Do you find yourself counting pennies at the end of every pay period, waiting for that next paycheck to be deposited?

If you want to know how to stop living paycheck to paycheck and save for major purchases, there is a way. It can be challenging to know how to stretch what seems like a small amount of money, but it is possible.

There are many pressures facing us all today. Inflationary purchases are forcing many people to make tough choices. There are also the lingering impacts of the pandemic and, for many, a fear of missing out.

These challenges can be even more prominent for those just starting out in their careers, working their way up the pay scale, and facing expenses such as student loans, credit card debt, and ongoing expenses.

Below are tips for saving money that allow you to feel more in control of your finances and save for those major expenses.

Make a Budget

A practical, usable budget can save a lot of headaches. Working within a budget can be empowering, with a structure and discipline that result in savings.

It may take several months of building, tracking, and revising to come up with the right budget. There are many approaches to use when creating a budget.

One is the 70/20/10 approach. Seventy percent of your budget goes to your monthly bills and daily living expenses. Twenty percent goes to savings and 10 percent to additional debt payments or donations.

Live Within Your Means

There are many distractions that can entice you to spend what you don’t have or for what you don’t need. If you are constantly spending up to the limit of your budget or your paycheck, you’ll always feel things are tight.

Living within your means can be accomplished in several ways. Buy generic versions of groceries and products. Use cheaper modes of transportation. Resist the urge to buy the highest-end item when you don’t really need it.

Pay Off High-Interest Balances

Paying off your debt, usually credit cards can hamper your ability to get ahead of your finances. Paying off your balances that have the highest interest rates helps you reduce your debt and have your money go further in the future.

Getting out of debt will give you more disposable income and improve your credit rating, making those major purchases even easier.

Reduce Nonessentials

Wants and needs are two very different things. You will have essential expenses that need to come first – housing, transportation, and food – and others that are highly flexible.

Taking a close look at your spending lets you decide what you really need and what you could pass on. Do you need those fancy coffees at a chain shop every day, or could you make it at home and carry it with you? Do you need to have no-ads subscriptions to your favorite streaming channels?

Answering those questions honestly can add to more budget flexibility.

Create an Emergency Fund

Everyone needs to plan for the unexpected. Having an emergency fund lets you prepare for expenses that come at you out of the blue, such as auto repairs, medical bills, or other financial surprises.

The emergency fund helps lessen the blow of those circumstances and provides the cash necessary to deal with the inevitable surprises.

Refinance and Renegotiate

If your balances are just too high to manage for your revolving debt, consider refinancing. Many financial institutions offer personal loans at lower interest rates that let you pay off higher-rate balances and save money every month.

You can also look at your utilities and other services to save money. Look at the cable TV package you’re using and see if there are better options available. You can often call these providers and say you’re considering leaving and getting better rates.

Finally, when your insurance coverage is set to renew, look for better alternatives that give you the same level of coverage.

Use a Savings App

An app like Spave can help you manage your money while saving and contributing to causes that matter to you. Today, you can sign up to stay in the know while we improve the app.

Spave connects to your banking account and makes it easy for you to save. You can preset the app to either round up your purchases or commit a percentage each time you use Spave.

The amounts from rounding up or percentages can be sent to a savings account or used to contribute to more than 1.5 million charities.

The Spave app not only lets you find the money for the causes that matter to you in leftover nickels and dimes but also helps manage your finances. You can track your purchases and use reporting tools to assess your spending.

Spave empowers users to have a deeper understanding of their finances and more control of their money. Get started by signing up for updates!