Modern Money

Extreme is the word of our era. From extreme sports to extreme makeovers and now the new (and some not so new) fundamentals of extreme saving.
Text by Sandy Lindsey | August 28, 2018 | Lifestyle

1. Pay Yourself: Treat your savings like a bill. Make regular payments as if there’s a penalty for falling behind!

2. Automation Rules: Financial experts agree that setting up automated transfers into your savings, credit union, kids college and retirement fund is the way to go.

3. Delay Gratification: Your neighbor who drives an older car or takes less fancy vacations may actually be richer than you, they’re just putting their money in the bank.

4. Marry Well: We actually don’t mean marrying someone rich, though that’s good too, but marrying someone with your same view on savings is ideal.

5. Avoid Debt: Credit card fees add up quickly and can strain even the most recession-proof budget. Less fees means more money to put into savings.

6. Save Small: Amassing savings doesn’t mean you have to put huge amounts away immediately. Start small if needed, at least initially…the point is to start and be consistent.

7. Grocery Spending: Make it a habit to shop BOGO deals and put the savings on the second item into the bank.

8. Share Info: Tell your family and friends that you’re “extreme saving” and want to limit pricey dinners and nights out. You may find them wanting to do it too.

9. Set Goals: Knowing what you’re working toward makes it easier to buckle down. You may also want to have short- and long-term goals to increase satisfaction.

10. Plan Ahead: When you don’t plan ahead you’re more likely to get desperate and thrown money at a problem, thereby eating into funds budgeted for savings.