Credello: National Savings Day might make you wonder how you can really start saving money. Not just a few dollars here and there, but big amounts that can make a difference in your life. The good news is that there are some simple and easy ways to save money, even if you are on a tight budget and see most of your monthly income going towards bills.
Knowing When to Save and When to Spend: The Best Way to Become a Millionaire
If you are living paycheck to paycheck and often have to choose what bills to pay every month, having someone tell you to save more money isn't the advice you are looking for. Simple savings tips usually won't cut it if you are hard-pressed for cash and working as much as you can.
Debt can affect your ability to save and make the most out of your monthly income. So before you start looking for ways to save money, make sure you tackle any debt you may have. Try using the debt avalanche method to avoid paying too much money in interest and work to rein in any unnecessary spending. Soon you'll be beyond the paycheck-to-paycheck lifestyle and ready to kick savings into high gear.
It's all About Saving!
Saving is an action you take every month, it's not an amount. Even if you only save $2 a month, you are still making an effort to save what you can rather than spending it on something you don't really need. The best thing you can do is start small, which can help you from getting discouraged.
If you try to save an unrealistic amount every month, you might find that when you can't meet it, you aren't sure if you should continue. Starting small will show you that you really can save.
Automating your savings will also make it more doable. Set up an automation that takes a small amount from your checking account and puts it into your savings account every month. This will make sure saving actually happens. Plus, you won't need to remember to put the money aside.
Spend Less Now, More Money in the Bank for Later
Saving is also about spending less if you can. Spending less means you have more to save. The best way to know how much you are spending is to budget. This will show how much money you have coming in every month and where you spend it. Actually writing down your expenses might reveal that you are spending more than you realize.
If you are having a hard time making payments on debt or essential bills, don't default. Call your lenders and service providers; you might be surprised to find that some are really willing to work with you. Ask them if you can get a lower monthly payment or if you can pause your services until you recover financially.
You can also look for local support services to see if there are ways to lower payments and get back on track financially.
Stay on Track
National Savings Day is a great time to think more about saving and learn how to stay on top of your money. Get started today!
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Original Source: National Savings Day: 3 Ways to Turn Saving Money Into a Millionaire Game
