8 Easy Ways to Increase Your Savings

foreign hey you guys welcome to this episode of the Rachel Cruz show and today I want to talk to you about easy ways for you to increase your savings and this is something that I hope will be really helpful no matter where you are on your money Journey because let's be real we could all use some fresh ideas when it comes to building more margin in our budget so to start the first way you can increase your savings is to have a no spend month now let's just be clear this doesn't mean that you halt all expenses and you stop paying your mortgage and your electricity bill no a no spend month is just one way to drastically cut back on your non-essential spending for a short period of time so really you're going to just focus on your four walls food shelter utilities and transportation and then you skip all the access you guys so everything like the fancy lattes from Starbucks or the impulse Amazon ordering that we all do or you see your favorite influencer and a pair of new shoes she has all of that you don't buy and I know a no spend month doesn't exactly sound fun but listen this can really turn your savings into a lot and it's kind of like an experiment you know kind of like a game and you can even like do things like color in the squares on your calendar each day that you successfully make it through the challenge or maybe you're doing this with a friend or another couple and you guys like text like funny gifts every time you like want to buy something but you don't so again don't be afraid to celebrate the small wins the big wins but have fun with it but I'm telling you that is one way to boost your savings now before I share the rest of my tips I want to tell you about Christian Healthcare Ministries so guys I know that we're all looking for ways to save especially when it comes to health care costs so do yourself a favor and check out Christian Healthcare Ministries it's biblically based Health cost sharing that could keep your budget under control so learn more today at chministries.org budgets all right the second way to increase your savings is to put reminders of your money goals right in front of your face yep so tape a me aim inside your wallet so every time you go to take out your debit card you see it maybe put a picture of your family on your bathroom mirror or your dashboard of your car so you can just remember why you're doing this keep your savings goal tracker on your refrigerator so you can see it or put a picture of the thing that you're saving for on your screensaver on your phone so every time you open it you see it whatever it looks like just use the spaces in your life that you see every day and turn them into motivation and that's a great thing so the more likely that you are reminded of your goals the more likely you are to stick to them all right my third tip is to increase your automatic savings by small increments so this can be a really small adjustments that you can make that again you may not feel a lot of the impact right now but it will you know pick up in the long run so even if you bump up your weekly savings just by ten dollars you could have 520 dollars by the end of the year you know so you think about you do that over and over and over and over increase your savings by 1 dollar a week and two dollars and three then four of them five and see how far you can go again this strategy isn't going to give you like a lot of cash if you're like paying off debt or something you want to do things that are more instant like selling stuff or getting a side Hustle but just being in the habit of slowly bumping up your savings is going to give you some cash all right my fourth tip is to save all the Loose Change in a jar so this is old school you guys old school but it is still happening a recent study by Coinstar found that on average people have around 56 dollars just laying around their house you've seen people dump in massive amounts of change into these containers at the grocery store maybe you have a relative that's kept tons of spare coins or dollar bills whatever it is it takes some time to do this but it's really easy just to throw that extra change and you can literally build some savings over time the fifth thing that you can do to increase your savings is to get competitive so I mean if you're a parent you get this turning a chore into a competition for your kids it's a game changer so face off against your spouse or your friends to see who can save 200 first or set a deadline to see who can save the most amount of money in the shortest amount of time so listen time flies and savings can grow as time goes and have fun with it fun with it make it a competition the sixth thing that you can do to increase your savings is to cut something out of your budget that you really don't want to and see if you miss it so this one surprises people but it is a tried and true way to live so start by committing a month to not do something that you really think that you love and you do so whether that's like canceling Netflix or canceling a monthly subscription that you have like something that you're like no no we love this and we use it all the time when you cut it out and you don't have it you actually learn to live life without it and see if you miss it I think about chip and Joanna Gaines I heard that they got rid of their TV temporarily when they moved and they love not having a TV so much they never went back never had a TV I mean that crazy so it's amazing where you make these Cuts in your life that you think you can't live without but you start to live life where that becomes the norm you realize you can live with less so that's a great way to save some money the seventh way that you can increase your savings is to do the pantry challenge so don't go near and all the republics try to use up everything that you have in your refrigerator or your pantry even ask neighbors or friends for new recipes I mean you can cook up you know all kinds of pastas and stuff like when you look back at your pantry it's like oh we haven't used that or that or that grab some stuff and make a meal there's even a whole YouTube account that I heard from my friend Jade warshaw it's called struggle meals and he shows you how to make amazing meals out of the most random ingredients that you probably have in your refrigerator or pantry so again if you want to live off chocolate chips for a day or two now is the time it'll make you'll give you some savings I'm telling you do the pantry challenge and my eighth and final tip for saving more money is to limit social media it's amazing when you're not on your phone and you're not using apps and social media you end up saving money our church went through a digital detox where you limited phone news and social media and deleting apps and all of it and when you do that you guys I tell you when you don't have Amazon on your phone and you don't have it see your social influencers that you love so much but they are showing you great stuff that you want to buy when all of that is gone you end up saving money so this one again doesn't have to be forever ever amen but just try it and see how much money you save it's always helpful to find ideas on how to boost your savings and I would love to hear from you guys if there were ideas that I didn't mention on here let me know in the comments because I would love to hear how you find ways to save money and if you haven't taken advantage of our budgeting app every dollar make sure to do that that's the app that my family uses we use every single day literally tracking transactions and it's my number one resource that I recommend for people to reach their money goals so make sure to check that out and a lot of people say that they feel like they got a raise when they did their first budget because they're actually know where their money's going and they can cut stuff and figure out where to put things and they have control so send this video to a friend who would love to know some new ways to save money and for you guys as always remember to take control of your money and create a life you love [Music]

Channel: The Rachel Cruze Show

Views: 24,473

Keywords: the rachel cruze show, the rachel cruze show youtube, money, budget, how to save money, budgeting, personal finance, rachel cruze, save money, how to budget, debt, saving money, save, how to make money, ramsey, finance, how to get out of debt, debt free, 8 Easy Ways to Increase Your Savings

Id: gx-PXIv4JEY

Length: 7min 37sec (457 seconds)

Published: Fri Jul 21 2023