Money, Savings, Retirement, Budget

Easy Steps To Save Money Now

08 September 2020

money, savings, retirement, budget

 

There are many ways to save money. You can put cash in a safe or just mentally categorize a certain amount of money in your checking account as “savings”. It’s crucial to put savings in an account created specifically for that purpose. Another great strategy is creating a budget for your short-term and retirement savings goals.

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It’s safest there, it's a good place for an emergency fund and provides you with the ability to buy something expensive pus it’s earning a little interest.

 

You can open a traditional savings account at your bank or you can open a cash account which is kind of like a checking and bank account combined.

 

Using a cash account means you'll likely find yourself earning far more interest compared to your regular run of the mill bank account and you'll also spend from the account the toughest thing about saving money is getting started.

 

This step-by-step guide on how to save money can help you develop a straightforward and realistic strategy, so you'll save money for all of your short-term goals and long-term objectives such as retirement savings goals.

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Record your expenses

money, savings, retirement, budget

In order to start saving money, you need to initially work out what proportion you spend. Take note of your expenses to accurately track your spending—that means every coffee, household item and cash tip.

 

Once you've got your data, organize the numbers by categories, like gas, groceries, retirement fund and mortgage, and total each amount. Use your bank statements to be accurate—and don’t forget any data.

 

Pro Tip. Track your expenses with a free app. Choose a digital program or app can help automate most of this work. 

Budget for savings

money, savings, retirement, budget

Once you have an idea of what your month expenses, you'll begin to arrange your recorded expenses into a workable budget. Your budget should outline how your expenses qualify to your income—so you'll plan your spending and limit overspending. Be sure to think about expenses that occur regularly but not monthly, like car maintenance.

 

Creating a budget doesn't need to be an onerous process however, you do need to find out where your money is going you want to form an inventory of your monthly expenses. Once you've got a better picture of what proportion you're spending during a typical month, you'll search for trends and problem areas.

 

After you’ve found the problem areas, you’ll have a far better idea of where you'll reduce and by what proportion. For example, you would possibly go out to dinner multiple times, or order expensive takeout. 

 

Perhaps you'll cut that back and apply that cash to your savings you'll also need to write down your monthly income after taxes have been deducted.

 

Pro Tip. Include a savings category—aim to save lots, a percent of 10 to 15 percent of your income is a great starting place.

 

 

Set savings goals

Set savings goals

One of the simplest ways to save money is by setting goals. Start by thinking of what you would want to save for—perhaps you’re getting married, vacation or saving for retirement. Then find out what proportion of money you’ll need and how long it'd take you to save it.

 

If you’re saving for retirement or your child’s education, consider putting that cash into an investment account like an IRA or 529 plan. While investments accompany risks and may lose money, they also create the chance for growth when the market grows, and will be appropriate if you plan for an event far in advance. 

 

Pro Tip. Set a short-term goal for something fun that you aren’t likely to have the cash on hand to buy it (e.g holiday gifts). Achieving small goals—and enjoying the fun reward— Offers you a psychological boost that reinforces the habit of saving.

Make savings automatic

 

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, what proportion and where to transfer money or maybe split your direct deposit so some of each paycheck goes directly into your bank account.

 

Most financial institutions allow you to link your checking account with your savings account so that a certain amount of money will move into savings without you having to even press a button.

 

Many employers will allow you to separate your direct deposit so a part of your check goes straight into savings. Try to have the auto-deposit happen on payday and you will hardly miss the cash you'd have otherwise spent.

 

Consider using a cash account that normally offers higher interest than the savings account of brick and mortar banks.

 

Pro Tip. Splitting your direct deposit and fixing automated transfers are simple ways to save money. You don’t need to think about it. It generally reduces the temptation to spend the money instead. With mobile and Online Banking, you can easily do automatic transfers between accounts.

The tips outlined in this article are more likely to common-sense principles. Most people know that they should budget, put money aside for the long term and stay out of debt. But many of us still can’t successfully do it. Unfortunately, short of winning the lottery, there are not any secrets to putting together wealth. These four sound money management principles can be an inspiration to help you start and be consistent.

 

One thing is certain if you can budget your money so that you are spending less than you earn and put some of that money into a savings or retirement account before you have time to spend it, you'll be ready to economize and build wealth.

 

Remember, you need to be very careful and assess what you are most comfortable with when doing your savings. Because you might end up putting away too much too early and wreak havoc on your checking account. You might require you to transfer money back into your checking and create a strain on your finances in general.

 

Learn more about saving the right amount with our new financial planning masterclasses or custom financial plans at financialplans.info 

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Lea Wiviott Boracchia, Co-Founder, FinancialPlans.Info and InvestingProfits.Pro, both apart of the renowned Boracchia Wiviott Wealth Partners

We are a registered investment advisory focused on accessible wealth planning for everyone. Our mission is to help women, men and people of all ages, races, locations, and anyone plan and secure their most successful future. We were originally established in 2005 by way of 3 firms before my husband Marc and I registered our independent advisory in California.

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