You don’t have to have a substantial pay raise or get an inheritance from your rich uncle to boost your savings account this year. The real key is to stay focused on keeping more cash in your savings account and cutting back on every day expenses. Thanks to bank reviews on the internet, finding the best banks is now easier than ever.
We all know the sure fire way of emptying a savings account and turning savings goals into a distant dream: Impulsive Buying. It’s often far too simple to do it, but don’t. Plan your purchases, and be sure to stick to your plan.
Pre-paid debit cards, recently rising in use and popularity, are excellent ways to control spending and follow a budget. Choose wisely though, some can come bearing high fees and heavy penalties. There are two pre-paid debit cards I would recommend:
– If you find it too hard to manually transfer money into savings each month, have your employer take money right off the top of your salary for your retirement or other savings goal.
You can also consider using SmartyPig.com, which allows you to create multiple savings goals, choose dates you want them accomplished by, and select how much you would like withdrawn from a checking account each month.
With the money you got from that raise it should have been easy to build up your savings, right?
Wrong. How about that higher paying job? Weren’t you able to double your savings in no time flat? I wish.
It’s been proven time and time again that the more you make, the more you spend. So don’t wait to make more money before you save.
Be specific. Use savings calculators to see how much you will have saved if you put $250 a month into an account for 4 years. ($12,000) Calculating it out can help you to see the big picture and stay motivated. It will ensure you that it is worth it!
Have specific goals and write them down.
Review your goals every Sunday or at least once a month and report to a friend your progress. Tracking your goal will increase your desire to keep saving. Sharing your goal with others will make you more honest with yourself also.
Always make sure you’re earning the best money market rate possible.