3 Tips to Help You Save For Something Specific

3 Tips to help you save for something specific budget finances spending.png

If you find it hard to not spend money when it is sitting in your bank account, then I’m betting you have a hard time saving money in general.

Having some kind of a savings (an emergency fund) set aside should be your number one priority for your finances. But if you’ve never learned how, or you just have a hard time not letting that money fly out of your hands then I’m here to help.

Specifically today I wanted to talk about ways to save for a specific item. Like I said you should always be putting some money away to savings every month, but there are also times where you want to save for a specific item on top of that.

It can be hard if you are already putting money away in savings to start saving for a specific item. It can feel like you are making small strides and not much progress. Today I wanted to give you three tips that can help you save for something specific you have had your eye on.

Let’s do it!

 

3 Tips to Help You Save For Something Specific

1. Withdraw the Money

If you are trying to save some extra money for something instead of just not spending it and leaving it in your bank account try withdrawing the money from your account all together.

Decide on an amount that you’ll save each month and actually physically withdraw it from your account before any of your other spending. (Pay your bills first of course!) Then, put it somewhere safe to be kept until you’ve reached your goal.

This way the money is out of sight and out of mind meaning, you won’t spend it!

 

2. Create a Separate Savings Account

If you hate dealing with actual cash, don’t trust who you live with (you should probably move), or just don’t have time to go to the bank each month and withdraw money, then here is an alternative.

Create a separate savings account. (All banks are different on what they do or don’t charge for this so make sure to check that out first, but this can be a great alternative to withdrawing money.)

Create a separate savings account from your regular savings account and every month transfer over your amount to be saved to that account. You can choose a specific amount like in tip #1, or if you are already good at sticking to your budget then once you’ve paid all your bills and expenses you can take out the difference and transfer it over. (Assuming you still have some money in your checking account for a buffer.) This way is a bit easier and all your money is still pretty much in one place.

 

3. Use An App That Saves Spare Change

There are multiple apps out there that do this for you. Digit, Dobot, and Acorns are just three of the many out there to choose from. (You might have to do some research to see what works best for you.) They all have some differences but the basic principle is this: they take small amounts of your money (amounts you wouldn’t typically notice) and save them into a separate account.

It’s a sort of saving on auto pilot system. I have yet to try these apps but I want to for this exact reason, to save for something specific.

We already save a lot of our money on a regular basis, but it would be nice to have a separate account gaining money for a vacation or something that we don’t have to take out of our primary savings. We have friends who have used the Acorns app and loved it, that’s who I first heard about it from.

I think these can be awesome ways to save for those that have a really hard time not spending money, or for those wanting a way to, as the post title says, save for something specific. (Once I do try it out I’ll be sure to let you know how I like it!)
 

Those are just three tips but there are tons of other tips and tricks on how to save money for something specific. If you are interested in more of these then just let me know! I’d be happy to do a part two!

I hope this helped give you some ideas and recommendations, if you have any of your own make sure and share them in the comments section for others to read!

Oh, and if you are not yet convinced that you even need a savings account I have the next blog post for you to read: Why You Need A Savings Account

Talk Soon!

Lydia