When it comes to saving money, some approaches have been proven effective for years. Careful tracking of expenses and income is time-tested. Prioritizing pennies and deliberate spending is known to work. Coupons and buying discounted items are also great options. But what about new approaches to saving money?
You may not immediately think about how to make your calendar work for you. Printed or digital, ultra-detailed or extremely high-end, calendars come in all shapes and sizes. They provide flexibility in format, organization style, and more. No matter what type of calendar you prefer, there are different strategies you can use to help your wallet. Here are a few to include in your daily routine.
1. Document Your Savings Opportunities
Annual sales, discount promotions, and coupon expiration dates should be tracked in your notes on your phone or computer. Although it is necessary to make an effort to mark every opportunity to save money, it can significantly affect your budget. Once you hear about a sale or promotion, add it to your calendar. Even a simple, half-finished note is better than nothing. This type of approach can save you time (and money) because by taking action immediately, you are less likely to forget.
Remember also that you don’t have to take advantage of every opportunity to save. If you’ve added something you thought you might be interested in, only to find out you don’t need it anymore, that’s okay! Better to ignore a discount event than spend it aimlessly. At least you put in the effort and could use the savings if you wanted to.
Remember gifts too. Maybe you don’t care about a beauty salon sale, but a friend or loved one does. Incorporating the ones on your calendar can save you money in the long run and improve your gifting game. Here we apply the same method of immediate action. Once you hear of a sale that could save you on an upcoming gift, add it to your calendar.
2. Highlight the yard and property sale
Buying second hand does not necessarily mean going to a thrift store. Many courtyard and estate sales take place every weekend, offering shoppers access to unique items at a discount. By keeping track of them on your calendar, you can be sure to be reminded when and where they happen.
Subscribing to groups on social networks dedicated to the sale of yards and real estate can also help in this process. They’ll do all the work for you and may even indicate what each sale focuses on – clothing or furniture, for example. This can help narrow down your options and visit the sales that interest you the most.
Consider hosting a “hunt” for great finds, a social event with someone who is really good at this sort of selling. If your friends love to shop and are ready to hunt for great things, especially unique ones, sales are a great thing to do. Plus, you’ll be able to get more for your money and hopefully walk away with some one-of-a-kind items. You may even find something on your wish list that will become an eternally cherished item. And all this is possible because you have added it to your calendar.
3. Check Recurring Expenses
Many bills are paid on the same day every month. While this may make paying easier to remember, it doesn’t mean you’re not immune to forgetfulness. Life is hectic, so it’s only natural to have obligations like bills that sometimes slip through the cracks. This is where your calendar comes in handy.
Carefully write down all current expenses that you have. Streaming services, mortgage or rent payments, credit card statements, and anything else that repeats. It’s even better if you activate the due date color code on your calendar; luckily it works for each type of calendar and makes it easy to determine due dates at a glance. If you use digital calendars, you can turn on notifications for another helpful reminder.
Don’t forget about auto payments. Despite the fact that many companies offer a fantastically convenient feature, it can lead to a waste of money. People often pay for products or services without even knowing what they are signing up for. In fact, a recent study shows that people spend on average $133 every month only on forgotten subscriptions. Instead, keep track of each automated payment and consider whether it’s worth continuing. What you use on a daily basis is easy, but if you forget you even signed up, it’s time to cancel and move on.
4. Know when you are getting paid
Many people track expenses because money is leaving their accounts. Tracking is a great habit because it helps you understand where your money is going. However, knowing when you get paid and where those funds are allocated can be essential to financial success. This is even more valuable if you have multiple sources of income, such as part-time or freelance work.
Keep track of all your payments on the calendar – you can even color it in to show money coming in versus going out. From there, it’s much easier to understand your spending habits and make sure that what’s coming in is greater than what’s going out. If it doesn’t, adjust your spending to find the right balance for you.
If you share finances with a partner, this approach to your calendar is even more important. One person can be paid once every two weeks, and the other person can be paid weekly. Although it probably won’t change your financial approach, you want to make sure that the incoming payments match the expenses. Take a look at recurring, fixed expenses and always have at least that in your account to avoid overdraft fees. Ultimately, this relatively small effort makes budgeting and saving a lot more second nature.
5. Run an expense tracking challenge
When you try save more money, there is really no wrong or right way to do it. The main hurdle is figuring out what works for you. If you need a fun interactive idea, consider making yourself a task at no cost. Or simply create a gamified cost-cutting approach that best suits your lifestyle.
These tasks are customizable and the rules can fit your lifestyle to help you save money. You can only buy essentials such as groceries and gasoline for a certain period of time. Or choose the days of the week when you spend zero dollars. Use your calendar to track your progress by assigning a color for success and a different color for missed milestones. Although it will most likely gaffes and the costs that come with it, these issues can make a big difference.
Then, at the end of your challenge, you can evaluate how you did by reviewing your calendar. Try to find common themes on both successful and unsuccessful days. You’ll learn a lot about your spending habits and can easily look back whenever you want. The best part is that when the task is completed, you will get more information about your spending habits. From there, it will probably be easier to control impulse buying and prioritize your money.
If in doubt, put it on your calendar.
Completing all of these approaches may seem daunting from the start. Instead of taking on everything, try including one or two in your calendar approach. See how they work for you – notice if you care more about money or avoid late payments – and go from there. You may no longer need certain monthly notes, and you can add or remove habits as you see fit.
The beauty of financial obligations and opportunities in your calendar is the ability to make the most of it. Not only do you keep track of vacations, dinner plans, and birthdays, but you can also save money in the process. And as soon as you find an approach that works, it just requires sticking to it. From there, you just reap the benefits.
Featured Image Credit: Photo by Ivan Bertolazzi; Pexels; Thank you!
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