Rachel Cruze: 8 Easy Ways To Increase Your Savings
Written by
Katie Wudel
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In a world where financial stability is a top priority for many, finding effective ways to save money can be a game-changer. Financial expert Rachel Cruze shares her insights on easy ways to bolster your savings, regardless of where you are on your financial journey.
1. Embrace a No-Spend Month
During an episode of The Rachel Cruze Show, Cruze says a no-spend month is a powerful tool to drastically reduce non-essential expenses. This method involves focusing on the essentials (food, shelter, utilities, and transportation) while skipping luxuries like fancy coffees or impulse online shopping. Cruze suggests treating it like a game, celebrating small victories, and perhaps even turning it into a friendly competition with friends or family.
2. Display Reminders of Your Financial Goals
Place reminders of your financial goals in places where you’ll easily see them. You could place a note in your wallet, a family photo on your dashboard, or your savings tracker on the refrigerator. These visual cues in your daily environment can significantly reinforce your commitment to your financial goals.
3. Incrementally Increase Automatic Savings
Cruze recommends gradually increasing your automatic savings. Even a small increment, like $10 a week, can lead to significant savings over time. This method is subtle but effective, allowing you to slowly adjust your budget without feeling a significant impact.
4. Save Loose Change
This old-school method still holds value. By simply collecting loose change in a jar, you can accumulate a surprising amount of savings. Coinstar found that people, on average, have about $56 in change lying around their homes. This approach is easy and can steadily contribute to your savings.
5. Get Competitive with Savings
Turn saving into a competition. Whether it’s challenging your spouse to see who can save $200 first or setting a goal to save the most in a set period, making a game out of saving can be both fun and effective. Time flies, and with it, your savings can grow.
6. Cut Out Something You Love (Temporarily)
Challenge yourself by cutting out something you think you can’t live without, like a streaming service or a monthly subscription. Often, you’ll find that you can adapt to its absence and live comfortably without it. This approach can reveal surprising areas for potential savings.
7. Undertake a Pantry Challenge
The pantry challenge involves using up what you already have in your pantry or fridge before buying more groceries. This can lead to creative meals and significant savings. Utilize resources like the Struggle Meals YouTube channel for inspiration on making meals with seemingly random ingredients.
8. Limit Social Media Usage
Reducing time spent on social media and digital platforms can lead to savings. A digital detox, like limiting app usage, can reduce exposure to advertisements and impulse buying triggers. This approach is not about a permanent change but about observing the impact on your spending habits.
Bottom Line
Cruze’s methods for increasing savings are both innovative and practical. From embracing no-spend months to getting creative with the pantry challenge, there are many ways to save money without drastically altering your lifestyle. By incorporating these strategies into your daily routine, you can take control of your finances and create a life you love.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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