Have you considered how you can save more of the money you make from your shipyard job? It’s helpful to have a plan in place for your financial health. If you’ve been considering new ways to improve your financial picture and save money for the future, there are some suggestions that can get you started. Here are three tips to help you more effectively save money.
Zero Balance Budgeting
If you’re not familiar with zero balance budgeting, it can be a great way to establish healthy financial habits. In this method of budgeting, every dollar has a job. You can do this on your own with a spreadsheet or even a handwritten list, or you can use a variety of apps to help.
Every time you get a paycheck, divide up the money to go toward different things such as your rent, utilities, credit card bills, weekly spending or savings. Every dollar should be allocated to one of these things in whatever amount makes sense. That keeps you from spending money you don’t have and ensures everything is paid. By including savings in this list, you will also be able start building toward a solid financial savings plan.
Small Scale Changes
You may also find that small amounts of spending really add up. For instance, do you stop for coffee on your way to work? Just a fresh-brewed medium coffee at most shops will be over $2. Do that daily and you’re spending $60 a month. That’s $720 per year.
If you resolve to stop this kind of spending, you can put that money into your savings pool each month instead. Changing these small habits can really add up in the long run.
Set Savings Goals
Once you begin the habit of saving, you can start setting goals to help you reach whatever milestones you are looking forward to. Do you want to save for retirement? Do you want to start your retirement savings? Do you want to save for a new car?
Whatever you are looking to accomplish with your new savings plan, set a goal and reevaluate at intervals along the way. This can help you stay on track as you develop your new financial habits.
Are you looking to save more money from your next shipyard job? Contact the recruiters at Hutco to see what we’re working on today.
