Life can hit hard and unexpectedly sometimes which is all the more reasons to get on top of your finances including your savings. Here are 5 simple ways for getting a little more control over how much you are saving each month.
1. Set Goals
What is the purpose for you saving? Emergency fund? Vacation? New car? Whatever the case set your goal and write down your numbers.
2. Determine How Much You Can Afford To Save
Next determine how much you can save by figuring out how much you have left after fixed expenses (rent, car payment etc) and bills. It’s okay to start small, say $25 a paycheck and then go upwards from there.
3. Save Without Knowing
Sometimes it’s easier to save when you don’t actually see the money. Try setting up automatic deductions with HR at your place of employment so that a set amount goes straight to your savings account without you seeing it.
Another form is through apps like Digit which takes small amounts from your checking account so you don’t feel it. You can also transfer the money back anytime when you need it!
4. Save From Other Streams of Income
If you feel like it would be too much to save a portion of your primary source of income, take up a hobby and tap into your entrepreneurial side. Use the money from your side hustle to fund your savings. You can build up a nice sum quickly this way.
5. Cut Unnecessary Expenses
Lastly, look into your expenses and see where your money is going. Are you spending a ton on eating out? Try to cook more at home. Also consider cutting your expensive gym membership and working out at home, or cut the small subscription services that tend to add up like Spotify, Hulu and Netflix.
Bonus How to Save Trick
Build your credit using one bill, preferably a small one, like Netflix. Put the bill on your credit card and pay the bill in full every month. Even though it is a small amount the credit card company will notice that the card is being used and paid in full every month! You will build your credit with just $8-10 bucks a month!
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5 Tips For Getting On Top Of Your Savings And Setting Budgets
Here are 5 simple ways for getting a little more control over how much you are saving each month.