10 Pragmatic Ways to Be Better at Saving Money ...

It’s a flawed theory to think you need to make more money before you can begin to save. Small steps can yield big results. Plus, it’s a given that the more money you make, the more you spend. Don’t wait to save money, put away as much as you can afford, starting now.

It really doesn’t matter how much you save; it all adds up over time. Even if you can only afford $10 a month it is worth it.

Ways to save money become a lot easier if you have something specific as a goal. If you don’t have the natural propensity to save money for a nest egg or because you are naturally financially cautious, having a target gives you focus.

It’s surprising how much it soon adds up to if you toss your spare change into a jar. At the end of every day empty your wallet of all those coins and watch your pile grow. Not only do you save money but your purse is lighter too.

When you finish paying off a loan or another large bill rather than revel in having the extra money, save it. You’ve been doing without it while you’ve been making the payments so technically you can manage without it going forward. On the same day you’ve been making the payments, send the same amount to a savings account. If you don’t want to save it all, at least save some.

Every time you make a saving, bank it. If you brown bag your lunch one day instead of buying it, put the equivalent saving in your change jar. If you have budgeted $50 for something that you buy for $45, don’t spend the 5 bucks on a glossy mag or an extra large latte from Starbucks, save it. This is a savvy way to save money.

If you have a workplace saving opportunity – take it. This is one of the easiest ways to save money as you don’t have to do anything. The money is simply deducted from your pay packet.

If you have a lot of goals to save money for – vacation, car, education – be careful how you structure your savings account(s). It’s ok to have amounts in individual accounts but if you reach certain amounts it might be best to amalgamate to gain access to accounts that bear higher interest rates.

The last thing young people think about when they get their first job is retirement. Think about it though, if you start a pension investment when you are in your early twenties, just how much is it going to be worth when you retire. The plus side of this way of saving money is that, it is highly likely you will have built up enough pension to retire at a much earlier age. If your employer has a 401(k) plan – it’s a no-brainer! Join it. You also save money on taxes!

Money is an important subject at AWS. We hope you will continue reading and that the ways to save money we share with you, are practical and useful.

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