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Financial Myth Buster: I Don’t Earn Enough To Save!

Have you ever thought to yourself, “save? I don’t earn enough to save!”

If the answer is yes, it’s time to switch your thinking. If you don’t think you earn enough to save, you should think don’t earn enough not to save. It’s vital that you have some kind of an emergency fund for those unexpected expenses, especially if you don’t have much left over each month after you’ve covered your planned expenses.

Consider these five unexpected ways to save money and add to your savings each month:

  • Start Couponing. No, this doesn’t mean buy five shampoos when you only need one because they were “buy three get two free”. This means, check out the weekly sales paper before you do your grocery shopping and plan your meals around what is on sale.
  • Ditch your cable. This shouldn’t require much explanation.
  • Turn off your lights. And unplug your Keurig and your toaster. You might be surprised just how much these small energy-saving activities add up!
  • Get creative for entertainment! It’s easy to go to a movie, or a museum, but those things can get expensive. Get creative for entertainment and go on a scavenger hunt through the woods, have a picnic or attend free community events. Cha-ching! Put that money you would have spent in your piggy bank (or savings account!)
  • Watch gas prices and drive more intentionally. It might sound crazy, but driving like you’re gearing up for the Indy 500 can have a seriously negative impact on your gas mileage. Accelerate slowly and coast when you can to conserve gas. Oh, and if you see gas for less than normal (yes even if you’re at ¾ of a tank) go ahead and fill ‘er up! You never know when gas prices might spike again.

If you do these things this month, you’re sure to have at least a little left in your pocket to put in your savings account. You do earn enough to save, you just have to be intentional!

Need to open an account with us? Make an appointment at your nearest Centra location. We want to help!

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