Most of us are much better at spending than saving. Maybe that’s why almost half of Americans can’t cover an unexpected expense of $500 or less. Here are a few easy ways to build your own savings in ways that only hurt a little now, and feel really good in the future.
A little goes a long way. Take small steps! Begin by setting a goal and deadline. For example, “I will save $600 in six months.” To reach your goal, set aside $100 each month, or about $25 each week. When you meet your goal, pat yourself on the back and set another one. Keep at it, and consider increasing the amount if possible.
Pay yourself first. Save before you do anything else. Set aside a portion of your income on the day you get paid.
Don’t even think about it. Make it automatic. Ask your employer to withhold a pre-determined amount from your paycheck each time you get paid. In this way, you won’t even miss the money!
Find the right piggy bank. Do some research on the right account and financial institution for you. Compare rates, and look for accounts that allow you to add funds at any time. Some accounts can be opened for as little as $100!
Do you have a favorite tip for building savings? Post it in the comments below!