Becoming an adult is more than just a number, it’s learning all the responsibilities that come with grown-up life. One major aspect of maturing is creating some good money habits, but how are you meant to go about saving for the next stage of your life?
Paying number one
If you want to grow your savings, then it’s important to make yourself a number one priority. Setting up a savings account and transferring money in with each paycheck is one of the best ways to make sure you get the money instantly. That way, you’ll know how much is left to play with for the rest of the month.
Set up payments
One way to ensure your savings account receives the money you’re looking to save is to set up a transfer each month. It doesn’t have to be anything massive, but this way you’ll know that your savings have got the love they’ve been looking for.
Ever heard the phrase “out of sight, out of mind”? Well, that rings true when it comes to a lot of things, especially money. If you have a separate account, you could be in for some beneficial interest rates, as well as having somewhere safe to keep your savings.
Planning is key
Do you really need that extra jacket or bag of chips with each trip? By planning out what you need each month, you will get an idea of how much you’ll be spending. If you have a list and go into a store with your purchases in mind, then you should be less likely to make random purchases.
Look at your spending
Once you know what it is that you’re spending your money on each month, is there somewhere you could cut down? Maybe that take out coffee every morning could be replaced? Or perhaps there is a cheaper gym? This doesn’t mean you have to go without, but you could save money in the long run.
Substitute the luxuries
Some parts of our lives are more important to us than others. It could be anything from a certain hair care product to a monthly trip. Whatever it is, you deserve to enjoy the most of your paycheck! However, are there other aspects that could be swapped out? It pays off to shop around.
Spare cash plan
All those pennies can quickly add up. It may not seem like it, but if you have a jar or somewhere safe to drop those spare bills you could be surprised at the pay off! After all, it can be annoying having extra coins hanging around. Plus, you’ll get a bonus payday when the jar is full.
There may be months where your boss decides to hand you a bonus, you take on an extra job, or you find some more work – that’s great! However, what are you going to do with all that extra cash? If you decide ahead of time to put a percentage of it away, then you’ll benefit your savings account without trying. Bonus.
It’s time to give yourself that well-deserved pat on the back for all your hard work. It could be clearing off a debt, making progress towards your savings account, or getting ready to make that big purchase. Whatever it is, your financial success deserves to be praised and should help keep you motivated.
With a bit of practice, patience, and time you may soon find yourself reaping all the benefits of your extra money. Although you shouldn’t feel as though you’re missing out on life’s luxuries, you will now be able to enjoy your paycheck for longer without waiting for the next one.