One of the most common requests we receive from employers at Workplace Money Coach is that their employees need help saving. We know we should save and we want to save, however, it’s the actually doing it part that some employees find difficult.

There are many things that we can save for. The good news is that regardless of whether we are saving for emergencies, retirement or a great vacation, our process, as well as the tips listed below, will help you achieve your goal.

When discussing saving strategies in our workshops, the first question we ask employees to consider is their “WHY.” Why is this particular saving goal important? What is the driving motivation behind the act of saving? If we don’t save for this, what is the consequence?

Example: Saving for a summer trip to Yosemite National Park

Your Why? I Iove going outdoors, hiking and nature and want my children to experience and appreciate the beauty of one of our country’s national parks. I also want our family to appreciate conservation and learn why it is important to make environmentally conscious decisions.

Consequence if I don’t: I lose out on an opportunity to spend quality time with my spouse and children away from technology and the busyness of our lives. I miss the chance to share, and hopefully pass down, my passion for the outdoors. My family may never understand just how incredible the natural landscapes of our county are and the adventure that lies in its exploration.

Once we are crystal clear on why we are saving, then it’s time to get focused on taking action. Here is the method we teach employees when it comes to saving goals:

Determine how much you need to save. If my savings goal is to go to Yosemite National Park for one week, it will require airfare, lodging, excursions, food and possibly souvenirs. How much will it cost?

Determine the timeline you have for saving. Simply count up the weeks between now and when you plan on taking the trip.

Determine your weekly budget allocation to the savings bucket. Divide the amount of the savings goal by the number of weeks you have to save toward your goal.

Create a savings bucket dedicated to this trip. You should be able to open another free savings account with your bank. Title it. In our case, it would be called, “Family Trip to Yosemite”. This is important! Every time you sign onto your account, we want you to see your savings building toward this specific goal.

Set up your bank account to auto-transfer your weekly amount each Friday.

Fill your goal bucket using these ten saving strategies:

1. Cut out three budgeting expenditures. Decide what three items you spend money on regularly that are no longer a priority over your goal. Cut out (or cut down on the cost) of the expenditure) and reallocate the money you spend directly into your bucket. (Examples: cable, morning coffee, brunch, alcohol)
2. Deposit your tax return directly into your savings goal bucket.
3. Sell unused items. Clean out the storage unit, garage, kitchen cabinets and closets. If you are using it, sell it! All proceeds go directly into your goal bucket.
4. Cut down food cost. Commit to not eating out more than once a week. Create a list of simple inexpensive dinners you can cook at home and rotate through them weekly.
5. Downgrade a service. Look at your monthly payments and subscriptions and downgrade or eliminate the service for the time being. (Examples: HULU live, grocery delivery, cell phone service, gym memberships)
6. Start a side hustle. This is a no frills, no money down service you provide. Use a skill you have to create extra income. (Examples: website design for friend’s small business, social media marketing, cooking for a neighbor’s busy family, landscaping)
7. Pull money from extra paychecks. Most of us get 26 paychecks a year which means we have two extra paychecks that we can extract from. Take the amount that would normally go toward mortgage or rent and put into your savings goal bucket.
8. Get a part-time job. Take on extra work and have every penny direct deposited into your savings bucket. Gig-type work like Lyft or Uber Eats are great ways to create extra money to reach your goals.
9. Shop for Insurance. If you have been complacent about car insurance and homeowners insurance, there is an opportunity to save a lot of money. Find a local insurance broker to shop for better rates and put the difference toward your goal.
10. No-spending month. Challenge yourself and your family to go an entire month without purchasing unnecessary items. Bills, food, toiletries and gas only. No clothing, house décor, trips to the nail salon or Amazon shopping sprees. You can save $100s with this strategy and it will help to open your eyes to how much miscellaneous, unplanned spending you do.

Saving money doesn’t have be something we wish for. It’s something we can learn to do. Workplace Money Coach loves helping employees believe in their ability to win with money. We cover a variety of topics in our workshops and focus our teaching on living the life that YOU desire by aligning your paycheck with your life vision and purpose.