Savvy Saving Tips

It took me a little longer than I would like to admit to learn how to manage my money effectively.  Ideally, we would all love to say we would do our job even if we didn’t get paid to do it, but for most people that is not the case.  Most of us are working for a paycheck yet working towards that whole loving what you do thing.  The fact is, we do work for money and we need money to buy the things we need to survive.  As we are working through our career journey, the better we are with our money, the less pressure we put on ourselves to make money a major motivator at work.  Here are a few savvy money tips I have learned along the way.


Start Saving Early – I started saving $25 a month when I got my first job at 16 years old.  Now I will confess that I would dip into that fund more times than I would like to admit, nonetheless, I started saving early.  Start the habit of saving some money from each paycheck early in your career.  Once you create this habit you will get used to it, and will never want to stop putting money aside for a rainy day. Savvy Tip – Set up an automatic transfer from your checking account to your savings account to take place on payday.  This way, you don’t have to think about it and it will happen consistently.


Increase Your Savings Over Time – I started saving $25 a month but as I got new jobs with more pay, I increased my savings amount.  You can increase your savings amount each quarter, year, or with every pay increase.  This is a great way to put more money in the bank.  Savvy Tip – Try increasing your savings by nominal amounts so that you don’t notice the impact.  If you increase your savings $20 per quarter, that is $80 more than you were saving the previous year.  Another option is to increase your savings by a percent.  If you get a 3% increase in your pay following your annual review, increase your savings by a percent as well.


Divide Your Bonus – You worked hard throughout the year and earned a bonus for your efforts.  Now that you have a little extra cash, how do you spend it?  I recommend splitting it in thirds.  Take one-third and splurge! Buy that expensive purse you have been eyeing or book that vacation that you have been planning. Bonuses are meant to be rewards so treat yourself to something special.  Now the next third should be used to pay down debt.  Make a bigger payment on your credit card or put a little extra on your student loans.  Using bonus money to pay down debt helps you become debt-free sooner. Finally, put your last 33% in the bank.  Contributing a lump-sum to your savings account helps you build up that nest egg faster.  Savvy Tip – Before you get your bonus decide how you are going to spend it and write it down.  This minimizes the temptation to use it differently once you finally get it.


Savvy girls know how to make their money work for them.  Practicing these savvy saving tips will give you more financial freedom and help you create good money habits.


Do you have more savvy saving tips?  Comment below and share with other savvy girls.

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