Rachel Biar, Assistant State Treasurer, Director of Enable
The beginning of the year is the perfect time to create better savings goals, and form long lasting habits for success. Not sure where to begin? To help make the most out of your savings this year, we’ve put together a few of our recommended money savings tips for Account Owners to implement into their routines.
Utilize the Three-Day Rule
Before buying a small or big-ticket item, put the item on hold or in your shopping cart but wait a few days before making the purchase. By giving yourself a few days of wait time, you can reflect on whether or not you truly want or need the purchase. This is a great way to avoid impulse purchases as even seemingly inexpensive items add up over time.
Find a Lucrative Hobby
From making jewelry and baking treats, to playing with animals, there are many fun hobbies you can turn into an enjoyable stream of income. Research online for inspiration and tap into your networks for business guidance and insights.
Instead of eating out, meal prep for the week ahead of time to ensure you are staying on track of your grocery budget. In addition, purchase an eco-friendly reusable water bottle - not only will this help increase your savings, but it is also environmentally friendly!
Tap into Social Networks
From furniture to books, you can often find items heavily discounted or even free being offered on Facebook groups and community forums. Make sure to ask around and look into joining discount groups, and other relevant pages within your social network.
Visit Your Local Library
Not only is your local library free, but in addition to books, they also offer movies, computer classes, job resources, and fun events. Visit your nearest branch and learn about their programming and resources and take advantage of all they have to offer.
According to experts it takes at least 30 days to form a lasting habit, so try out these tips starting today to kick off your savings and the start of your year on the right note.