FIVE TIPS FOR SAVING MONEY THIS FALL... OR ANY SEASON!
Fall is in the air here in Central Indiana and if you are anything like me you are online shopping for a new fall wardrobe, craving pumpkin spice lattes, and filling your calendar with outdoor activities with friends and family. While all of these things are great during the fall season, it is also important we don’t forget to put aside some of the money we so eagerly want to spend. Here at Aurora Financial Strategies, we want our clients to be able to live life to the fullest, without the stress or anxiety that comes with money and budgets. That’s why I have created a list of a few tips to help our friends, clients, and community save and monitor their saving and spending habits, not only for the fall season but for every season of life!
1. PAY YOURSELF
a. As my boss would say, “I’m never going to yell at you for saving too much money,” and surely you won’t be getting mad at yourself for saving too much either! Whether it’s a contribution to match your employer’s 401K, a little bit set aside for your child’s college fund, or just to accumulate growth in your personal investment account - it is so beneficial to save money from each paycheck. For most banks, and even through us in your TD Ameritrade account, setting up a reoccurring contribution is simple. If you’re like me, you won’t even realize this money has disappeared from your checking account and will be thanking yourself years down the road.
2. USE A FINANCIAL TRACKING TOOL
a. E-Money is a tool that allows you to track all of your financial information from one location. Want to hear one even better? Each of our clients here at Aurora has access to the E-Money platform for free. Whether it be the amount left on your car loan, how much you have in the bank, or how much money you spent eating out last month (yikes!) you can categorize, track, and budget your spending limits to overall help you have a better mindset of where your money is being spent.
3. PRIORITIZE AND LIMIT
a. Each of us has different financial priorities, however not having a limit on the amount spent is where the real issue comes to play. When we don’t allow ourselves a spending limit, we too often go over what we intended on spending to begin with. I know for me, the amount I’ll be spending on expenses and amusement changes weekly so I try to plan out a rough estimate each week in order to hold myself accountable. Just by forcing myself to have a number in mind, I can usually stay under my limit for the week, leaving the rest for my savings account. Challenge yourself to prioritize and limit your spending habits, you may just be shocked how much you have saved.
4. START USING CASH
a. Yes, I know we are living in 2020 where Apple Pay, Venmo, and Square are all in full use nearly everywhere we shop making an electronic purchase effortless and thoughtless. Before you know it, you’ve spent way more than anticipated without even realizing it. If you’re having trouble sticking to the points above, then it may be wise to start using cash. Sounds simple, right? Not entirely yet it can be beneficial. When using cash to shop, it inhibits you from making those unnecessary online purchases, eliminates the easy swipe of a card, and instead forces you to physically hand off the hard-working dollars you are handling for the items purchased in return. This tip might make you think twice about your next purchase!
5. UNSUBSCRIBE
a. Hear me out, I know it sounds silly but unsubscribe from those pesky emails about the latest deals on things that you… DO.NOT.NEED! Eliminating the thought of purchasing unneeded items will help you from giving in to those purchases you thought were such a steal in the moment but later realized how unnecessary they were. I am not telling you to give up online shopping, I’m definitely not! Instead, visit their website every time you want or need something rather than each time you receive an email to your inbox.
I get it, life is short and we don’t want our financial issues stopping us from going out with friends, taking a much-needed vacation, or remodeling the house. Making the choice to set aside money periodically, monitor spending, and avoiding the temptations of unnecessary spending can all lead to a few extra dollars to put towards your future while giving yourself an allowance to go enjoy life in the process. Visit the local apple orchard or pumpkin patch with family, leave some extra cash to grab dinner out with friends, or purchase that perfect fall candle for the house, just continue to save in the process so you can splurge on the fun things for years to come.
Allie Ault
Client Service Coordinator
Allie Ault is the Client Service Coordinator of Aurora Financial Strategies, a financial advisory firm based out of Kokomo, IN. She can be reached via email at allie@billycardwell.com. Investment Advisory Services are offered through BCGM Wealth Management, LLC, a SEC registered investment adviser. This blog does not constitute advice. This is not an offer to buy or sell securities.
