5 Simple Ways to Save for the Future, Starting Today

Spend less, save more. Simple, right? Not always. The reality is, saving for the future can be a challenge, especially with rising costs in the here and now. But, if you’re ready to do the hard work and start saving for the future, here are five ways to make your savings journey a little simpler.  

Write It Down 

Every time you make a purchase, write it down. Yes: it’s a hassle. Yes: it may take a little time for the habit to catch on. But once you’re accustomed to manually recording your purchases, you’ll be in a good position to reduce spending and increase savings. At the end of the month, review your list and highlight items in terms of categories, i.e. green for bills, red for groceries, yellow for clothing and so on. Tracking expenses with pen and paper has the dual benefit of reducing mindless spending, while also spotlighting “hidden” places your money is going.  

Don’t Shop for Fun 

For many people, shopping isn’t just an errand: it’s a hobby. Shopping can offer a sense of excitement and accomplishment, which is why many people fall into the habit of spending instead of saving. If you’re serious about saving for the future, avoid shopping for fun. Instead, only hit the store when there’s something you really need, and always take a list. If you feel the urge to shop, try another tactic. Reorganizing your closet or redecorating a room with items from storage may offer a similar feeling of discovery and achievement, without all the spending.  

Cook at Home 

Once they start monitoring expenses more closely, many people are surprised to see how much they’ve spent on eating out. Restaurant prices are rising, and when you add tip and tax on top, it becomes way too easy to blow your weekly food budget on a single meal. When you start cooking at home, the savings add up fast. And homemade meals don’t have to be complicated: a grab a pre-made rotisserie chicken (or a few blocks of tofu), pair it with rice or pasta and a bagged salad, and you’ll be well on your way to slashing your food spending and growing your savings. 

Eliminate Impulse Buys 

You see it. You want it. You have the money—so why not buy it? If this is your typical thought process when it comes to making purchases, then it’s time to take a stronger stand against impulse buys. When shopping online, put the item in your cart but wait forty-eight hours before purchasing. If you’re shopping in a store, put the item in a separate “not on the list” section of your shopping cart so you can re-evaluate at checkout. And, when you’ve avoided an impulse buy, you might transfer that amount of money into a separate savings account. It’s exciting to see how fast your not-purchased items turn into savings! 

Cancel Subscriptions  

From groceries to news to entertainment, sometimes it feels like everything is a subscription. Automatic subscription spending is largely hidden from view, so you may be spending tens or even hundreds of dollars per month on services you rarely use. Take the time to list every single subscription you belong to and evaluate what can go. You might cancel all entertainment subscriptions, then restart just one service and switch monthly. Keep in mind that community libraries almost always have free access to a TV, music and movie database where you can rent entertainment for free. Maybe you don’t get the newest releases on demand, but you’ll be building up your savings in no time.