W hen it comes to saving money, you don’t need to make a lot of money or win the lottery. With clear goals, discipline, and few strategies, you can build your emergency fund and find some financial peace. Apply these simple money tricks and tips today to trick yourself into creating a saving habit:
Very often, we pay everyone else and don’t pay ourselves. Before paying your bills or anything else, pay yourself first by putting a fraction of your paycheck into a savings or investment account.
If you don’t have the discipline to pay yourself, set up an automatic transfer from your checking account to a savings account for the same time every month (just like you do with your bills). Even better, you can have your employer withhold the money from your paycheck and transfer it to a savings or investment account. That way, you don’t even feel the “loss” because you don’t ever see that money.
Don’t delay because you are not making enough money. Start with what you can do. The more you make, the more you will spend anyway—so why wait? By starting now, you’ll get in the habit of saving. Plus, you have more time on your side if you are saving for retirement than someone who delays saving.
It’s OK to start small; actually, it’s better than nothing. We all agree. You may think $25 a paycheck is too little if that is all you can save for now, but it’s not. It could be $25 or $35 a paycheck; every dollar adds up. You can always increase the amount when you’re able to.
To avoid the temptation of digging into your savings when you haven’t reached your goals, open your savings account at a different financial institution. You can refrain from having a debit card for that account, too.
Struggling to save money? Get technology on your side. We live in the digital world, where many applications can make the saving process easier with a simple tap from your smartphone. From rounding up your next purchase and saving the extra change for you to keeping track of how much you can spend per day and per week, applications are playing a big role in helping people save money. Choose the one that fits best with your needs and goals.
Saving money also means not spending too much or purchasing things you don’t need. Just because an item is on sale doesn’t mean you have to buy it. Find ways to avoid overspending and save instead.
Which tip(s) did you find the most valuable?