Now that we are all back to school, let’s all get back to saving!
Budgets are tight. Not sure where that money will come from?
Make it easy on yourself to save. Start small, start now, and get into the habit of saving regularly.
Here are 3 suggestions to get started:
- Set your dream goal then pick a number, any number to reach that dream goal.
Having something big to work toward can make small sacrifices easier to handle. What’s going to motivate you to make a small contribution to reach that goal? Your dream, a big vacation, a special thing or just knowing you have a savings nest-egg? Whatever your big goal is, have a constant visual reminder of it and put it where you will see it multiple times a day. Seeing that reminder is a helpful nudge to keep you on track, and your eyes on the prize. Then pick a number that you can afford to contribute regularly to that goal.
- See what expenses you can do without
Think about some frequent purchases that you could probably go without. That daily $3.00 coffee? Maybe you cut back and eat out one less time a week. If you get takeout once a week for $30, cutting that out would add up to $1,560 in annual savings right here. Instead, have seconds on savings! Review your monthly recurring charges on various services and cut out any recurring monthly fees that you can do without, that adds up!
- Set it and forget it!
Make saving easier on yourself and set up a recurring automatic transfer to a savings account. This way, you set it up and don’t have to even think about it each month. And when you don’t see that extra money in your checking account, chances are you will be less likely to spend it.
Use this savings calculator to determine what you could save and how those savings could grow over time.
If you can start now or increase now, then maintain your savings goals for 30 days, you’ll be more likely to make them a new routine – and have more money saved for that dream!