Saving can feel overwhelming. Especially if you feel like you are living paycheck to paycheck.
The good news is, you can start saving in little ways that will not only make you feel accomplished it will also help you to create a solid foundation for future saving!
Budget like a boss.
Some months, do you ever find yourself wondering where all your money actually went? Nine times out of ten people are spending it on frivolous things, that you truly didn’t need, causing hundreds of dollars to be wasted.
The first key to saving is knowing what money you have coming in and what money you have going out.
Creating a simple budget is an easy way to do this! There are even apps out there that help you create and set a budget.
They have facebook groups you can join to connect with other users, ask questions, and most importantly know you are not alone in it!
You may be surprised how much money is slipping through the cracks each month. Once you are clear on what your spending you can get clear on how much you are comfortable setting aside.
Something is Better than N
I am sure you are familiar with the saying a penny saved is a penny earned. Well, that couldn’t be
Maybe you aren’t in a position to save hundreds of dollars a month right now.
That’s okay. Don’t be so hard on yourself. Even if you can only set aside $50.00 a month (a seemingly small amount), any amount of saving is positive!
$50.00 a month means by the end of a calendar year you would have $600.00 saved. And that’s $600.00 more dollars more than you had saved previously.
Put your Savings in the Right Place
Piggy Banks are so 1990. I mean, they are cute and all, but you can get the most out of your savings when it is sitting in a high yield savings account, not in a piggy bank at home. (Or a checking account for that matter).
High-yield savings accounts are bank accounts that earn you a higher interest rate for deposits than a traditional savings account. (Typically up to 2% versus the average .01% of a regular savings account).
That means, your $600 saved above could earn an additional $12.00 per year vs. $0.60 in a traditional savings account.
It may not seem like a lot, but over time, as you begin to save more the 2% will earn higher returns thanks to compounding interest.
If you have an institution that you like and already have a checking account with you can ask them about a high- yield savings option.
The most important thing when it comes to saving is to actually start!
We come across people all the time that say, “I wish I would have started sooner”.
By taking action on something in your control,
We hope this helps give you the confidence to know you can become a saver, and you can do it right now! A small step is a wonderful step in the right direction.
Hungry for more and haven’t taken advantage of our Monetize Your Money Course. You can get access here!