We put together a checklist for you to save with tips to help you save your hard earned money to buy a home, in spite of rates!
Here is our list! Be sure to read below for more info:
- Schedule “no spend months” throughout the year – try one in February where you don’t buy anything that isn’t a necessity and see how much money you can put away into savings from that alone!
- Use an envelope system – Dave Ramsey is known for his envelope system where you categorize all your expenses including entertainment, clothing, and groceries and break down your budget with a specific amount for each category. Once that “envelope” is used up, you can’t spend anymore money from that category. It will help you better manage money and not spend it on unnecessary or unplanned things. People either love or hate this one – what do you think?
- Set up a monthly money review process – Keep an eye on what you’re spending money on so you can cut back where needed!
- Use the 72 Hour Rule – This is our favorite! If you have the idea to purchase something – whether it’s that one click buy from Amazon because you really wanted that new book that Amazon “suggested” or that gadget you just have to have for your kitchen! Instead of hitting that one click buy, hit add to cart, then WAIT 72 HOURS to make the decision whether or not to buy it! Stop the impulse shopping in its tracks!
- Lastly, Read or listen to one money related topic per week!
Money Educator: @fuelingfinancialfreedom
Millennial Money Expert: @deeper.than.money
Finance Blogger: @themoneyminimalists
Money Coach: @financiallifocused
Happy Savings!!! – Chris & Kait
