Measuring Your Savings

Some of you are new to couponing and working hard learn how to save money.  Some of you have done this for years.  No matter how long you have been saving, you know how amazing it feels when you do just that!  However, the one question I know many people have is how to actually apply a value to what they have saved.

Some people use cash and actually see the savings and others use a debit card, so it may not be savings you can actually hold in your hand.  If you really want to keep track of how much you save, what you may want to do is start a spreadsheet.  You can keep track of how much you save every single time you shop.  You may be surprised at how quickly the savings add up!

If you want to turn your grocery and retail savings into something that can really add up, a great option is to set up a savings account.  If you happen to save $20 at the store, you can make a deposit for the same amount into your savings account.  If you  use a debit card, just complete a quick transfer.  Sometimes seeing this bank account increase is the easiest way to keep track of your savings.  Once the end of the year comes you can use that money towards paying down debt, the holidays — or whatever else your heart desires.

We utilize this method – but a little differently.  At the end of each pay period, we take any cash left over from grocery and other envelope accounts and place it into a larger envelope.  A few years ago, we were able to use the cash we saved to pay cash for our new HDTV and stand.  Last year, we used that money towards painting our house.  This year, we are saving for a trip for our family.

Whether you decide to actually account for your savings, or even just pat yourself on the back for spending less than you have before, it’s up to you.  It is just about trying to save money on your purchases.  I always say it isn’t what you spend – it’s what you keep!