Tips To Reach Your Savings Goal

Do you have a savings goal you’ve been itching to reach? Here are some savings tips to speed up your process.  

1. Save Don’t Spend  

Spending Freeze 

Though it may sound easy to save and not spend, push yourself a little harder and try out a spending freeze. During a spending freeze, you set the duration of time where you do not spend on any outside purchases unless an emergency comes up. Make plans to stay in, cook at home and use what you have. It can be a hard thing to do, especially as things come up. Limiting spending for a couple of days or weeks can result in a good chunk of cash to add to your savings. 

Envelope Method 

The envelope method is a way to truly see what you are spending. The envelope method requires you to set aside money-filled envelopes for each category and use solely the cash to pay. When you take money out, you can see how much you have left to spend and when you are out. This trains you to see how much you are reaching for your money envelopes. 

2. Spring Clean Your Home  

Sell Some Belongings 

Sometimes selling a few things you are no longer using can add that extra amount you need to boost your savings. Maybe it’s time to sell some clothes, shoes, décor, appliances, electronics, etc. You can make it easy and post online or sell to your circle.  

Save On Utilities and Rent  

A roof over our heads can be a huge chunk of our spending. Consider living with a roommate if that works for you at the stage of life you are at. Cut your rent in half and bring in a roommate. If a roommate isn’t the best option for you, consider reducing your utility bill by using less energy.  

Some ideas to use less energy: 

- Turn off fans when not in the room 
- Run less laundry and dish loads 
- Use less water – try out a dry shampoo instead of showering each day
- Schedule your thermostat to not run all the time 
- Use natural lighting during the day 
- Unplug items from outlets when you’re through using

3. Do It Yourself Projects  

DIY projects are very budget friendly. To add some extra cash to your savings, consider doing DIY projects rather than buying things new. You also could find a DIY project you are good at and sell it for additional cash.  

4. Incorporate A Side Hustle  

Like the DIY projects to sell, that leads to incorporating a side hustle. A side hustle could be as much or as little as you make it. Here are some short-term side hustle ideas: 

- Sell DIY projects

- Garden help 
- Babysit 
- Housesit  
- Lawn maintenance 
- Monetize your Amazon storefront

- Monetize your socials (ex. LIKETOKNOWIT) 
- Promote products you love 
- Edit for a freelancer  
- Dog sit  
- Bartend

- School pick up 
- Farmhand  
- Monetize a YouTube Channel, Instagram, Tik-Tok or Podcast

5. Adjust Your Budget  

Finally, consider adjusting or reworking your budget and assess your finances. Do your research for ideas of how much you should be spending and how much you truly should be saving. Make sure that you have a deadline in place, so you know how frequently you need to cut spending here and there to meet goals.  

Do you have a savings goal you need to meet? The best answer is to make a change to your spending and start now. Contact Fairfax State Savings Bank to open a savings account today! 