How often do you save money? You may be doing so regularly. Or you may not be saving at all. Even if you feel comfortable with your current progress, ask yourself: could I be doing more? Don’t underestimate what saving twenty or even ten more dollars a month can do for you. Many of us feel like we couldn’t possibly save even a dollar more, but this is likely an exaggeration on our part! Consider these three ways you can boost your savings and increase your peace of mind when it comes to your money:
Assess Your Finances: Do you have a monthly budget? If not, you should set a goal to create a spending and saving budget as soon as you can! If you do have a budget, and even if you believe it’s a solid one, consider fine tuning it or even giving it an overhaul. Sit down and assess where you may be buying items or experiences that you either do not need or could be buying for less elsewhere. You likely have an opportunity to shift some funds out of your expenses column and into your savings!
Let Your Money Grow: A few dollars here and there may seem negligible. But those few dollars, when left untouched in an interest earning account, can become a larger number of dollars, thanks to time and interest. We don’t think about coins or small bills as having much value, but they truly can add up. Challenge yourself to build your savings account by as much as possible each month, so that you get the maximum benefit of interest on your funds.
Think Now Versus the Future: A fun purchase can feel like a well-earned reward after a week of hard work. However, when it comes to healthy saving, a mindset of delayed gratification translates to security and success. Before you make any discretionary purchase, pause to ask yourself if these funds might be better appreciated in the future. Instead of owning a new pair of shoes, you can bring yourself closer to paying off your debt, or even owning a home. If we remind ourselves of our long-term goals, we make it easier for ourselves to save as much as possible in the present.
If your budget is as tightly structured as you can make it, and you aren’t happy with your savings progress, consider pursuing a secondary source of income, even temporarily. The savings this second career earns you can go toward a valuable, reassuring emergency fund, or toward your slowly-growing nest egg for retirement. Plus, you may be embarking on a professional journey that brings you lots of satisfaction.
Need more ideas? Visit the Syncis blog at www.syncis.com/blog to learn more.