How To Start Saving Money: 20 Must-Know Tips For Beginner Savers

by Nov 11, 20210 comments

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There are a lot of things that happen during the month of November, and one of them is the local elections. But you might be asking, what does this have to do with saving money and how to start doing it?There’s something that we can learn from our politicians.

For example, our 39th president Jimmy Carter, is a very frugal man. When he was president, he was known for turning down the thermostat to preserve energy in the White House. Even after his term ended, he didn’t buy a new house – he and his wife just returned to their old home.

It’s impressive to me that he’s already going on 98 years old. But he wouldn’t have gotten there if he didn’t know how to start saving money.

If you want to live a fulfilling life like our ex-president, then you should learn how to start saving money. To get you started, here are 20 things you should know:

1. Don’t put off saving money!

Saving money is a mindset. The longer you put off developing it, the harder it is to start. Believe me when I say that the most challenging part is starting out. Once you get started, keeping the momentum going will be easy!

2. Learn how to set a budget

Budgets are a plan for your money. They help to visualize how much money you can spend on certain needs and categories. When I started living on a budget, it changed my spending habits and it might do the same for you. Check out my article on this topic for more info.

3. Make your money inaccessible

Making your money too easy to spend can lead to impulse purchases. If you can’t trust yourself with having too much money in your debit account, then consider opening another one. That way, you won’t cave in that cute top at the TJ Maxx checkout line.

4. Set financial boundaries

Being in a relationship, be it familial, romantic, or platonic, can get pricey. Try to set boundaries with your loved ones, like setting a limit on gift spending for the holidays. This way, you’ll be able to start saving money while still having a fulfilling relationship.

5. Avoid distractions

Uninstall apps that make it easy to spend your money. Amazon, Shein, and even GrubHub are examples of distractions that will tempt you to spend your money. Why allow yourself to be tempted when you can avoid spending altogether?

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6. Schedule your shopping trips around sales

Planning out your expenses around discounts, coupons, and sales can help you spend less money over time. Remember: sales are there to reduce the prices of things you were already going to buy. They are not an excuse to buy something you didn’t budget for.

7. Be prepared to make a few sacrifices

When you’re learning how to start saving money, then you’ll naturally have to make some sacrifices. Just remember that it’s all part of being financially literate. 

8. Learn to live with less

There are things that you might have that you don’t really need. In my case, it was a cable subscription I never used because I didn’t really watch TV anymore. Identify what you can live without, and try cutting as many of those as possible.

9. Find cheaper alternatives

It can be easy to become addicted to brand names. But sometimes, there are alternatives that function just as well without the branding. For example, brand-name medicine almost always has a more affordable, store-brand counterpart.

10. Use “free” resources

There are a lot of free resources that can give you what you need on the internet. If you want some quick and informative entertainment, you can check out my article for more tips to save money.

11. Your money isn’t the only thing you should save

Saving isn’t just about money, honey. Lowering your thermostat, turning off the tap, and unplugging unused devices will help when it’s time to pay the bills. Saving leftovers is great for reducing your food costs as well.

12. Learn how to invest

Learning about investments can be a great motivator when you’re just learning how to save your money. Once you’ve saved enough, you can take risks like investing in stocks and potentially adding to your net worth. 

13. Open investment accounts

Having investment accounts makes it easier to save for retirement. Sometimes, you have the option to automatically put a portion of your paycheck into your retirement accounts. Many of these investment accounts have restrictions on early withdrawals, making it harder to use the money to impulse buy. Check out my article if you want to learn more.

14. Track your expenses

Having an app to track your expenses can make it a lot easier to save money. For this purpose, I use EveryDollar.

15. Make it fun to save money

If you don’t change your perspective, you won’t get anywhere when you’re trying to learn how to save money. Looking at saving money as fun can help make it easier to transition to a more frugal lifestyle. One game I like to do is see how long I can go without spending any money. My personal record is about two weeks!

16. Identify your toxic financial habits

We all have a guilty pleasure when it comes to money. Things like Candy Crush microtransactions, McDonald’s burgers and fries, or monthly shopping sprees can all be money sinks. Identify what yours is and figure out a way to get it under control. 

17. You’re going to relapse, and you’re going to be fine

When you’re just starting to save money, there are going to be months where you spend over your set budget. Mistakes are a part of the process, and you just have to trust yourself to not repeat them in the future.

18. Remove the mentality that you have to buy everything

For things you can only use or wear once or twice, you don’t have to buy them. Rentals for cars, clothes, costumes, and all kinds of things exist for a reason.

19. Read some financial books

If you’re serious about wanting to learn how to save more money, then you might want to invest in a good book. A lot of great financial minds have put their beliefs and strategies into writing, and many of them are worth a read. Here’s what I can recommend.

20. Talk to someone with more experience

Books and blog posts can only get you so far, though. If you want more specific tips on how to save your money, then you should find people to talk about them with. Luckily, you can join my Wealth Builders Facebook group.

It’s the perfect community to discuss saving strategies and money tips like the ones on this blog post. What’s more, you can get exclusive access to insider information from experts like me. If you want more than just the 20 tips listed here, join the group today!

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