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How to Save Money as a Server

Saving money as a server can be a great way to earn extra income, but it can also be challenging. Working in an industry known for long hours and low wages can make it more difficult to save money. Servers usually depend on tips for budget planning and savings. 

Careful budgeting and planning can save money, whether you want to pay off debts, save for big purchases, or become more financially responsible. This article will help you to build strategies to save money as a server and build an approach towards financial stability with some helpful advice. 

Estimate your total income:

The first and foremost thing as a server is to estimate your total income because when your income fluctuates every day or week to week, then it is essential to sense a bigger picture and start keeping track of your income. To do this, you can start calculating your monthly or weekly earnings. Here are some ways to estimate your total income.

  1. After your shift, start counting your cash and tips, plus also add your hourly income and note it down on a spreadsheet.
  2. Try to do this regularly for eight weeks, and after that, divide the total count by 8 to find out the average income.
  3. For better results, again repeat the process two to get more accurate results about your income. 

 

Estimating your total income gives you the authority to manage your income in a better way, like how to spend and how to save money as a server. From this, you can also learn better money management skills and make your life more convenient. 

Estimate your Daily/Monthly Expenses:

Once you are done with calculating your income, now it's time to check out your daily/monthly expenses. To keep track of your spending.

  1. Check bank statements for the last 3 to 4 months by checking your bank account.
  2. Write down every little detail and make a list of items on which you are spending, like rent, utility bills, transportation costs, grocery items, etc. 
  3. Now calculate the whole amount and take the average cost of your spending. 
  4. If your spending is higher or the same as your income, then start worrying because you are not saving a single penny and try to find ways where you can cut your spending to save money.

Manage your Money:

If you are receiving your income in cash and find it difficult to record your total income and savings, then we are here to save you and also give you some unique tips to manage your money effectively.

  1. Deposit your cash in your bank account daily; this can help to keep a track record of your income and also prevent you from spending on extra things.
  2. Use the envelope system. Take some envelopes and write expense categories linewise on each envelope, like food, rent, bills, etc. After that, put some amount on these envelopes regularly based on your defined budget for that particular category. By doing this, you can automatically avoid overspending on any one category. 

By adopting these strategies, you can learn to manage your cash, and in the end, you can save money as a server because in this job there is no fixed income. So it is necessary to save some money for any unexpected expense. 

Tips to Save Money as a Server:

As a server, mainly income is not fixed, then it is essential to save money for any emergency or any unexpected expense. Here are some tips to save money as a server.

1. Setting 15% of cash for Taxes:

Always remember that you have to pay at least 15% tax on the income you generate from getting tips. So set aside 15% of the money for paying taxes at the end of the year.

2. Pay for Daily Expenses from Cash:

If you are collecting $5 to $10 from tips, then you can easily pay for your daily from that money. like buying breakfast, etc. Using cash for everyday needs is a great technique because, by doing this, you can get rid of bank charges on swapping your credit card. 

3. Save your Tips:

Save some amount of your tips and deposit that amount in your savings account so that in the future this money will provide you financially security in your bad days and you don’t have to borrow money from others. 

4. Look for another Job:

If you want to save money as a server, then another great way to do this is to find another job like babysitting or pet sitting. In this way, you can generate extra income without doing extra work hours. 

How to Increase Your Tips:

As a server, you have a great opportunity to get more cash in the form of tips. This is quite difficult, but by using some strategies, you can do it. Here are some strategies from which you can save money as a server. 

Be polite with Customers:

Often customers leave bigger tips if they get the extraordinary service from the server. Make sure that you are polite and professional with your customers, even if things become stressful. 

Know your Menu:

Knowing the entire menu helps you rapidly answer each question from the customer side about dishes or ingredients. This can lead to better service and bigger tips in rewards. 

Give Discount:

If your restaurant is offering discounts on some items, then encourage your customers to order more food and get more tips in return. 

Conclusion:

As a server, saving money is just like smashing your head. Don’t you have to worry, know! You have gone through this article and learned about the strategies to save money with careful budgeting and planning.

Determine your total income, Calculate and estimate your monthly and daily expenses, manage your income, save 15% money for taxes, use cash for your daily expenses, save your tips, look for a part-time job, and increase your tips by acting politely with customers, knowing your entire menu, and giving discounts.