How to Save Thousands Without Thinking About it

I have seen so many of these money savings challenges out there these days that it had peaked my interest and chances are if you are reading this than it must have sparked an interest in you as well.  

My conclusion after looking into so many of them is that it is just another thing for me to have to remeber to do. Am I right? There are ones that you can save quite a bit of money in a short amount of time but what good is it if I never remember to do it?  Sure I may start out great at it (like another New Year’s Resoulution, all good intentions) but after a while life gets busy and things happen and before you know it I have forgotten to save my money for three months.  

Do we really need something else to remember?  

Many of them are planned to save a different amount each week or month.  So then I find myself asking, what month am I on, what day is it, do I deposit 52 dollars this week or was it 136 or 75.  I don’t know about you but I am lucky if I know what day of the week or month it is on a normal basis, let alone how much money was supposed to go into savings on what day of the month.  I have meals to cook, a house to clean, animals to feed, errands to be ran, and kids and a husband to take care of.  Savings is the last thing on my mind and while I know it shouldn’t be, it just is.  That’s just it.   I am not making excuses here- I am being honest with myself and what I know to be true.  So while knowing that I should be saving money, whether it be for the rainy day fund, the vacation fund, or whatever ….these plans will just not work for me.  So what will work…..??

Enter the set it and forget it savings plan! I love to set it and forget it! Whether it is cooking or saving or cleaning or anything really, if we can automate the process why would we do anything else right?  So here is what the set it and forget it plan looks like. ( Now do not laugh at how rediculosly simple my plan is) That is the point Make it Simple, Easy and Automatic.

For this savings plan I didn’t start off thinking about how much I wanted or needed to save but rather I asked myself how much can I live without. If you are already living as though you make less than what you do this answer may come easy for you but if your are living paycheck to paycheck or less the answer may be a bit harder. Could you live with $25, $50, or maybe even $100 less every month? Maybe you are saying um….. NO. But could you find a way?  Could you maybe not get a coffee so often or not eat out as much? Is there somewhere in your spending that you could cut back? 

Got an idea? 

Good! Now to automate the process. So lets say that you decided there is $50 a month that you can give up ( I say give up but really when you think about it you are giving it back to yourself).  By planning your money out you have an intentional place for it to go rather than spending it here and there and never saving anything.  Ok, back to the $50.  If you are paid bi-weekly set up an automatic deposit of $25 into your savings every paycheck.  Now that doesn’t hurt so bad now does it.  $25 is small enough that you really wont notice it gone from each check if you cut your spending the way that you found would work for you.  However, if you do not cut the spending you will be hurting yourself.  So you will want to plan accordingly.  

So now you have $50 each month going directly into your savings account and you don’t have to think about it or worry about it again. Each month your savings account will continue to grow and it will start working for you. 

 HELLO intrest!! Saaaayyy W H A T?

Now let’s say you leave that same deposit plan for one year….how much will you have at the end of the year?  Maybe you leave it for five years. Now you have a nice little cushion in savings without making any real huge sacrifices.  

You can customize this plan to work for you. Maybe you find that the $50 a month was really easy and you want to try $100 a month.  GO FOR IT!  That’s only $50 out of every pay check.  At the end of one year you will have $1200 though.  That is $1200 that you probably would have spent here and there had it not had a planned place for it to go.  Now if you continue to do this for five years you will save yourself $6000 NOT including the interest

Isn’t that much easier? So go get started saving and be sure to come back and share with me how your savings is growing!

Do you have any simple and easy ways to save money? Leave me a comment I would love to hear how you save 💰

                                                                          

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