How To Increase Monthly Savings Working A Part-Time Job
Working a part-time job can often seem like there’s no means to an end. More times than not, you’re living paycheck to paycheck, making just enough to cover the sole responsibilities that allow you to survive. It’s a rare occurrence to even think about having enough left over for personal enjoyment, let alone enough to create a monthly savings regimen.
But what if I told you it was possible? Not only possible, but completely within your reach. All it takes is balance and discipline. Yeah, I know… easier said than done right? Well, let’s dig a little deeper and see if this article will change your perspective on that. Here’s the most effective ways to increase your monthly savings at your part-time job!
1. Create A Budget And Follow It
Knowing what to do with your money is the first step to proper money management. Without a great idea of the approximate amount needed for your necessities of life (rent, gas, utilities, groceries), it’ll be nearly impossible to establish a healthy and consistent system of saving.
A couple days before you get paid, check your pay stub and see how much you’ll be getting. Then, create a spreadsheet and list out all of the bills you expect to pay within the pay period. Leave out anything extra that can be classified as a “want” rather than a “need”. You should then allocate enough spending for each bill and subtract the total of them all from the overall amount you’ll be getting paid.
Boom, you now have a budget. It’s that simple. Now here’s when things can get tricky: what to do with the extra money that’s left over.
2. Track Your Extra Spending
To develop the habit of increasing monthly savings, you absolutely have to know where your extra money is going. Those little $5 to $10 transactions on food do add up, believe me. Although they seem minute and you may feel as if you can keep a mental note of them, it’s best to always have them written down to guarantee you don’t exceed the amount you already established in the budget we mentioned above. That way, at the end of the month, you won’t have to wonder how in the world more than half of the money you initially intended to save ended up in your belly.
3. Live Within Your Means
This is one of, if not the most important rule there is to guarantee yourself a solid amount of monthly savings at the end of the pay period. In order to do so, the number one aspect of life you’ll first have to conquer is temptation. You’ll face it almost everywhere you go: social media, out in public places (mall, restaurants, etc), commercials on T.V., everywhere. To help further visualize what we mean, let’s hypothetically put you in a couple real-life predicaments and give you ways to solve them.
You see a commercial of your favorite restaurant on T.V. when your stomach suddenly starts to rumble. You check your bank account and it’s telling you to wait until next week to eat out. What do you do? Listen to your bank account. Go in the kitchen and down a water bottle or two; you may just be dehydrated. If not, make do with what’s in the fridge. Once you’re full again, you’ll feel a lot less guilty still having money in your pocket rather than using money that was already allocated for something else.
Now you see a bunch of your friends planning an out-of-town trip this weekend in your group message. You know you’ll be putting yourself behind financially doing so, but you really don’t want to miss out on the experience. What do you do? Listen to your bank account. There will be other trips. Again, if you do go, that feeling of guilt waiting on you at home knowing you’re behind on bills would be insurmountable.
Don’t Doubt Yourself – It Isn’t Rocket Science
The idea overall is to be responsible with your money and spend wisely. Increasing your monthly savings isn’t as hard as it can sometimes seem. It all begins with you. You don’t need a salary of $100,000 a year to end up in the green every month. All you need is the mindset to remain dedicated and disciplined, and before you know it, the habit of saving will develop into a lifestyle.
