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Saving money… it’s something we all want to do, but also something not many people truly know how to do. Even if you’re only saving a small amount each month, it builds up and the worth becomes apparent more and more. Thanks to The Penny Hoarder, we have some great tips to saving money each month.

  1. Create Goals

If you say to yourself “ok, each month I’ll take a small amount of my paycheck and put it in my savings,” then you don’t exactly have a clear goal. You should be saying to yourself, “ok, each month I’ll put aside 10% of my earnings.”

Set aside a specific portion and do your best to stay consistent. Whether it’s a percentage or a specific amount, it’s important to determine beforehand. Hold yourself accountable, and watch your savings grow.

  1. Find a Budgeting and Debt Repayment Method that Works Best for You

One way to establish your above goal is to truly analyze your income and expenses. How much money can you avoid spending? Of course, you need to pay the bills, for food, etc. But do you really need that expensive dinner out, for example? 

In addition to committing to your goal, you should also commit to a specific budget. The Penny Hoarder breaks down a few different budgeting methods:

The 50/30/20 Rule

Essentially, you’re splitting your income into three categories: 50% for essential bills and expenses, 20% towards financial goals and 30% to personal and miscellaneous spending. You can read more about the 50/30/20 rule on The Penny Hoarder.

Envelope Budgeting

Envelope budgeting is basically living on a cash-only budget. If you need better self control, determine your budget and take it out in cash. If you don’t have the cash, you can’t pay for it. It’s as simple as that.

Debt Avalanche

For those in debt, this method could be a good option. Pay off your bills with the highest interest rates first. Once that debt is paid off, move onto the next. This saves a lot of money over time.

Debt Snowball

Perhaps the opposite of the above method, this practice is paying off your smallest balances first. By doing this, you see your debt disappear faster and therefore motivates you more to stay true to your financial goal.

  1. Find Your Perfect Financial Institution

Many people choose a bank and leave it at that; however, just like shopping for a car or house, you should shop for the bank that works for you. Each institution is different and therefore deserves your attention to see what benefits you the best. You never know… your current bank could even be setting you back more than helping you.

  1. Automate Your Finances

Nowadays, we have apps for every possible task – that includes budgeting, bill payments and more. Go through your online app store and research the best apps to help automate your goals so you don’t have to think about them each month. Automate your payments so you can focus more on making money, and automate your savings each month so you don’t have to ever second guess it. There are a ton of apps if you do some simple research.

  1. Establish a Lifestyle that Allows Your Budgeting

It’s a hard pill to swallow, but if you want to save money, then you need to make sacrifices and make changes in your life. You could save around the house by eliminating as much electricity use as possible, repairing existing items (appliances, furniture, etc.) rather than purchasing brand new ones, and cooking at home rather than eating out. 

You could also plan game nights at home rather than meeting your friends out, having movie nights instead of going to the theater, and going for runs rather than paying for your expensive gym membership. You don’t need to change every little thing, but little adjustments will gradually payoff.

  1. Find Ways to Make More Money

So you work a full-time job, and that’s exhausting; however, there are always ways to make extra cash when you have time. Host a garage sale and get rid of all those items you’ve been hoarding, or try to sell your old clothes at a local second-hand shop. 

You could also pick up a more consistent side gig such as online surveying or teaching English online. The Penny Hoarder offers many different ideas for side gigs.

  1. The Infinite Banking Concept

The Infinite Banking Concept is a banking method that not many people learn about, but it’s a powerful and modern way to take full control of your financial future by creating your OWN banking system. Here at Up Planning Edge, we help people everyday open their eyes to how simple it really is to save and multiply their wealth. Interested in learning more and beginning your financial freedom in the new year? Check out our free resources and contact us at