Saturday, August 14th is National Financial Awareness Day, a good day to begin assessing your spending habits and develop new savings strategies. BIGtoken is happy to help you make more money and suggest ways to get the most out of the $15 you can make each week from the BIGtoken app. Check out our top tips below for money savings ideas:
1. Review your monthly spending habits in detail
Pour over your financials – bank statements, credit card bills, etc and review every dollar you spend. This will help you get a clear idea of your spending habits and realistic budgeting changes you can make.
2. Make a budget and stick with it
Creating a budget helps manage day-to-day spending and plan your long-term savings goals. You can track daily expenses or use a budgeting app such as PocketGuard, which gives you your real-time financial picture.
3. Become More Financially Literate
It’s important to read and learn about the best ways for you to reach your financial goals. There is a wealth of insightful financial savings information online. For example, Khan Academy has many helpful savings and budgeting resources.
4. Make Your $15/week Last Longer by Changing Your Daily Habits
A lot of people don’t realize how much simple daily habits can cost. Try to find 1-2 things you could eliminate. Buying a cup of coffee could cost $2-$3 versus a minimal cost at home. Another tip: carry a reusable water bottle instead of buying expensive bottles of water.
5. Make Your Money Work For You: The Power of Compounding
Saving the money you make is just as important as the amount of money you bring in every month. If you save $15/week from BIGtoken, you will save $780/year. You can either put it in the bank or perhaps contribute it to a mutual fund. Consistently saving $15/week is a great way to build up your nest egg.
Happy saving!