It is 2021 already! Any New Year resolutions for you?
We should make learning about money as a priority this year. I mean, make saving as a priority.
Every one want to save money. No one really want to accumulate debt. But, life happens and we buy things, that we don't really needed.
So the first step to saving faster is to make saving the priority. We all heard about "paying yourself first". It actually means is to save the money you want from your pay check, before you start spending. So, think of an amount you can live without. Budget that as your "savings"
Most people get paid biweekly. To start, make an automatic deduction to savings account when you deposit the check. It need not be big. Just start the habit. When it is not in the checking account, you might keep it there and let it accumulate. I will actually say to automate it. If you are not seeing it, you won't feel like spending it either.
Next is to try reduce the spending. Each time, you are tempted to buy something, think it through:is it really needed? Can I do without it?
Do I really want to work 5 hours to make the money for this item? If the answer is no, then we don't usually buy it.
I have a reminder in my purse on a card asking "Do you really really want it?" That gives me a moment to think before swiping my credit card.
IF you get a raise, try to save that money. The natural tendency will be to increase the expenses too, right? Try to at least increase your savings little bit whenever you get a raise.
Many people won't get a raise easily. So, learn to negotiate for better pay whenever you get a chance.
Make a targeted amount for savings. Then treat yourself with something nice with 10% of what you saved. That treat will be sweeter to enjoy!
Bindu
