Waiters and bartenders may find that they have a particularly hard time when it comes to saving money. After all, it seems that cash-in-hand (or wallet) is spent faster than cash in the bank and waiters and bartenders receive a large percentage of their salary as cash tips.
How then can waiters and bartenders learn to save money? Saving money requires discipline, no matter what your occupation. However, these few tips for waiters and bartenders to save money should help put you on the right path.
Stop at the bank on your way home. The wisest thing to do is to get rid of that cash that's burning a hole in your pocket and put it into the bank where you are less likely to spend it and it can earn a bit of interest. If possible, try to select a bank that is on your way home to make this process easier. If you have to go out of your way, you're less likely to do it.
Put it in a locked piggybank. Of course, you'll need to be able to get your money out sometime, but you also want to make it difficult to spend. Create a piggybank that's hard to open. For example, you may want to take an old shoebox, cut a small slit in it, and wrap it in duct tape. This way, it's easy to get your money in, but hard to get it out. When the box feels heavy, take it to the bank and deposit it all at once.
Use the envelope method. This works particularly well due to the amount of cash that waiters and bartenders tend to carry. Create a monthly budget for the different things that you need – rent or mortgage, utilities, entertainment, savings, and so on. Give each category an envelope and put your money into each envelope when you come home. You can only use the money in the envelope for its intended purpose.
Eat at your restaurant. Including saving the cash that they get in tips, waiters and bartenders can often save money when they eat at the restaurant they work at. Restaurants typically offer employees a discount on purchases. Since food is a big charge for most people, this discount can quickly add up. If your food options get boring after awhile, try trading with a worker at another restaurant.