I know that it’s hard to save money when your income is inconsistent. This is a common problem among servers, bartenders, or even people who just don’t know how to save money.
But it can be done AND there are different ways to fit every lifestyle.
Short, medium, and long-terms ways to save money that help you meet your goal.
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Organizing Your Bills
Sometimes it can be hard to keep up. Life happens and deadlines move faster when money is owed. My friend asked me how I’m so good at adulting, and just overall how I stay on top of things. The secret is simple…
Google Calendar. Download their Calendar app.
- You can color code
- Set event reminder for anything.
- Get reminders & alarms
- Easy & Simple layout
You must know your due dates, and set reminders so that you have time to save and pay on time.
Word to the Wise: With this system I have not forgotten a payment! I can see what, and how much is owed by putting that info in the title, setting reminder just incase.
I consider this a Short Term Money Saving Method
Make a trip to your local Dollar Tree, Walmart, or just grab a few business envelopes from around the house.
Materials You May Need:
Instructions for Envelope Method
Write the Bill Name, Total, and Date on the Envelope (or on the Sticky Note in case any numbers change)
When I used the envelope method I put the total and date on the envelope. Every time I got paid I would pay myself first by paying bills, make deposits into my savings, and then get the rest in cash.
I would take the odd cash, i.e. removing $50 from $70 and put the remainder in an envelope. Or, twenty from $70. It all depends on the total amount you need to put in the envelope, AND the impending due date.
If you feel you’ll spend the cash, put the envelopes in a safe place out of sight, and seal them so you’re not tempted.
You want a better method of paying bills because you get paid every Friday, and find it hard to stack cash? Maybe it’s because you can’t SEE the money
If this is you, use the method below…
This is another great option for stacking cash to fulfill short term goals.
I call it the Put- Up Method because every time you get paid you put up a set amount. This amount is based on the goal you want to reach, and your deadline.
Assess these factors, and how much more you must have to also pay your other bills.
I would take $170 out of every check. While working at Subway making $7.25 per hour I had earned 173.00 on my two-week check. I had three dollars to myself and I didn’t complain.
I was saving that money to put up for college. I reached about 2,900 in 2 years. See my other advice about money saving tips for UNI students here, including how I earned a 740 credit score in two years.
Piece by Piece Method
Definitely a Medium Term method I would use for money goals that can be achieved in much smaller installments such as money needed to pay a ticket, fine, or any other one time payment, not a recurring bill.
At the end of every shift I would save my cash tips. Each time I earned a large sum I’d take only $20 dollars, to help me reach my annual goal of $200.
Word to the Wise: This method is normally incorporated IN ADDITION TO the Envelope Method. I use piece by piece to purchase frivolous big ticket items while still getting my bills paid.
Empty, and sanitized Hennessy Or Crown bottle will work just fine 😉
This Long Term Money Method is quite simple and fun. Pick a denomination: 1,5,10,20,50 whatever your hearts desire.
Personally, I chose bills 5-20, might as well mix it up to achieve max savings, plus I put in $20-$10’s when I can afford it, and $5 the rest of the time.
Gag is, you can’t get your money until you drop your bottle, break the glass, and scoop up the cash.
Bottle Necking Method
Coin Drop: this is certainly a long term method but my mom upgraded this method by dropping only silver coins into a giant Coca-Cola piggy bank. She only dropped quarters, silver dollars, and gold coins.
She saved enough money to buy round-trip plane tickets for us both. I’m not joking.
Always break a dollar, and save the silver change. I cut a slit in two-liter bottle because I didn’t want to use a traditional piggy bank.
Word to the Wise: Roll your coins and trade them for cash at your personal bank. Coin Counters are common, but they tax you heavily.
This method is last because it’s the longest method soo…
Don’t cheat your hard work by letting another company reap the reward.
Invest in one of these digital coin counters to know how much you’ve saved.
Lastly…My Biggest Secret in Saving Money
I use a cash system. Only Cash.
Once my direct deposit hits I separate 50% of my income to pay all bills and necessities. I worked three jobs in college when I had $500 due for rent, and another $500 due in MORE bills and loan payments. Yes. I understand your struggle, and it can be done.
I did all of this while building my credit, and still saved enough money from my meager checks and side hustles to only have 10.00 to last me two weeks.
The only thing that saved me was utilizing my mother’s lessons in proper budgeting.
I created a simple visual that allowed me to look at the totals I had due, and see how much I needed to save before they were due.
Sign up, and I hope the Wise Guide to Budgeting helps you too~
Recap of today’s lesson:
Short Term Methods: Envelope, Put- Up
-Great for paying recurring bills, especially when you get paid weekly
Med. Term Methods: Piece by Piece
-Best for paying for expensive, one time payment items, (Rec. use in conjunction with another method)
Long Term Methods: Bottle Drop, Bottle Necking
-Good way to pay for really expensive items that are far off in the future
If liked, or use any of these methods comment below. Still need help keeping it together, check out this budget planner I use every month to stay on top of things
I hoped this helped budgeting be a little easier
Proverbs 19:20 NIV
20) Listen to advice and accept discipline, and at the end you will be counted among the wise.
-For the Love of Earning