How to Save Money – Tips to Help You Save Money

Tips on How to SAVE MONEY!

Everyone always wonders what the best ways to save money are!  So I want to share some tips I’ve learned to help you save money.

Many people create their financial goals toward the beginning of the year.  While those plans are well-intended, by February, savings accounts are often stagnant and spending has skyrocketed.

Now, I know how important saving money can be, especially if you have a family.  A few years ago, I set a big goal for our family… a HUGE goal actually.  I wanted to be 100% debt free… to never have to worry about bills or debt ever again.  As we started paying off our loans, credit card debt, car loans, etc, I wanted to take saving money to the next level.  I decided to set the goal of completely paying off the mortgage to our home!  We still owed about $160,000, so I knew in order for this to happen, I needed to really buckle down on our financials.

After a few months of sacrificing and working my tail off with a home business we have, we were able to walk into the back with a $160,000 check in hand!  Boom!  Goal accomplished!

Now, I broke it down into a few simple, but very important goals to help you!

Check out this video we recorded of us paying off our house!


Set a savings goal.

Set a savings goal for 2017. Your goal should be measurable, achievable, realistic and timely. Key word being realistic.  You might have to think this one out, do a little research on your current earnings vs current spendings and see what you can aim for. See where you are on track to be each quarter based on your research, and add a little bit to that total.  Strive to make sacrifices in your spending along the way to hit that mark. You might feel really ambitious and set a super-high savings goal, but you’ll also be setting yourself up for failure.  When deciding on a savings goal, think of a specific purchase or benchmark you could realistically reach in 12 months. The goal should require self-discipline and a little sacrifice when it comes to spending (it is a goal after all), but you shouldn’t overreach.

Choose a savings account thoughtfully.

Now while we start to save, be smart where you save that money.  Be picky about where you keep your savings. Savings accounts vary widely when it comes to interest, fees and minimum balances, so do your research and find the one that’s perfect for you. Take into consideration extra charges like monthly service and ATM fees.  Ugh, trust me, the last thing you want to happen when you’re trying to save money is have to waste money on stupid fees and charges.  Keep an eye on the interest rates.  Now, the interest rate might sound minimal at first, but it adds up. And every little bit counts when you’re saving toward a specific goal.

Make saving automatic.

Chances are, you won’t have the self-discipline to set aside a portion of your paycheck every month for savings. So, make your savings contributions automatic. For example, set a weekly withdrawal from your checking to your savings.  So if your payday is every Friday, set your checking account to automatically transfer $50 or so to your savings account.  Banks often offer free services that will transfer a fixed amount of money from your checking to your savings account every month.

Establish an emergency fund.

While your savings account might double as a rainy-day fund, if you’re super savvy about saving you’ll have a fund dedicated solely to emergencies. Your savings account might be for big purchases, like for a down payment on a house or car, but you should not touch the money in your emergency fund unless there’s an actual emergency. If you lose your job or have to go the hospital, you’ll have something to fall back on without having to sacrifice that big purchase you’ve been saving for.  Typically, you should have enough in your emergency fund to cover four to seven months’ worth of expenses. Experts recommend starting your fund with small goals, such as saving $1,000, and then working your way up.  Remember, this is your rainy-day fund… so you are not to touch this money unless you absolutely need it.

Monitor your monthly expenses.

Be aware of your financials.  Start tracking your monthly expenses. For one month, track every single purchase down to the cent. You’ll know exactly where your paycheck is going and which areas you’re overspending on. You’ll feel more in control of your money, and it’s a key step toward forming a realistic budget that you can actually abide by.  You might realize, for example, that you’re spending an obscene amount on coffee every week. Once you’re aware of that, you can limit your coffee shop stops to three times a week, and put the rest of that money that you were spending on lattes into savings.  If you are a visual learner, then type this breakdown into a spreadsheet and create different colored graphs to show a visual of where your money is going.

Now set a budget.

Now once you learn your expenses, you can draw up a realistic budget. Budgeting will ultimately help you save by helping you cut out frivolous spending. It might be a bit of a trial-and-error process at first; you have to figure out what works best for your lifestyle.  You don’t have to cut out all of the fun stuff, but you do need to pay your bills on time and eventually meet your savings goal. Budgeting will force you live within your means, which is essential to growing your savings.  The more money you want to save, the more strict you need to set your budget.

You’ll need to do more.

Whether it be at your full-time job, or if you decide to find another way to make money in addition to that, you have to be willing to work your ass off.  Seriously, hustle and do more than what you’re doing now.  Many of us work the 9-5’er, collecting a paycheck that we need but wish was much more.  Here’s the key to making more money to save…. you’re going to need MORE than a 9-5’er if you want to make and save more money to achieve your bigger goals.  So if you have some big goals and are really serious about achieving them, it’s time to consider taking on more.  Many of us forget about the 9pm-2am shift.  What do I mean by this?  Many successful people who have a lot of money saved are those willing to also work the 9pm-2am shift.  Now, I don’t mean to go find a night job somewhere.  What I mean is to start a home-based business.  Do something you can do and manage from home.  This is what I do.  I personally am a Beachbody Coach, building an online fitness support and motivational business to help people stay healthy and motivated during their fitness journey.  I love to workout and need the accountability, so this was perfect for me.  Since I became a coach about 6 years ago, I have been able to build nearly a $3,000,000 at-home business.  Now, trust me, I worked my ass off creating this, it wasn’t easy to do.  However, I knew that if I wanted to accomplish big things financially for our family’s future, I had to be willing to put forth more effort to do so.  99% of us have HUGE GOALS… and 99% of us won’t ever be able to achieve them off of our full-time job’s salaries.  You have to be willing to do more if you want more.  If you want to talk about what I do as a Beachbody Coach, or need help getting started as a Beachbody Coach, let me know by messaging me on Facebook or by emailing me,

Hopefully you watched that video above.  We were able to pay off all our debt, including our entire mortgae with our Beachbody Coach Business Earnings*.

Understand what’s long and short term.

One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—anything from a down payment for a house to a vacation—then figure out how long it might take you to save for it. Here are some examples of short- and long-term goals:

Short-term (1–3 years)

  • Emergency fund
  • Vacation
  • Gifts or personal goods
  • Down payment for a car
  • A new lawn mower

Long-term (4+ years)

  • Retirement
  • Your child’s education
  • Down payment on a home
  • Remodeling projects
  • A paradise backyard with a pool

Understand how to save properly.  When you understand what things will need a short term savings plan and what things need a long term savings plan, you’ll stress less and save more.

Understand your priorities.

After your expenses and income, your goals are likely to have the biggest impact on how you save money. Be sure to remember long-term goals, it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Prioritizing goals can give you a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one.  Or do you really need a bigger flat screen TV before you repair the cracks in the foundation of your home?  Or do you really need to buy another video game system before you pay down some of your credit loans? Invest in what is more important.

Check your progress.

In order to save effectively, you need to know exactly where you stand with your finances each week. Make a “money date” with yourself every Sunday and go through your transactions to ensure you’re on track with your budget. If you fall off track (maybe you spent too much one week or didn’t sock away a single penny from your paycheck), don’t give up! Get back on track.

Want to connect with me?

If you want to connect and chat about your goals, or learn more about what I do to work toward mine, reach out to me.  I am more than happy to chat and share some other tips I’ve learned along the way.  Trust me, as a family man, I know how important financial goals can be.  I’d love to chat about them and help you develop a strong path to achieving them.

You can reach me on Facebook or by email,

I hope to hear from you soon!

*Remember, the money you make from other opportunities, especially home-based businesses, is based on your level of commitment and effort.  You want to make more, great, better be able to work for it!

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Chris Balmert

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