Top 3 Tips on How to Save Money
While living paycheck to paycheck, there is no doubt about it that it is hard to save up any money at all. Not only that, it also becomes harder to pay for sudden emergencies. Which will result in near impossible to save some for retirement.
As soon as you receive your paycheck, you immediately put all the money to use. For example, utilities, student loan payments, rent and many more. When you are barely making it till the end of the month; how can you possibly imagine saving up?
Well let’s get real you can save a little bit and should, because the last thing that you want is to get stuck with a totaled car and emergency room bill and have no money at all.
According to financial experts it is important that you must have minimum of $1,000 in savings for such kind of financial emergencies. Well with that said here are few ways that will help you save some money even when it is hard to do so.
1. Get Your Thinking Straight
Saving money is like a hobby that you must love doing. It is a practice that becomes your habit and all that happens because of the mindset that you develop. It is just like starting out a new workout routine. It’s a lifestyle you must commit to in order to be successful.
So the very first thing to do is making the decision. This way when see that sale at the mall or your heart says to go to a nice dinner, you will simply have a reason to say no.
2. Start Small
Saving money doesn’t mean that you must save 10% of your every paycheck. You can start by saving up 2%. This will not get you rich quickly but it will definitely be fruitful one day. The reason is simple because every single dollar counts.
The most important thing is that you take the initiative and start saving up some money. For a few months, spend a little bit below of what you normally do and put some extra money into saving. Just save up something, it does not matter how small the amount really is.
3. Make it an Automatic Process
At first when people start to learn how to save money, they find it easy to do so when they wouldn’t have to make up their mind for doing it. In simple words, if your bank is sending money to your savings account as soon as paycheck is deposited, you will not get to see that money for a long time to even think about spending it.
If auto transference of money makes you feel a bit uncomfortable you can always take that responsibility for yourself.
Are you currently facing many bills but do not have the money to pay? We are a licensed moneylender operating in Singapore and we will be able to help you with your problems. Drop us a message or fill in a loan form and we will get back to you as soon as possible!