Saving money can be a challenge. To help, we collected 24 tips, tricks, and resources that will enable you to save more money with ease.
Considering how important it is to tuck money away for retirement early, save for emergencies, and pay off debts, learning how to save is imperative. Here are 24 ways that you can start saving today, no matter what your budget looks like.
1. Save First
You’ve probably heard the expression that extra money “burns a hole in your pocket.” There is some truth to that. So you can greatly improve your savings by never keeping that money in your pocket.
When you have money left at the end of the money just sitting there in your checking account, you’re more likely to feel like you’re flush. Seeing a higher balance might even encourage you to spend more!
Instead, make it a habit to save first each month. As soon as your money hits your account, transfer out a determined amount into a savings account. That way it’s out of sight and out of mind. Then, if you find yourself spending wisely throughout the month and wind up with more money left over than expected, transfer the excess out as soon as possible.
Getting the cash out of your daily spending account has an important psychological effect. It changes your viewpoint on your current financial status and may subconsciously prevent additional unnecessary spending. Plus, you’ll be building your savings account in the process.