Save At Work To Make Securing Your Financial Future Easier
If you're like me, you might be feeling a little scared these days about the future. In an age where more and more of the work we do is done remotely, with technology on our side, it can feel like there's not much of a chance for us to make money in old-fashioned ways — we've been replaced by robots! Some people might have other reasons for this fear such as their jobs being outsourced to cheaper countries or that they don't earn enough to live comfortably. Yet few people really take into account how saving while working can make our financial futures easier.
And it's not just about saving money. We also tend to forget that our identities and self-esteem are largely tied to work — we're comfortable in our jobs, we feel like ourselves and we're happy. So when thinking about other ways we can keep more for ourselves — whether it's retirement or buying a house or cars — many of us put off the idea of saving because it makes us uncomfortable! But with these six tips, you'll be surprised at how easy it is to save while working!
1) Save at Work
Everyone is guilty of this in some way. We're usually saving when we're tired or bored, which means we'll be less likely to do it. That's why we need to train ourselves not to wait for the perfect moment. Instead, you should approach your savings at work in the same way as you would any other part of your life — make it part of your routine.
When I was younger, I remember saving money by doing things like taking my lunchbox money and using it for groceries instead of buying things I didn't need. For me, the thrill of saving was doubled because one thing that made saving fun was knowing that I could buy something later and still have enough money in my pocket. That thrill of saving was one of the things that kept me going even when I didn't have a lot of spare cash.
2) Save a Little Before You're Told to
If you get your direct deposit on Fridays, why not put aside $20 before you get it? Many people use their paychecks for expenses and then just have whatever is left over as free cash — if they're lucky. But what about the times when we really need some extra cash? What happens to that $200 we earned at work — which we've already spent? Maybe it's not quite enough for us to take an expensive vacation or start a new hobby but it might be just right if we want to have some fun and go out with friends.
3) Save a Little After You've Been Told to
With our direct deposit on Friday, we're told we have spending money every week. But what about all of the other days throughout the week or month? Don't they deserve saving money as well? If you think about it, there are many days where we don't really need the money that we're going to be paid on Friday. After all, how much could we possibly spend at lunchtime or on a Tuesday afternoon?
The trick is to use some restraint when you get an unexpected bonus paycheck as well — put at least a little bit into your savings. After all, that unexpected paycheck might be what keeps you from buying a new car.
4) Find Ways to Earn Extra Money
Once you start to put aside some of your savings at work, you might want to find ways to make more money so that you can put even more into your savings. Some people will get part-time jobs and others will increase their productivity at work by learning shortcuts (I never learned keyboard shortcuts in Microsoft Word until I started this blog — and I still regret it!). But if you're not an expert in anything yet, then why not consider using paid survey sites? My favorite is SwagBucks but there are plenty of others out there as well.
5) Save at Home to Make Up for It at Work
It's not uncommon for people to save a little at work in order to save even more at home. This takes advantage of the fact that many employers pay us with prepaid cards or direct deposit so we can use our savings for anything — from grocery shopping and utilities to vacation plans and car payments. I know that some people put extra money aside, take a vacation then have their paycheck deducted so that they don't have any extra on their card.
In my case, I've been saving up towards a down payment on a house and the rest of my savings is what's left over after paying my debts and expenses. But if you're using other means of saving, it might be worthwhile to look at the way you save at home and see if there are ways you can change things so that you can save even more.
6) Start An Emergency Fund
If you're like most people, your savings account is only good for emergencies — sorry! Most of us have a recurring expense we have to pay each month — such as rent or mortgage. When you hear "emergency fund", what we think of is money earmarked for that purpose. And in reality, the best emergency funds are the ones kept at home so that we don't depend on spending money from work just because something unexpected has happened.
For instance, imagine that we're saving for a house but we save a little too much at work and run low on cash. Do you really want to use your savings to pay our rent this month? What if something else comes up before your paycheck comes in? What if you lose your job? It's important to start thinking of savings as a means of saving instead of an end goal because then you can start thinking about how it will affect the rest of our lives instead of just the one paycheck that we're waiting for.
Conclusion
That's all for now! We've talked about how you can start saving at work and at home. The key is to make saving a habit and not something that feels like a chore or something you have to do but not want to do. Remember, it's your money — so you should get to decide how to use it!
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Want to start saving but not sure where to begin? Check out my list of 7 early retirement resources . These are the best and most reputable tools out there for those who want to retire early! I also have another article on this blog that will teach you how you can save $10k per year at work by using your 401k .
Conclusion Aside from saving all the time, I will start putting aside even more for saving when I receive our spare change. Since we keep our savings in a regular freezer bag, it'll be easier to put aside all of our change and then transfer it into a jar that's readily available when we need it. This will also help to remind me that we're already saving money during the week so I don't feel bad about spending some on weekends or whatever. We'll also look at getting part-time jobs that can help us save even more in case something comes up and we want to cut back on spending money from work.