Sometimes saving money is a difficult task, but by following these simple tips, you should be able to get some money away every check or even every month for those times the extra money will come in handy!
Table of contents:
- know your goals
- start tracking
- don’t look at others
- get the tools
- watch your growth
1 KNOW YOUR GOALS
First you must know what are you saving for. Want to buy that bag you always stare at the price at the store? Dream house? Or do you want to go on a trip around the world?
Having a specific goals in life will help you stay motivated and on track. The truth is society has gotten away from saving money these days because we have easy access to credit. Why don’t we get back to this saving habit?
2 START TRACKING
You should always track your expenses to determine how much you are able to save. Focus more on discretionary expenses and see if you can cut them back.
3 DON’T LOOK at OTHERS
If you really want to save money stop looking at other people's lifestyles. If your friends go to shopping often, or eat expensive food, that could be pricey for you and break your budget. Don’t feel like you need to compete. Your wallet will be thankful.
4 GET the TOOLS
If you are going to save for a short term you should have a regular savings account, high-yield saving account - which has more interest rate certificate deposit, which locks your money at a specific interest rate for a specific period of time, is your best bet.
For long term goals use securities such as stock or mutual funds and FDIC. Read up online, ask your bank tailer and choose wisely!
5 WATCH YOUR GROWTH
Check your progress every month. This will help you to stick to your personal savings plan and identify/fix problems quickly.
Hope these ways will inspire you to save more money and hit your life goals within a couple of months!
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