group where someone was talking about this app that helps you save money.
The woman who wrote the post said she was really broke at the time (with like $4 in her account) and she remembered something about this “subscription” that kept coming out of her checking account so she went to cancel it.
But then she realized it wasn’t actually a subscription. It was an app that she had downloaded and set up – and then deleted because she decided to go back to saving money on her own.
Please note that if you download and set up this app, you’ll need to disconnect it if you decide to stop using it 😉
When she opened this app and realized it wasn’t a subscription, she saw that she had SEVEN HUNDRED AND THIRTY SOMETHING DOLLARS SAVED.
I’m sure your mouth dropped just like mine did. She went from $4 to $730 instantly.
This app was saving money FOR her, and she didn’t even realize it.
She knew a “subscription” was coming out every now and then but it wasn’t enough for her to care too much.
The app she was using (and that I’m now using thanks to her post) is called Digit.
When you download the Digit app and connect your bank account, it analyzes your spending and automatically moves money from your checking account to your digit savings account. You don’t have to decide on an amount to save, the app does that for you based on your spending habits. The amounts that are transferred are small, usually $2-$5 but can get higher once the app “gets to know you”.
The highest they have transferred for me was $14.27, but I had a pretty good amount in my checking account and I was making big purchases around that time so they knew I could afford to spend a little extra.
But, they only transfer money when you can afford it! You can turn on overdraft protection and they will put a pause on saving if your checking account reaches $25 or less. A bonus to that is they even automatically transfer a little bit of cash from your savings back into your checking account once it gets low. That was a nice little boost to make it until payday.
Now you may be thinking well how can this be safe?
The Digit app is FDIC insured up to $250,000 just like your bank is. They even have awesome perks like their 1% annual savings bonus.
You can also set it up to where they make your cell phone payment, credit card payment, and student loan payments automatically. That is one (or three) less things on your monthly to do list.
Unfortunately though, right now Digit is only available to United States users.
But you can access your money 24/7, 365 days a year and transfer as needed.
I’ve already been able to save $50 in the short time that I’ve been using it.
In three weeks time I’ve saved $50 and cut back on unnecessary spending because I thought had less money than I actually did (that visual thing coming into play again).
I’ve even tested the overdraft protection and as soon as my account hit $25, they sent me a text to let me know they transferred $21.32 back into our checking account.
Digit keeps me updated with text messages telling us our daily checking account balance and reminding me of why the changes happened.
They make saving so easy and you don’t even realize you’re doing it. You can choose one of their savings goal options or create your own. You can even boost or pause your savings at any time.
I have nothing but good things to say about this new way to help with saving money automatically. Digit has definitely won over my business and I’m so grateful for this easy way to save! 2020 will for sure be the year we accomplish our savings goal and jump start our mission to becoming home owners. All thanks to the Digit app and practicing self discipline.
To learn more about self discipline, read about how to instantly increase productivity throughout your day or how to drink more water when you’re not a water drinker.