Learning how to save money can help you become financially secure and provide a safety net in case of an emergency.
Money may not be the root of all evils, but it certainly is one of the major stressors haunting the Americans with 48% of them stating their expenses equal to or are more than what they make. This means nearly half of Americans are living paycheck to paycheck. Data also shows that 42% of them are also at the risk of retiring broke.
The one major area that eats up a significant amount of potential savings is also the area where we can save the most in with a dash of ingenuity- Shopping.
Shopping, as an activity, is woven so intimately into our culture that it has become the favorite pass time for many of us. It’s what we instinctively turn to when we are excited, stressed, sad, bored, lost, and even drunk. Making smart financial decisions and saving for our future is something we all aspire to do, but being continuously bombarded by persuasive advertisements encouraging the pesky “buy now” habit can make it difficult to put off getting things we don’t need.
This article aims to show you how you can save money while still embracing your shopping habits. It’s an attempt to help you become a better and more mindful shopper. This way you can still have what you want without draining your bank account.
Because it helps establish a strong keystone habit critical for wealth building: Saving.
Keystone habits are those little habits that essentially spark a chain of positive outcomes in multiple areas of your life; saving is one of them.
Think about it- shopping is an activity that most of us engage in, to some extent, every single day. Whether it is a quick stop at the supermarket to get milk, doing the weekly grocery shopping, going to the mall for clothes, browsing online for a new gaming console because you have an hour or two to kill, we part with at least a little bit of money every day.
Going shopping with a mentality of saving primes your brain to avoid mindless spending. And if you can learn to save a little bit of money each day by becoming a smart shopper, this habit will also extend to other bigger purchase scenarios such as when you are out shopping for insurance, new car, house, or picking vacation packages. Regardless of where you stand in your income level, by shopping smarter, you can accrue a nice stack of savings that will ensure that you have a comfortable financial cushion to keep your future safe in times of economic uncertainty.
Besides, little things add up. Making small savings every single day not only fosters your saving habit, but also the amount will add up to big savings over time. Saving just $200 per month (less than $7/day) can leave you with $2400 at the end of the year for your nest egg and emergency fund.
The following tips are effective on its own, but to see significant savings try to implement as many of them (preferably all) as you can in your daily shopping routine:-
Remember that saving money is both a skill and a habit that you must embrace to be financially secure. By practicing the art of saving on a common activity like shopping, we hone that skill and strengthen that habit. Besides, it's smart to start saving today when you have the luxury to do so because the economy is unpredictable. It’s never too late or early to safeguard your financial future. By saving just a few bucks using strategies mentioned above, you will be securing the future of yourself and your loved ones - who doesn’t want that?
What are you saving for? Learn about Seacoast Bank's personal savings account solutions.