Having money in savings is a key component to creating financial stability. This simple habit can enhance your life for years to come. You may be thinking that your budget is way too tight to start saving now. But, here’s the thing, you can’t afford to put off creating an emergency safety net for yourself. Emergencies happen. To everyone.
Look at your expenses to determine where you can make some modifications. Then, determine how much you can set aside each month in savings. Follow these tips for success:
- Automate your savings. Automatically send a portion of your paycheck to savings. It doesn’t matter if at the beginning it is a small amount like $10 or $20. Start somewhere.
- Make your savings inconvenient. Don’t connect your savings account to your checking account. Open your savings account at a different bank or credit union than where you have a checking account. Out of sight is out of mind.
- Do not touch your savings. Continue to add to it regularly and watch it grow.