Saving Up Money the Fast and Easy WayBy John A April 4, 2020
It’s safe to say that everyone aims to be financially stable at some point in their lives. One of the best ways to make sure you become financially stable is to save up.
It sounds pretty straightforward and easy. However, a lot of us still live off from paycheck to paycheck. In a 2017 GoBankingRates survey, 18 to 24-year-old adults have about less than $1,000 in their savings account and the number of people with $0 of savings is on the rise.
That said, here are some tips to save up money fast:
- Make a budget – this means making a separate budget for all your necessities plus savings. Make a monthly budget for your food, transportation, and bills. Being aware of your budget helps you limit unnecessary spending. Spend only after putting a percentage of your money into savings.
- Know the difference between needs and wants – this is still connected to the first tip. In order to make an effective budget plan, identify correctly the things you consider a necessity. You need to discipline yourself from indulging in buying things you want that would hurt you financially in the long run.
- Cut down on expenses – transportation too expensive? Ride a bike. Take-out food is hurting your budget? Cook at home and buy store-brand versions. You don’t really need that extra jacket if you already have two at home. You can resell old items that are still reusable instead of just throwing them away.
Being financially literate can go a long way. The effectiveness of these tips now depends on how you’re committed to sticking to your budget.