Do you have trouble saving money? Have you thought about saving money and the benefits that it would bring you? You may have gone as far as actually putting an amount in your budget to save every month. You may actually transfer that money in at the beginning of every month. However at the end of the month you find that you’ve slowly transferred it all back out again. Here are five tips to help you begin to make your savings stick.
1) If you find that you are using the money that you “save” every month. You need to take a look at your budget. You are spending that money for some reason. You may need to increase your sinking funds, adjust a few categories or you may find that you just need to stop spending the extra money.
2) Set up an automatic transfer or withdrawal of the money. Many employers allow you to direct deposit part of your paycheck directly into a savings account. If you are not allowed to do this, you can have your bank set up an automatic transfer on your payday. This does virtually the same thing, and you never see the money.
3) If you find that you are transferring the money over too often to cover your overspending habits, you can make it harder to access that money. One easy way is to open an online savings account. The transfers can take three days to process. If you know you can not easily cover the money that you are spending you are less likely to spend it.
4) It helps to have a specific goal in mind when you are saving. If you make a chart that you can fill in as you save money this can be an extra motivator. If you have to continually unmark what you have marked this will remind you that you need to stop unnecessary spending.
5) Set goals and reward yourself as you reach them. You can reward yourself when you have saved twenty five percent of your goal and so on. These rewards will help you to stay motivated. They can also help to prevent feelings of deprivation.
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