Think You Know All About Saving Plan Ideas? You Forgot This!

Last Update: June 26, 2018

In my opinion, when looking at savings plan ideas you need to start with your why first and foremost. Ask yourself the question "why am I saving money"?

This will help point you in the right direction because there are so many different ways you can go about saving your hard earned money. What is the point of working so hard to earn money if all you do is blow it?

Before we look at how you can save I should mention the importance of writing down all of your expenses. Although this is not savings if you are really serious you can probably find places to cut your expenses and add to the amount you are working with towards you savings plan ideas.

This will also help you identify what is important to you and what is not. I am not a believer in scrimping and saving every penny to the point you sacrifice other areas of your life.

As an example, if a cup of coffee at Starbucks every day for $5 is something you can not do without them, by all means, keep that expense and do not feel guilty about it. However, there may be areas where you can tighten up a bit giving you more disposable income every month.

Also, let me ask do you really know how much money you earn every month? I am always surprised that people are on direct deposit and never look at their pay stub.

Once you have an accurate picture of your income and expenses you will know how much money you can budget every month into your savings plan ideas.

Here are some ideas on where to put the money you save!

1. Savings account. This is for short-term savings. You should have at least 6 months worth of income here in case you need it for an emergency. Savings account are insured by the Federal Deposit Insurance Corporation.

2. CDs. Certificate Of Deposit locks your rate in at a guaranteed rate for a specific time.

3. IRA. These are for longer-term savings and tax savings are one primary benefit of having one.

4. 401K. If your company offers a plan get into it. Many companies have a matching figure the will contribute as well. For example, if you contribute 6% every month they will match that at 3%. You are earning 50% on your money right away!

5. Stocks or Mutual Funds. Investing in securities such as these come with risk. They are not FDIC insured. However, depending on your age the opportunity to be more aggressive with the chance to earn more can often be worth the risk. Look at how much the stock market is up since President Trump came into office.

6. Gold or Silver. You see a lot of tv commercials touting the benefits of owning gold or silver. Some people do not trust a paper statement showing them how much money they have. Buying a physical asset such as gold or silver alleviates that worry.

7. Buy a house. For a long-term investment, this may be the best place to start. You have to live somewhere so why throw your money away on rent. Over the years you hope your equity will increase and someday you can sell your home for a profit.

8. Invest in real estate. There are many ways to invest in real estate including single family home, condos or townhomes, commercial property, real estate investment trusts, and others. Buying a mobile home park is one of the most interesting ones I have come across recently.

9. Buy a virtual real estate. Buy websites, fix them up, and flip them for a profit. Buy websites and hold onto them for monthly income. is a great source for ideas and virtual properties you can invest in.

These are 9 savings plan ideas. Most of us really only need 1 or 2 to make a positive impact on our lives. In fact, you are better off not to spread yourself so thin you can not manage the savings you are doing.

Let me give you one other idea that is catching on more and more.

10. Start a business. This could offer many benefits to you and your family.

For starters, you can earn a monthly income that does not have a ceiling on it. Can you say that about your current job?

You could start your own business part-time with the idea you want more money so you can save more every month. You may not even have to be involved in the day to day operations if you have the right business with a good manager.

Some people start a business with a long-term endgame in mind. Building a business you can sell down the road could be a very good way to retire with a lot of money or maybe even a monthly income to supplement your retirement.

I see people embrace this savings plan idea only to quickly discard it because they do not have money to buy the business. Do you know most businesses are bought with OPM (other people's money)?

There are literally millions of mom and pop style businesses you could buy with little or no money down and a monthly payment plan. These people are willing to sell because they need more retirement income and they are looking for a way to do it.

Summary: Saving Business Plan Ideas

Let me summarize these saving plan ideas by saying take care of short-term saving first and then look long term. Understand why you are saving and what your goals are.

Are you a conservative or aggressive saver? How old you are will come into play here.

Do not rule out starting or buying a business as a way to increase the amount of money you can save, even if you have a job. Having your own business provides many benefits to anyone willing to find the right business to start!

Which one in my list are you using for you savings plan? Or are you using another idea? Love to get your feedback!

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RAFStuart Premium
This was awesome and free.
LouisaB Premium
Awesome strategy! Filled with great tips and financial planning logic.

Thank you!

Louisa B
Lazyblogger Premium
The good old saying is not how much you make, but is the amount you keep! Thanks for the feedback.
LouisaB Premium
And I do know that's right and on point!
ElaineSmith1 Premium
Great post and you had a number of good ideas!!!

Tried and True

Lazyblogger Premium
I appreciate you stopping by and leaving a comment, Elaine. Enjoy the rest of your week.
kehaiz1 Premium
Good post, smart work
Lazyblogger Premium
Thank you for the comment Kwamina.
EOPolini Premium
Very nice post; happy savings!
Lazyblogger Premium
Thanks, wish you happy savings as well.