Incorporating Savings into a Budget

Many times I have attempted at keeping a good saving and I learned something. It is really hard! With multiple failures comes multiple chances to learn. After researching from each try, I picked up and developed a few tips, so hopefully; you as well as I can succeed in savings.

Before jumping right into saving tips, make sure you actually have a budget plan.

Record Income & Pay Bills along with Essentials First

Make sure to record all the income that you make every week, two weeks, or month. Then obviously and sadly bills must always come to the top of the to-do list, along with necessary things such as groceries, toiletries, and gas. Anything that is left over goes into normal spending where you can choose what to purchase for yourself…

..Unless you are going to save some cash. If that’s the case then here it is.


Savings Account

The best thing to do for savings is to open up a savings account at a bank. This allows you to put money somewhere that is harder to reach and spend. Plus generally there is a bonus interest rate for having money saved in the bank, so you earn a little bit extra.

How Much?

How much should be put into savings? Depends on three key points. It depends on how much you have to spend, what is being saved for, and when it is needed. If you aren’t saving for a specific purchase you can keep it at a lower rate an example would be emergency savings. The chances of an accident happening are less likely to occur. The when in this instance is uncertain along with how much. Plus Emergency savings should always be a constant which is putting money in the same savings even after paying something for it. When saving up for one bigger purchase it is always good to put a larger amount in because once finished the money that would originally be put towards the purchase can be redirected towards something else such as savings that is constant. It all depends on when it is needed to be paid though. A good way to decide how much you need to save is to write down how much you need by a certain date and calculate how much you can put in every pay to reach that amount within the given time.

Compare Essential Product Costs

Buy the things you need for the lower prices at the store instead of products at the top brand. A lot of times the quality is near the same and you can save more than you think.

Become a Coupon Guru

Yes, a Guru. Utilize coupons and store credit that they have to offer.

Dropping Habits

As much as I love soda, I love money and health more. Every day we spend money on small items that we don’t think too much about. Spending a little bit of money for a product is not a big deal but it is when you buy the same product repetitively. Just a few examples of how much small products can add up to a year on average are:

  • Eating out $1,200 especially fast food (Quick fact 20% of American meals are in the car).
  • Coffee $1,100 not including home coffee.
  • Soda $850
  • ATM fees $256
  • Smoking $2,000 if smoking pack daily.

Some people even exceed these numbers so it might be good to take a step back and look at how much you spend on small products throughout the day. My recent goal to quit soda in developing a new lifestyle change has so far been a success, going on a month now. Want to know some of my tricks for reaching this goal visit my post on “Tips & Steps for Goals”.

Cut into the normal spending

Those brand new shoes may be nice but do you really need a new pair? Don’t spend money on things that are not necessary. Buy only what you really need.

I should take my own advice.

Slush savings

Slush savings is when you have your money saved and a portion of it is available if you end up needing to pull money out of it. Like you ended up spending more gas in the car than you expected, pull $20 out of the slush savings and try to return it when possible.

Multiple Savings

Having specific savings accounts for different purposes. Creating areas where the money can be divided out makes it harder to pull it all out. This also helps reach multiple savings goals at the same time.

Make the numbers visible for motivation

Making an updated chart of how much is being saved helps people stay motivated on keeping it saved. Create a habit where you enjoy seeing the numbers in the bank account go up. It is Very satisfying.

If I could only keep it up that is.

Set rules

There are two types of rules you can establish Punishment And Basic. Punishment is if you spend money on something that you shouldn’t then you have to do something to punish yourself. Not like hurt yourself punishment but more like taking money away from your free to spend money and adding it to savings, an example: If you spend $6.00 on soda that week put another $6.00 in savings. Basic is simple rules that you will apply such as anytime you have change add it to your savings.

It is worth it

It can be an uphill battle but it will always be worth it in the end. Just keep your eyes on the prize and know, whats in the end, is better than any small purchases you can make.

Enjoyed the read? Leave a like or comment below.

13 thoughts on “Incorporating Savings into a Budget

  1. Hey, Nicholas, I have tried to make a budget several times, but my self-discipline was lacking. My wife took over this year and she has been doing a great job so far. I think coupons is one of the hardest items because of how much time it takes to find them. Great advice!

    Liked by 1 person

    1. Yeah I have attempted multiple times, Im starting to get the hang of it. You are lucky though! I don’t have a wife to take charge. Agreed that coupons are probably one of the hardest. The hardest for me is probably habits, I like to eat out and pay for my friends. Not really good for the budget though haha.


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