Many people start out their month with the best intentions of saving money, only to find that they’ve spent it all by their next paycheck. Since life can start to add up quickly, it’s easy to do without even seeing it disappear.
However, savings isn’t just about putting money aside to buy something nice for yourself. Putting money away is important for emergency situations which could come in many forms. You never know when a pipe might burst, you may have a medical emergency or even find yourself with a legal problem. Savings are there to ensure that you have money to take care of whatever comes your way without having to worry.
If you’re ready to start saving and be prepared for emergencies, then here are some of the best ways to do it with hardly any hassle.
Set Up Auto Savings
Most banks have an auto-savings program which you can enroll in if you begin a savings account. You can set an amount to be deducted each paycheck which is comfortable enough for your budget.
In some cases, they will round up for every transaction that’s made and use the remainder towards the nearest dollar to put into your savings account. It may not seem like much at the time, however, added up over several months you can find yourself with a nice bit of money put away without having done much at all.
Put All Your Small Bills In a Box
If you find yourself with cash in your pocket at the end of the day, rather than spending it the next, why not put it into a box? Many people who work with cash tips find this method especially useful since they use cash so much on a regular basis.
Try to make a commitment to save all of your 1 and 5 dollar bills in a box. It may only be a little each day, however, after several weeks many people are shocked to find that they were able to save as much as hundreds. Little amounts add up considerably over time.
Cut Out One Luxury a Month
Sometimes the best way to start cutting back your spending and saving instead is to set small challenges for yourself like eliminating one luxury at a time. If you genuinely want to save money, then it will take some self-discipline in order to make it happen.
Try to start small and work your way up as you go. Eliminating just one luxury at a time will feel easier than stopping all of them at once. You’ll feel much more willing to let go of them if it’s little by little.
