Last Year, I Saved More Money Than I Ever Had Before — Here Are The 8 Habits And Changes That Let Me Do That

I'd like to think I've always been pretty good about how I spend and save my money — but last year, some new changes really paid off.

Hi! I'm Fabiana, a millennial who surprisingly doesn't mind talking about money. I understand it can be a topic some don't feel comfortable talking about when it's brought up. But honestly, I enjoy discussing money as it allows me to learn from others, especially as a 28-year-old woman who is still working toward her financial goals.

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I'll admit that I think I've always been pretty good about how I spend and save my money. My parents had my brother and I learn how to balance a checkbook at a very young age, and we were brought to the bank to open our own checking and savings accounts before we were even in high school. Now that I'm getting closer to the age of 30, I've been wanting to really ramp up my money-saving ways to hopefully reach some financial goals of mine that will allow me to make big adult purchases (like buying my own place) in the near future.

In 2021, I set a goal for myself to save a significant amount of money. And I'm happy to report — now that we're officially in 2022 — that I was able to do just that. 🎉 If you're looking to get a hold on your finances but don't know where to start, I'm sharing some of the specific money-saving tips and tricks that have worked for me.

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A little reminder that everyone has different ways on how they go about saving money. This is what has personally worked for me. 

1. I put a few extra dollars into my savings account whenever I make a healthy money decision.

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A little money-saving trick I have is to reward myself when I make a healthy money decision. An example of this is if I order food, instead of ordering delivery for an extra $3, I pick it up myself. Then I take that money that I just saved and put it right into my savings.  

Another time I did this when I was really trying to save was at the salon. Instead of paying an extra $20 to have my hair blown out after getting it cut, I went home with damp hair, gave myself a blowout, and put that $20 right into my savings. Sounds extreme — but it's a helpful way to make smart money decisions and also reward myself for it. 

2. I try to limit myself to only use one to two credit cards at a time.

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Although I have a few credit cards open, I don't use them all. I really only use one or two of my cards at a time. Make sure you're rotating through all of your credit cards. If a card has been inactive for a year more, the issuer may close it for you without giving you a heads-up —  which can cause your credit score to dip. Even when I make small purchases with these cards, I pay them off immediately. 

Overall, it's much easier to stay on top of what I'm spending, how much my credit card bills are, and to avoid any credit card debt from accumulating by only using a few cards. 

3. I use a money journal to track my spending each week.

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I like to use a journal to write down what I spend each week, and I keep it as basic as possible. I make a few categories, write down the purchase I made, and how much it was for. Then I add everything together and write the total dollar amount I spent that week. 

This habit each week helps put things into perspective for me and helps me realize where I spend the most money and where I could cut back on things. I'll admit, those Starbucks iced coffees definitely add up! 

4. For every debit card purchase I make, I put $1 into a separate savings account.

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Another money saving trick: I make it a point to put $1 into another savings account for every purchase I make. I know this sounds small, but this account has slowly but surely grown, and eventually I plan on using it for a big purchase or for travel. This tip allows me to stay on top of how often I'm swiping my debit card while also letting me stash money away for a greater purpose. I'm sure there are apps out there that do this for you automatically, but I don't mind manually doing it myself. 

5. I restrict myself for different months at a time from buying frivolous items when I really want to cut back on spending.

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Don't get me wrong, it's definitely tough to have self-control when it comes to buying new things. If it was up to me, I would spend all my money on makeup and skincare. So to refrain from doing this and to put myself on a strict budget, I set time limits for when I allow myself to buy different things.

I'll restrict myself from buying new clothes for two months or not buying makeup for three months. This is a strict tip of mine, but I've found it to really help when I want to cut back on spending and think twice about buying something. 

6. I make sure to save every receipt in case there are any charge discrepancies.

Fabiana Buontempo / Via Fabiana Buontempo

My friends definitely make fun of me for this, but let the haters hate! I save 👏🏼 every 👏🏼 receipt 👏🏼for every purchase I make. After the purchases clear on my bank statement and the amount I was charged for dinner matches the total on my receipt, I'll then get rid of the receipt. 

I do this because I've had instances where I left an $11 tip on a restaurant bill and then it showed up on my bank statement that it was changed to a $17 tip. 😒 Luckily I had my receipt to prove my case. If you're not staying on top of things, you can easily be getting overcharged or have a discrepancy somewhere and not even be aware of it. 

7. It may sound counterintuitive, but investing in more expensive, quality clothes has actually been a game changer for my wallet over time.

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Speaking of buying things, during COVID when I had a lot of time on my hands, I revamped my closet to mainly consist of classic, staple pieces. Until now, I never really jumped on the bandwagon of investing in quality pieces — such as well-made jeans or a blazer — over fast fashion. Honestly, you really do save money in the long run when you buy clothes that fit you well and that last for years instead of months. After investing in these pieces and adding them to my wardrobe, I've really cut back on frivolous clothes shopping, and I have less temptation to mindlessly shop online. 

8. I like to think longterm and set positive but realistic money goals for myself.

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To be honest, setting a goal for how much money you want to save sounds a bit daunting. But like any other goal, if you set small ones for yourself, it's more doable and easier to achieve. Although I managed to save close to $30,000 within the last year, I originally set out to save only $15,000 by the end of the year. I started off by putting a little over $1,000 each month into my savings because that didn't sound that too intimidating to me. 

As I got into the habit of that, if I had a month where I made some extra money, I contributed even more to my savings. Before I knew it, my original money goal doubled by me consistently contributing to my savings. 

Do you have any money-saving tips that have worked for you? Tell us in the comments below!