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3 Simple Ways To Save Money

Looking to establish healthier money habits and start saving for your short-term and long-term goals? Getting to that mindset is the first step. But, what’s next and how do you begin saving? To help you on the road to financial freedom, we’re sharing our top 3 simple and realistic tips to achieve your savings goals. Check them out below ⬇️⬇️⬇️

 

  1. Create A Budget.
    How can you save when you don’t even know where your money is going? Simple answer: you can’t. While the task of setting up a budget can seem daunting, it’s actually a lot easier than you may think. Sit yourself down, calculate your monthly income (after taxes) and make a list of all your monthly expenses. Once you have your list together, separate your fixed expenses (bills you can’t avoid like rent and credit card minimums) from your variable expenses (for example, your gym membership). *Pro Tip: Go Digital! While a pen and paper budget is a good starting place, there are a ton of free budget tracking resources in your phone’s app store and online.

  1. Cut Down On Your Variable Expenses.
    Now that you have a list of all your monthly expenses, it’s time to see where you can start cutting costs to dedicate more towards your savings fund. Our suggestion: begin by taking a look at your subscriptions and memberships. Chances are, you’re paying for multiple subscriptions like Amazon Prime, Netflix, Hulu and maybe even a gym membership or two for the family. But, do you need all those subscriptions and are you actually using them? Decide what you’re willing to part with and keep what you will truly use (and be smart about using)–as some people say: a package a day will not keep your debt away. Once you’ve made those cuts, move on to your food expenses (this includes your grocery bill itself and dining out costs) and keep adjusting costs where you can afford to.

 

  1. Automate your savings.
    What if you could grow your savings without even thinking about it? 🙋 Yes, please. Most employers offer the option to directly deposit your paycheck into your bank account every pay period. With that option, you can choose where your funds will go. What’s that mean exactly? Well, you can choose to have x amount go into your checking account AND you can dedicate x amount to go straight into your savings account. Bada bing, bada boom. Worried about the possibility of having a month where you’re tight on funds? Don’t worry, there’s another easy route you can take to save automatically. Most banks allow you to set up automatic transfers from your checking account to your savings account, often with transfers as small as $25 (let’s be honest: just about anyone can afford to expense $25 a month to their savings). Pro Tip: Do your research. Some banks do charge a monthly fee to have a savings account. However, these fees can typically be avoided by setting up an automatic transfer every month for a small set amount.

 

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