Saving money shouldn't be hard and it doesn't have to be. Too many people believe it's just not possible with their income or that they just don't have the willpower to do. You can do it. I'll show you how in this post!
The average amount of money Americans save is about 3% of their income… 3%!!!
That’s horrible... In other words, Americans spend about 97% of the money they make! It comes into their bank account and 97% is pretty much gone. Vanished into thin air.
Actually, it goes to paying bills, buying food, buying things, etc, but, we can do way better than that.
After I graduated high school, I was on an adult kick and was trying to be more responsible. I headed down to my local bank with $500 and opened up my first certificate of deposit (CD).
I did it and for the next 6 months, my CD gained about 2% interest… That’s terrible.
Today it is so much easier to save money and even invest it for much better returns. I’m going to show you how.
Building Wealth Starts Here
This is where wealth building begins. Remember, it’s not what you make, it’s how much you keep.
You are most likely never going to build any wealth if you don’t save money. If you don’t pay yourself first.
If you want financial security, you have to save.
The next time your car breaks down, how are you going to pay for it? Reach for a credit card? That only makes matters worse.
Now, what if you had $1,000 sitting in the bank account ready for your emergency? Not only is that better financially, but the peace of mind it gives you is priceless! :)
Saving Money Strategies
It feels like there is never enough money and never a good enough time to save money, but there is always a way.
I’m going to show you some strategies that can help you save and with some of them, you will never even notice the money is missing!
1. Saving Your Raises and Bonuses
For most people, when we get a raise or a bonus, we go out, celebrate, and come up with all kinds of ideas about how to spend that money.
Not exactly the best idea. Now, don’t get me wrong. It’s ok to spend some of that money, but your better off putting most, if not all of that money towards savings.
Bare minimum put at least 50% towards savings. The fact is, you’ll probably never even miss the money because you didn’t have it before.
As soon as you get a raise or bonus set aside that money or at least a portion of it. Also, if it’s a raise, schedule an automatic transfer to savings so you don’t even have to think about it, which leads us to strategy #2.
2. Automatic Transfers
If you have any type of modern bank they probably have an automatic transfer feature. This simply allows you to set a transfer to a savings account on a set schedule.
For example, you could set up your bank account to automatically transfer $1 per day to a savings account.
$1 is not much, but it’s a start and will add up quicker than you think. The more you can set aside the better.
Automatic transfers take care of the doing it for you, so you don’t have to worry about it.
Automatic is the key. Automate your money.
You don’t have to worry about forgetting or stressing about the money, it’s simply moved out and you probably won’t even notice or miss it.
3. Use a Savings App
There’s an app out there for everything and saving money is no exception. There’s actually a ton of apps out there for saving money, but I’ll show you 3 of my favorite.
With Acorns, you can set up automatic transfers to a savings account.
You could save spare change by having it automatically round up and transfer your change out after you make a purchase.
It even allows you to invest your savings in lots of different investment accounts.
It’s a cool savings app and worth a look.
This cool little app will analyze your income and spending habits to determine how much you can safely save and takes care of it for you.
You’ll have money saved up for your next vacation or even a filled emergency fund for your next emergency in no time.
Can't say enough about this great app!
Clarity is kind of an automated budgeting app at the moment, but they’re constantly building it out to be a full-featured financial management app.
It also has the ability to help you save.
You can set up automatic savings very easily and then you can set it and forget it.
You can even create multiple automatic savings tasks to save for multiple goals.
Commit to Saving Today
The most important step is to commit to saving money. It doesn’t have to be a lot to start, just something.
How much can you save?
$____________ Per Day
Even $1 is ok, just start with something and you’ll be on your way to building wealth!
- Commit to saving some money, even if it’s only $1 per day!
- Save at least a portion if not all of your next bonus or raise.
- Create an automatic transfer in your bank account.
- Use a savings app like Acorns, Digit, or Clarity.
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CREATOR OF LET'S AUTOMATE YOUR MONEY WITH MY LOVELY WIFE KRISTA