Strong Female Leaders

By Freelance Contributor | Strong Female Leaders | Reading Time: Five Minutes
Need a boost in the personal finance department? Start with savings, because a penny saved is a penny earned. If you need fresh money-saving tips, scroll down and find creative ways to save money, build a rainy day fund, and invest for the future.

10 Creative Saving Tips

1. Pay with cash.

If you can see how much money leaves your wallet during each shopping trip, you will be more likely to spend less.
Start by freezing all of your credit and bank cards, literally. As in, store them in the freezer. If you can't take them with you, you will not use them.
Next, delete all payment apps. Or, leave your phone at home during shopping trips. There was a time when people did not bring their phones to stores and they lived good lives just as we do today.
Whatever necessities you need, use cash to purchase them instead. You'd be surprised at how willingly you would want to save just by seeing money leave your wallet.

**2. Get a fun second job.**

How much time and money do you spend socializing with friends at pubs and coffee shops? Instead of spending money socializing, make socializing your job. If you frequent the neighborhood joint, then find a waitressing or hosting position there on the weekends. If you enjoy hitting the gym, then get certified and teach a class or become a personal trainer. If you like meeting new people and putting yourself out there, then get licensed as a real estate agent and host open houses on the weekends.
Whatever hobby you enjoy doing, find a way to turn it into a fun part-time job. Instead of spending money on fun, you will make money while having fun.

3. Start an envelope system.

Find three envelopes and label the first one "savings," the second one "education" and the last one "entertainment." For each paycheck, after paying off bills and setting enough aside to satisfy your monthly budget, take what's left out in cash. Put 50% of it into the "savings" envelope, 30% of it into the "education" envelope, and 20% of it into the "entertainment" envelope. Now try not to spend any of the cash until you've fattened each envelope. And if you do spend the cash, make sure that you spend it on the corresponding category, and avoid taking anything from the "savings" envelope.

4. Initiate a saving challenge.

If you are the competitive type, then you will thrive on a saving challenge. Challenges are fun ways to help you reach your goals. However, as much as you'd like to shoot for the stars, it's better to start small. Have a modest and specific amount in mind that will contribute to something exciting. For example, a $1,000 vacation with girlfriends or a $300 anniversary present for your spouse. With a specific goal in mind, put away $50 - $100, or however much you can afford, of each paycheck until you have achieved the goal. It's even better if you do it with a partner in order to keep eachother accountable.

5. Check your account daily.

You can't save much if you don't know how much is coming and going. Start the habit of checking your bank account daily, even if on most days your account doesn't experience any action. Visiting your account daily creates a trigger for you to be more mindful about spending and sets a reminder for you to save consistently. It's not about money; it's about psychology.

6. DIY personal care items.

Nails, facials and other self-care practices can be done by yourself for a fraction of the price of using professional services. If you can, DIY as many personal care items as possible. Over time, the savings will build up.

7. Go out during happy hours.

Everyone needs a social outlet. You can still get yours and not break the bank. Instead of paying $30 per plate and $15 for a drink during dinner and evening hours, go out during happy hour when the same food and drink cost much less.

8. Clean up unused subscriptions.

Once a month, take an inventory of all the magazines, services and apps that you subscribe to. Ask yourself if you can live without them. If you find any, discontinue them. Soon, you will not even notice that they are gone.

9. Write a shopping list.

How many times have you walked into the grocery store with milk in mind and walked out with bags of stuff? If you have a shopping list ready in hand before entering the store, you will be less likely to make compulsive purchases.

10. Plan vacations six months ahead.

If you purchase tickets to Hawaii for a trip in December during the heat of the summer, tickets will cost less. It's always a good idea to plan ahead, purchase in advance, and budget with the future in mind.

Parting Thoughts

At the end of the day, it's about mindset. If you are mindful about money and intend to save, you will succeed. Whatever you need to save up for, be it a pair of designer shoes, a class that will advance your skills, student loans, vacation, a rainy day fund or retirement, if you practice good saving habits, you will achieve what you want. Saving money is hard, and that's why using creative methods helps. Start with just a couple of the tips above and see how things go. If you keep at it, you will get far.