This page may contain affiliate links, meaning I may earn a small commission at no cost to you if you make a purchase through the links.
Putting a little money away for a rainy day isn’t always easy. You may have some good intentions, but at the end of the day, there just isn’t any money left. Somehow whatever you make is spend before you make it to the next paycheck. Here are some tips on how to save money that you can do to start building your savings and achieve your financial goals.
How To Put Your Savings On Autopilot
1) Start By Making A Personal B
Take a look at what you bring in each month. Next, write down your fixed expenses. These are things like rent, car payments, utilities,
Next, it’s time for a little bit of math. Start with what you bring in each month and subtract all your core expenses. What’s left is your discretional income. This amount will pay for entertainment, clothes, getting your nails done, etc. And from here on out, part of that discretional income will go into a savings account.
2) Pick A Number You’re Comfortable With
Maybe that’s just $20 per month; perhaps it’s $500. Put it in your budget and treat it like any other bill. It won’t take you long to get into the habit of setting aside that money for savings.
3) Set Up Auto Deposit
To make it even more hands-off, talk to your bank about setting up a separate savings account. Then set up an auto-deposit to have the savings transferred to the new account. The deposit should transfer as soon as your paycheck comes in each month. If you don’t see it, you’ll never miss it, and your savings will run on autopilot.
4) Choose An Interest
–Bearing Savings Account
Make sure your savings are sitting in an interest
5) Don’t Forget To Audit Your Savings From Time to Time.
Take another look at your budget. Can you increase your savings a little more? Another great way to boost that savings account is to take any extra money – thinks like birthday cash, tax return, bonuses,
Last Thing You Need To Know
One pro tip is to talk to your employer about matching 401K funds. You may be able to get a contribution from the company you work for towards your retirement savings account. This extra boost will get you closer to your saving goals.
Saving money can be hard, but if you get into a system and make it a habit, you’ll find that it can be easy after all. Apply the above tips on how to save money, and you’ll be on your way to building your savings in no time.