Maximizing your Money in 2016

Saving more money is my major goal.  I have talked about this a lot on my blog, but this week I was asked many questions detailing the tricks that work for me.  So I am going to share them on here.  They may not work for everyone, but they have worked for us.

1) Use Cash - The great thing about paying cash for everything is you know exactly where you are at, if you overspend it will hurt more than just a number in your checkbook or on your online banking screen.  When your cash is gone too soon you feel really bad and you spend it less.  People have told me in the past they don't like to use cash as it spends faster.  This is true but only for a little while.  Once you switch to a cash only lifestyle it gets easier, much faster.

2) $5 and Coin Savings - When you spend with only cash this becomes your most fun savings.  Whenever a $5 bill passes through your hands put it in a jar/bin/special place in your wallet, this soon adds up.  We started this around August of 2014 and by March of 2015 we were able to pay for last minute plane tickets (on Easter weekend) for a funeral.  

Situations like this always come up and it was so nice that we had this little fund.  $5 bills are the easiest denomination to spend on junk, whether it be junk food, specialty coffee or stupid trinkets you don't need but feel like you do.

When spending only cash your coins build up quickly.  We save all of our coin and bring it to a coin star machine.  I know what you are thinking, those have a 10% fee!  They don't charge the fee if you get your money on a gift card, we paid for half of a plane ticket with just coins.  

3) Weekly Savings Plans - You see these all over Facebook and Pinterest this time of year.  The $1 for week one and $2 for week two, etc.  We successfully did a weekly savings plan for 2 years.  We came up with our own version as we felt that the other plan would be too hard come December.

4) Think about each purchase - Ask yourself before every purchase, do I really need that? This can be tough as it is hard to distinguish between wants/needs.  Yes of course I want/need that Baskin-Robbins milkshake (that one got me this week - I fully admit that I fail at this one sometimes), but being determined and having an end goal is really helpful!

5) What is your end goal? -  Get out of debt?  Pay off your home, car, student loan?  Just build a savings?  Fixate on that end goal, and get really motivated to achieve it.  

Hope you all have a great rest of your weekend!