3 Small Steps for Baby Savers

Saving. The dreaded S-word. We like to have money available, but we don’t really like the process, do we? Or am I just speaking for myself? I definitely find spending much easier; I’ve never really been a good saver until recently (and even now there’s plenty of progress to be made!) But if you’re like me and would rather spend than save, there is hope! Let’s start small. Saving even a little bit is better than nothing, right? Here are a few tips I’ve picked up:

1. Try a price match plan!

It’s not bad to pick up a soda or stop by Taco Bell (well, it may not be good for your health!) every now and then. But what I decided to do was pay myself back for it. If I wanted something that was not a necessity, like a candy bar, or maybe even getting my nails done, my policy was to match that amount in savings. If I spent $1.50 on a bottled drink, then I would move the exact amount over into my savings. And I had a minimum $1.00 rule too (if it was under $1.00, I still had to put a minimum of $1.00 into savings). If I couldn’t afford to buy the item AND match the amount in savings, then I wouldn’t buy it. Sometimes, even if I didn’t buy the item, I would still go ahead and put that money into savings as a reward for denying the urge. It may seem like a dollar or two here and there isn’t much, but trust me, it adds up!

2. Get a holiday club account.

They’re not just for Christmas. True, they are helpful to have when, around the end of October, it suddenly hits you that Christmas is on December 25th this year. But I have known many people who start a Holiday Club account simply because it charges a fee for an early withdrawal, which discourages them from withdrawing from it. They are generally set up to release the money to you once a year, usually a month or so before Christmas. You can always withdraw at any time, but it will charge a small fee. If you are one (like me!) who hates paying a fee for your own money, it’s something to think about.

3. Consider certificates of deposit.

I know, I know. Dave Ramsey calls them “Certificates of Depression.” And he’s right, if you’re looking for a long-term investment vehicle for a large return. CDs just aren’t paying much these days. But if you’re just training yourself to save, the odds are that you’re not so worried about high-yield rates. These have that early withdrawal penalty as well, which is usually a few months’ worth of interest, so only lock away what you know you won’t need to use. You can choose a term that works for you (from just a few months up to several years). If your goal is simply to put some money away and not touch it for a little while, a short-term CD may be for you.

Ultimately, in order to properly manage money, we need to have a proper view of it. The truth is that if you view money as the end-all, meaning of life, you’ll never have enough of it to be content. We all want to at least feel secure, and be prepared for the inevitable emergency, but don’t feel like you have to let finances consume your life; that’s not the abundant life that God has promised us. When you fall (“when,” not “if”), don’t beat yourself up about it. Just keep going. It’s okay to start small; the important thing is just to start!