National Savings Day: How To Save Money Every Day

Happy National Savings Day! Every year on Oct. 12, the National Day Calendar recognizes those who value the act of saving money. This national day was founded by Capital One in 2017 as a day full of appreciation for coupon keepers and motivation for others to save. In addition, Capital One hopes this holiday empowers people to feel more confident about their relationship with money.

If you’re like me, you might find saving money difficult, especially if you’re in college. A lot of financial factors must be taken into account when going out and about or even staying home. But no worries—In true celebratory style, I’ll show you how to start saving on #NationalSavingsDay and every day after.

A penny for your thoughts.

For most college students, it’s your first time sticking to a budget and managing money on your own. As a result, you might not know all the tips and tricks to make your money last.

1. Start a savings account. After establishing how much money you have left over after paying bills, you’ll be able to gauge how much you can put into your savings account. Start small, and increase the split over time.

2. Create a budget. By creating a budget, you’ll have an effective way to keep track of your savings. If you don’t have a budgeting system in place, try using the 50/30/20 rule. Using this rule will divide your income by 50% of take-home pay for needs, 30% for wants, and 20% for savings. In this consistent activity, you will hold yourself accountable for your spending and keep yourself on track.

3. If you have a credit card, pay it off as quickly as possible.Credit cards are a great way to establish credit, but a bad credit score will follow you everywhere. If you’re using more than 50% of your credit card limit, you’ll have a higher interest rate. So, keep an eye out for your interest rates, and pay off any costs associated with the credit card off as soon as possible.

4. Don’t make impulsive purchases. This rule may be the hardest for some, but try to refrain from making impulse purchases. If you see something that catches your eye and you immediately want to add it to your cart, consider waiting 24 hours. Sleep on it, and if you still want it after a day, maybe get it! This technique will help refrain you from buying something you don’t need and won’t want in a couple of weeks.

5. Never go grocery shopping when you’re hungry. If you decide to go to the grocery store on an empty stomach, before you know it, you’ll have spent way too much money on Oreos and Hot Cheetos. So, make a list before heading to the grocery store, and stick to it!

6. Limit the number of times you eat out monthly. From coffee to full dinner meals, eating out can add up quickly. So, instead, plan on ordering take-out or using Uber Eatsonce a month. Maybe even get creative in the kitchen with some fresh produce and freshly brewed coffee.

Save money every day.

You are now on the path to saving more and thus gaining more financial peace! When you establish a consistent saving routine, you’ll be able to enjoy greater security in life and manage money stress.