Tips on how to save money

Posted on Oct 19 2017 - 11:16pm by admin

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To save money can be very difficult, especially in today’s economy. But do not let yourself get buried with debt and left with no money in your savings account! Having extra money saved is always important in case of emergency situations, or even down the road when you have college payments for your child, or you want to treat yourself to a new car. Many people have a hard time doing saving money, mostly because they do not know where to start. But an important thing to remember is that you should ALWAYS pay yourself first.
If you make it a point to pay yourself first, this will become a habit and soon enough you will be saving money paycheck to paycheck. The best way to find out how much money to save is by looking at your current expenses. After figuring out how much money from your paycheck goes towards bills (mortgage, student loans, utilities, etc.), see how much money is leftover. Now, knowing you will not want to save all of this money as it is your spending money, pick a reasonable percentage of this money to set aside to be put in your savings account each paycheck. Although this amount may not be much, overtime it will continue to grow and you will end up having a pretty large amount of savings. Also, the money that you left for spending will start to add up if you do not use the total amount each paycheck.
Once you begin putting money into your savings account ends may seem tight. Over time you will get used to saving this money and will not even notice that you do not have as much spending money as you once did. The most important part of saving money is to not use this money for any personal spending unless it is an emergency situation, or a larger purchase that you have been saving for. If you know that a birthday is coming up, or a holiday is coming, save some of your spending money from each paycheck and let that add up to be used for gift purchases. By doing this, you avoid dipping into your savings which you want to try to leave untouched.
Overall, saving money is a very real struggle. But with practice, you can become the queen or king of savings! Do not become discouraged if you fail to put money in the savings account one paycheck, or you do not have enough money to pay an unexpected expense and have to dip into your savings account; after all, practice makes perfect. Saving money is an important life concept that many people neglect because so many people are on a tight budget and are living paycheck to paycheck. So start by saving what you can and as you adjust, adjust the amount of money you are saving each paycheck. This may seem like a struggle at first, but trust me when I say that you can do it! Happy saving!

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