Saving money can sometimes seem challenging, especially in 2025, but trust me it’s worth it in the long run. The pandemic alone left so many people jobless and under severe financial hardship. But even if the pandemic didn’t cause you financial strain, hopefully, it taught you the importance of saving for a rainy day. Now I know you are probably thinking, “How am I going to save $10K in one year?” Well, it’s actually not as difficult as you may think. It just requires discipline, budgeting and eliminating the spending of any unnecessary purchases wherever you can.
Take for example this beauty right here…
If you aren’t familiar, this picture went viral seven years ago, sparking debates regarding whether a woman should accept an engagement ring that costs $24 or $48. Some people believed it was too cheap and others argued the price shouldn’t matter. The thought of spending your life with the person you are madly in love with should be all that matters in the end.
While most people took very interesting stands, my financial mind couldn’t help but think that one of the leading causes of debt and financial stress is associated with the financial burden of overwhelming wedding costs amongst others. According to marketwatch.com, one-third of couples go into debt for their big day. While this information is alarming, a wedding is just one aspect of the difficult financial challenges many face daily. Let’s face it, life is EXPENSIVE! However, with some discipline and following these four easy tips below, you should be able to start the new year off right by saving and putting a few coins back in your pocket.
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1. Pay yourself first.
Say it with me….” Pay Me First” and there you have it! This is one tip that many people fail to take full advantage of. I’ve encountered several clients, family members, and friends who solicit my financial advice but fail to pay themselves first. The thought process behind this is they feel that hammering all of their incomes at their debt will help them pay it faster and thus achieve a life debt-free.
However, paying yourself first will ensure you always have an emergency savings when things get rocky. My personal recommendation is you put something away each pay period and watch it grow over time without interruption unless it’s a true emergency. Three to five percent of your income is a great start, but anything really helps over time. Understandably, most may not have much disposable income, but putting away even five dollars weekly can add up in the long run. You can never make too little or too much to start saving!
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2. Take advantage of employer matches to your retirement plan.
In this day and age, as an incentive for plan participation, most companies offer a percentage of money that they will match to encourage enrolling in retirement plan savings such as a 401(k). Again, you would be shocked at the number of people who don’t take advantage of this. I recommend individuals contribute to the plans match maximum which is sometimes three to seven percent. By doing this, you’re no longer leaving free money on the table and saving money without practically doing anything but your regular job duties.
3. Take your lunch to work
This is one tip that has literally changed my life and my expenses! I live by cooking food at home and taking my lunch to work every day. If an average lunch costs $10 per day and making it at home only costs five dollars, you would potentially save $100 a month by packing lunch. Could you use an additional $1200 a year? I know I could!
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4. Review your bills, subscriptions, and insurance plans.
All too often, we sign up for things and put them on auto-draft without actually ever sitting down to review them as the best fit for our current lives. One thing I do every 12 months is sit down and review each and every bill, subscription, and insurance plan I have to make sure I’m still getting the best bang for my buck.
Just last year I was able to save over $165 a month by switching car insurance while also getting more coverage. Most times companies offer discounts, updated plans, and competitive pricing. Many people don’t take advantage of these hidden perks, and sometimes a HUGE savings benefit could lie therein.
5. Track your spending.
After totaling up your monthly income, subtract all your monthly bills and expenses. This should help you set a monthly budget. From there you can begin tracking your spending to make sure it aligns with your monthly budget.
Tracking your spending on a daily or weekly basis is important and will help land more money in your bank account in the long run.
Don’t wait until the end of the month to look at your checking account because you may just discover you’ve been overspending a little too late.
There are numerous resources to help you track your spending. Try a budgeting app, a budget binder or a budget calendar. These tools are sure to keep you on top of where your money is going.
By practicing these tips and using your best judgment, always, I’m confident you can begin to see some increase in your coins. Saving takes time, patience, and discipline, but trust me when those unplanned emergencies hit or you want to get the love of your life a beautiful engagement ring you will be glad you did!
Brandon Herring is a financial professional by day and ratchet scholar by night. A graduate of the University of Illinois at Urbana Champaign his areas of specialty include personal finance, entrepreneurship, business, and marketing. He Is a self-proclaimed know it all with a love for his community, and seeks to contribute philanthropically through financial education amongst African Americans.
