Saving money is important, but it’s tough to tell when you’re supposed to start saving. There never seems to be enough money left over at the end of a paycheck to put anything back at all. So, when are you supposed to save? Here are a few tips to help you get started.
When to Start Saving
There’s never quite a “perfect” time to start saving, it turns out. Yep, that’s it! Sorry, there’s just not an easy answer. If you’re struggling to find the money to save now, that’s not going to suddenly change unless you happen to win the lottery. The end! Just kidding, keep reading.
Just Start Now
The best time to start saving, in reality, is right now. Seriously! It’s okay, just go ahead and get started today. Or, realistically, the next time you get a paycheck. Why wait for some undefined period off in the future? Start saving now and you’ll have more held back for when you need it.
Saving Isn’t as Hard as You’re Making it
Don’t get tripped up on the big picture. Every journey starts with a single step. There’s no way you can hit your financial goals in a few months, so don’t look at saving money as an all-or-nothing endeavor. You need to just start somewhere and get a savings account going. There’s nothing wrong with starting small.
Consistency Over Volume
Maybe you can only afford to save $100 each month. Maybe you can only afford to put back $25, instead! It doesn’t really matter what amount it is. The important thing is that you save consistently. There are a few surefire ways to ensure this happens, too.
Set Realistic Goals
Consider your finances and figure out what your financial goals are. Are you trying to save up for a down payment on a car? Consider something older, used, and less flashy. Maybe you want to move to a new area. Find an affordable home, the right size for your budget, in a reasonable location. These realistic goals will help you feel accomplished as you tick them off your financial goals list.
Automatic Deductions
You should automate any savings you’re trying to make into a habit. Make it so as soon as your paycheck hits your account it vanishes into your savings account. Boom! That’s a huge weight off your mind because you don’t have to actively hit a button that flushes your money into an account you don’t get to touch.
Different Banks for Checking and Saving
Put your checking account and savings account at different banks. You don’t want to be able to access your savings account easily on the off chance you have a moment of weakness and really want to spend too much money. Giving yourself a buffer zone to calm down before you break open your piggy bank, so to speak, can help you keep your savings stashed away.
Accountability Buddy
If you have a spouse or close significant other, make sure they know about your financial goals so they can support you and keep you honest. If you’re single, get a friend who you trust knowing your income and saving habits so they can keep you accountable. It’s much harder to mess up when you need to fess up to a real human being instead of justifying it to yourself in the mirror.
Read More: Top 10 Ways to Save Money on Everyday Expenses
Visualize the End Product
Don’t just shuffle money away into a savings account and then forget it exists. If you do that, you might feel the temptation to stop saving, or, worse, tap into your savings for frivolous spending. Visualize what your financial goals mean. Picture the new house or new car or think about the nice vacation you’re saving up for. Whatever it may be, let the mental image of it drive you to save.
Read More: How to Save Money with the Cash Diet
It Starts Today
No, there’s no magical moment of clarity when you’ll suddenly figure out your finances perfectly. It just starts with a single decision, today, to start saving. Then it’s a lot of other decisions, day after day, to keep saving and eventually hit your financial goals. Just take that first step and it all gets easier from there.
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