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Saving money is definitely harder than it seems. Sure, it’s a simple concept spend less than you earn. Unfornately it’s not that easy. You work tirelessly to earn money, and before you know it, you are tempted to spend it, no matter if it’s on bills, food, or personal items. It can be a struggle to save money.
We’re tempted to buy things every day. We run out of food, we need medicine, we have to pay off loans. Bills don’t pay them themselves. When it comes to spending major online retails have made it incredibly convenient to buy pretty much anything from your phone. Hello, Amazon Prime. These modern day convenience make it even harder to track spending and thus save.
We all know saving is important, proper money management allows us to be able to live comfortably.When we are adequately saving money, we can pay bills, buy groceries, and have plenty of funds remaining in the bank for any sort of emergency. Not to mention planning for retirement, saving for college, and maybe a vacation or two.
On board to up your saving habits? We’ve got a few simple tricks to get to help you reach your goal.
Out of site, out of mind. Automating savings allows you to set it and forget it. If the money isn’t there you won’t be tempted to spend.
With an automated savings account, an amount of money will automatically be transferred from your checking account. You can transfer 10 percent of your paychecks this way, and it will be money you will always have, even if you continue to spend on necessities.
You can set a realistic goal of how much money you want to spend per week or month. Simply keep track of what you spend. When you are close to this limit, resist the urge to spend more until the week or month is up. You may find yourself with a lot more money in savings when all is said and done. Here are our best budgeting tips.
There are times in which we’ll need a lot of money unexpectedly. Whether it be for hospital visits or car repairs. Rather than putting these costs on credit cards, it’s important to have a fund to draw from. You should make an emergency fund should be the first priority when saving.
Saving is an ongoing commitment that each of us needs to do to maintain independent living. Fortunately, there are many ways in which we can save so that we no longer run into financial hurdles. Choosing a plan to save and sticking by it can not only be challenging, but rewarding when it pays off.