Saving is a difficult undertaking especially if you already struggle to make ends meet. The thing about saving is that it is a good thing and will help you in the long run. So, no matter how small your monthly contributions, you should try to save a little bit every month. There are many saving tips all over the internet. We would like to point out a few that are very important in our opinion.
Use automatic savings options – This is a very good way to make sure that you save money every month. When you have to do it manually, it’s easy to convince yourself that there are other things it is needed for. So, make an arrangement with your employer or bank to withdraw a set amount of money every month. This will go straight into your savings account and you won’t even notice it. If you don’t have control over it, it makes it easier.
Set short-term savings goals – In many things thinking of the big picture is the ideal. However, if you struggle to save you may want to try more short-term goals. For example, try to save $20 a week for 3 months and then up it to $25 every week, etc. Once you get into the idea of it, you can start looking at monthly goals and take it from there. Saving small amounts over a short time is easier to manage than one large amount.
Use windfalls and tax refunds for saving – Sure, you look forward to those big amounts to go on holiday or buy that something you’ve had your eye on for months. However, the smarter choice is to take a part of that money and save it. Add it to your retirement fund or the savings you want to use for a specific goal.
Save your small change – Have a jar at the door and throw all your change of the day in the jar. You will be amazed at how fast those coins add up. Once the jar is full, take it to the bank and deposit it to your savings account and start again.
When you approach saving in small steps and wisely, it becomes a lot easier. Saving for your next big thing should be good motivation to try out these simple strategies.