15 Money-Saving Habits That You Can Implement Today
15 Money-Saving Habits That You Can Implement Today
Whether you're saving for a big trip or trying to buy a house, there's no reason why your money-saving habits can't be started today. Not as a New Year's Resolution that you'll not keep for more than a week, but realistic saving habits that you can implement right now to help you meet your financial goals.
If you have big financial goals, it helps to break them down into more bite-sized, manageable savings goals to start with. That down payment on your dream home may seem impossible until you break it down into monthly savings goals. Or saving for the new car may seem impossible until you start putting money away and hey, presto! In 12 months, you may have enough to buy it. Let's go over 15 money-saving habits that you can implement today.
Ensure Your Savings Are Automated
The last thing you want is to have to think about saving money because then you'll start thinking about all the other things you need to pay for and nothing will ever be saved. Open a savings account of some sort and then ensure that your deposits into that account are automated from your paycheck. Set the amount to be as little as you think you can afford, even $20 goes a long way over time. Automating this process will mean less hassle and less chance of the money being used for something else.
Save A Little To Save A Lot
Most people who are not independently wealthy have had to start saving from somewhere. The most important aspect of saving is that you start. Even if you're only throwing $5, $10, or $20 in a savings account (or piggy bank) every paycheck, you'll eventually reach your financial goals.
Use Automatic Payments
Missing a payment can land you in huge trouble with whomever you've not paid. Instead of remembering to pay your bank, landlord, or electricity company, set up recurring payments for a specific date each month. Not only will this increase your credit score over time, but you'll also never miss a payment date.
Set Up An Emergency Fund
Most of us are living from one paycheck to the next and unsure of where our 'rainy day' fund is going to come from. Setting up a third bank account alongside your savings and checking accounts to use as an emergency fund is always a good idea. You can even set up automatic payments into this one too, so that every paycheck, you set a little aside for life's unexpected expenses.
