Alright, first of all, I am not an expert on how to save money, but it is something that brings me so much joy. Managing my money is something that has always brought me some stress, and if you read my 2021 resolutions you’ll know that I’m trying to stress less about it.
When I moved home from Edmonton, I was unemployed for a while and trying to save a down payment for a house – not easy. Like I said, I’m not an expert, but I can share how I save money, especially when I don’t have much to work with!
Here’s a glimpse into how I manage my money.
Automate Small Savings
One of the easiest ways to save, even when it feels like you have no money, is to automate a small and realistic savings amount. Of course, this totally depends on your income and expenses and what you can afford to move into savings.
When I first moved back to Kelowna and started saving for a down payment on my home, I had very little wiggle room in my budget, but I knew that if I didn’t start prioritizing savings right away, I’d be so much further from my goals. So, I automated a bi-weekly payment of $25 to my savings account. It was a great base to start with and I was able to increase my deposits as I started earning more income!
Monthly Calendar
I always need to see what’s happening with my money on a monthly basis in calendar form. I like to use the Budget by Paycheck printable worksheets and then write in when each bill and paycheque will occur. Once I can see the month at a glance, I then do my very basic list of calculations and factor in at least one savings contribution in the month. I hate math, but I live by my little list of additions and subtractions!
I also keep a separate savings account for my business taxes and expenses.
Every Little Bit Counts
Remember that every contribution to your savings, no matter how big or small, is helping you to reach your savings goals. I used to only make contributions to my savings account when I had a substantial amount of money to move over, but now I save any dollar amount that I can! After I’ve gone through my budget for the month, if there is $5 left over, it goes into the savings account!
Have A Goal
The easiest way for me to save money is to have a goal in mind. If I’m saving just for the sake of saving, I’ll get nowhere fast. I always have a savings goal in mind, whether it’s a down payment for a house or an emergency fund. Having a goal in mind helps to keep you on track and to make savings a priority.
When you don’t have much money coming in, it can definitely feel like savings is a pipe dream, but the more that you do it, the more motivated you’ll become to earn more and to save more.
The greatest lesson that I have learned in saving money is that it is a long game. You can’t beat yourself up for not being at your savings goal immediately – it’s going to take time, patience and discipline, but it will be worth it to know you have something to fall back on.
Do you have any tips to save money when you don’t have much to work with? Let me know!