Nothing is easier than spending money — and it seems that, conversely, nothing is as hard as saving it. But the truth is that saving is extremely important, whether it be for an early retirement, your kids’ college tuitions, buying your own home, or for rainy days. Having extra funds can give you the freedom to pursue a career of your choice and live the life of your dreams. Here are a couple of quick tips for how to quietly and effortlessly accrue money:
Having an emergency fund (three to six months’ living expenses) can really save you if you find yourself unemployed and hard up for a job. It’s a great idea to create an out of sight, out of mind savings account so you aren’t tempted to dip into it. Bank accounts are definitely helpful tools when it comes to saving — many bank accounts, like Capital One 360, offer special tools to help you automate savings and keep track of your goals. Investigate the possibilities at your bank.
Another great idea, especially for those frugal fashionistas out there, is to create a free, web-based email account exclusively for frugal newsletters, in-store coupons, daily deals, and other special savings. If you spend 5 minutes everyday checking out the best offer in your inbox, whether it’s an online survey or a great coupon, you’re bound to run into some savings.
In some ways, saving is all about compartmentalizing, and not just in your bank account. Start saving your loose change from your pocket, your change purse, and your car tray, and compile it all in one place. Every month, count out the change you’ve accumulated and add it to your savings account.
Lastly, try to cut down on unnecessary expenses. A great way to figure out what can go is by logging into your credit card statement or other monthly bill and identifying at least one expense you can do without. Maybe you’ve forgotten about that monthly gym membership you meant to drop, or you have another large monthly expense you don’t need, but once you’ve spotted it, it’s time for it to go.
There is no doubt that you’ll need to make it a habit to save, but after a couple of months of practicing good money habits, you’ll surely be on your way to your goals.