Saving Money Broken Down into A Doable Plan

Saving money seems to be problematic for so many people. It’s not uncommon to hear someone say that they’re going to move into a less expensive home to save money or that they’re going to go with a less expensive cell phone plan to save money. But let’s be honest; how many of those people are actually saving that money? Probably very few; the rest are using what they saved on their monthly expenses to go out, go shopping or do something else. Saving money isn’t hard; here’s some advice you should keep in mind.

Your Savings Account is an Expense

Your savings account is not something you simply pay when you can and ignore when you can’t. When you start to think of your savings account as a monthly expense, as a bill, you will find it much easier to save. Stop thinking of it as an extra and start thinking of it as a must each month, like paying your mortgage or your insurance premiums.

Budget Savings

Now that your savings account is a priority and not a possibility, budget it into your monthly finances. When you put it in your budget, it’s even harder to forget to save. For example, start with $100 a week. It’s not much, so it’s easily doable. Go ahead and put that as a weekly expense, much like gas or groceries. Then, put it into your savings account each week. There – you just saved yourself an extra $5200 per year.

Go Small

If saving $100 per week sounds like a lot of money, try breaking it down. Per day, $100 per week is just over $14.28. Try opening up your bank account online each day of the week and transferring $15 to your savings account from your checking account. It seems like nothing, but it makes a huge impact on your savings account. $15 per day is the equivalent of lunch and a latte, which doesn’t seem like anything to anyone when you’re handing over your debit card at a restaurant.


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