Are you having a hard time building your savings or making a retirement plan? Blame it on the fact that finances 101 was never taught in school. If tucking your hard-earned money away into savings has been an issue, we have a couple of simple solutions.
Change Your Mindset From Saving to Building a Future
It can be hard to save even an extra $100 after paying off your bills each month. Instead of blowing what’s left on dinner and a movie, think about using it to build a brighter future for yourself. An extra $100 a week, or even every month, can turn into thousands when invested in a 401k retirement account.
Automate Your Finances
Make it routine to put a set amount away each paycheck by using an online bank such as Chime. For example, you can have a percentage automatically withdrawn from your paycheck and deposited into your savings account. This takes the guesswork out of how much money to save at the end of the month.
Put Your Goals Front and Center
Tired of seeing friends becoming homeowners or going on vacation every 6 months when you can barely afford the necessities? Why save if it will never be enough for everything you want? Set aside 20% of your income to put into savings anyway. You might not be able to afford a big house or expensive vacations, but you might save enough for a weekend getaway or a new vehicle.
It’s okay to stress a little about not having a solid nest egg. Don’t give up! Remember the old adage: A penny saved is a penny earned. Try the above methods and see how you can start saving today.
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