We kicked off this month with a challenge to save an additional $100 during the month of November. Saving money isn’t easy but it is possible, especially if you practice healthy financial habits. Don't wait for January 1 to put your resolutions into practice. Here are habits you can adopt now to start your slack-building journey.

You can still join in on our November savings challenge. Click here and screenshot the savings challenge card. Follow us on Facebook to see the weekly updates and stay motivated.
 

Automate your savings. Most people spend their money first on bills, then on fun and finally on savings. If you have enough financial slack, pay yourself first by setting automatic transfers to a savings account. Work towards increasing that amount over time to achieve your long-term savings goals.

Reevaluate your spending plan every few months. Set a reminder to review your spending plan a few times a year to determine if your savings amount should be adjusted. This is also a good time to look at the goals that you set for yourself. Re-evaluate your goals and adjust as needed. Setting milestones and realistic goals will help encourage you to continue with your efforts towards financial wellness.  

Research your purchases. Before buying, research the items you want to make sure you have the best deal available. There are free plugins you can download to your web browser that will scour the internet to make sure you have the best price available before clicking ‘buy.’ If you find a deal, put the difference you would have paid into your savings.

Treat credit cards like cash. Focusing on your future finances can help keep your current spending in check and avoid accumulating high-interest debt on a credit card. A good rule of thumb is to treat credit cards like cash and only spend what you can afford to pay off right now.

Curb impulse buying. The goodies displayed in the checkout line aren’t there by chance. This is a common retail practice to encourage a habit of impulse buying. These small purchases can add up quickly so be committed to only purchasing what you planned for.

Limit online shopping opportunities. The convenience of online shopping mixed with downtime and boredom can lead to needless purchases. Try replacing online browsing with another activity that doesn’t charge you for your participation.

At Credit Human, we understand saving money is challenging, which is why we’re committed to helping you take control of your finances and working with you on a financial plan that is tailored to your needs. Visit a Financial Health Center to get started.