Have you ever logged onto your bank account and discovered you accidentally spent the money you wanted to save? Steady, budgeted contribution to your savings goals is crucial to your future financial strength and security. Don’t self- sabotage by overspending!
Get your savings back on-track with these four easy steps:
- Improve (and Stick to!) Your Budget: A budget overhaul can show you where you need to start spending less. Aim to spend under 50% of your monthly income on bills and 30% on necessities. If you can manage to spend less, even better. Put the remainder toward savings and debts, if you have any. Resist the urge to splurge! Next, keep track of all your receipts and bill statements for the month. Also, consider starting a second career to push your progress forward.
- Cut out the Plastic: Did you make credit card purchases this month? Chances are, that’s where your savings are going. Unless you can afford to pay your balance off monthly, you’re accruing interest, which, on top of the splurge temptation that comes with credit, is stealing your savings.
- Monitor Your Account: Schedule automatic transfers into your savings account for the day after you get paid. That way, you avoid the risk of accidentally spending too much! Consider using a financial app on your smartphone, and use your phone’s calendar to keep tabs on when your monthly bills are due.
- Mind Over Matter: Surround yourself with like-minded, money-conscious friends who will support healthy habits. Focus on making, not spending money. Your savings will enable you to have a better, more secure future. The effort is worth it!
If you haven’t already saved up to start an emergency fund, consider adding that to your short-term goals! You don’t want the unexpected to interrupt your savings progress. To learn more about decreasing debt and launching a potentially lucrative second career, check out: http://www.syncis.com/associates/