3 Saving Tips to Grow Your Bank Account
Many folks claim they cannot save money, no matter what. Well, I am here to tell you that is not true. The number of ways to save money is unlimited, but here are a few that will get you started now. Many of you are constantly saying, I cannot save, no matter what. Well, once you change your self-saving mantra, that will all change.
It is what you tell yourself that comes true. That is why over the years I know of many an elderly person who died with thousands of dollars when family members thought they had none. Once you change your saving mantra and start with the first good habits, it will become easy and normal to save without stress or worry.
No matter how much money you make, it is my opinion that you can save money if you follow a few simple rules. I am about to tell you 3 saving tips to grow your bank account, but there are literally hundreds of great ways to use saving tips to grow your bank account. These 3 saving tips you can start right away.
Eating Out is Saving tips Number One To Grow Your Bank Account
We all know that saving money when you eat out frequently can be a challenge. But, you can eat out inexpensively if you are very careful. First, go online and check menu prices. Choose restaurants that are on the low-priced side, but still healthy.
Limit the number of times you eat out monthly. You may not know it, but you have to pay for the privilege of sitting at a restaurant and being served. It is just as fun to eat at your own table. If you have a family, it is even more fun to cook, prepare the table and clean up together.
Lastly, learn to cook simple, quick, easy nutritious meals. You can even get used to cooking meals in advance for the week, then you don’t have to spend much time cooking during the week when you are busy. This is called meal prep. Use sustainable containers, freeze meals for the week and all you have to do is add a salad or other extra. This helps the busyness problem most of you seem to have.
The Coin Jar Savings Tips Can Grow Your Bank Account When the Jars are Full Is Tip Number Two
The coin and dollar jar both fill up quickly, but only if you feed them regularly. The more you put in, the more you will have in 3 months, 6 months, or a year. I recommend using at least 2 jars, one for coins and one for dollars. When your jars are full take them to your local bank and place them in a basic savings account.
Make a commitment and challenge yourself to place money in your coin jar and dollar jar weekly, twice a week is better. Then decide if you can afford 1 dollar, 5 dollars, or 10 dollars once or twice a week. This money will be used for two things. One, it will be used for quick dire emergencies when you need 20 or 30 dollars, and two, once you get to 25 dollars once in a 2-3 month period, you will add this to your bank savings account.
Auto Deduct Payments to Grow Your Account Overtime Tip Three
The easier you make savings, the more likely you will save. So, using the auto-deduct feature of your checking account or payroll is about as easy as it gets. Decide on an easy amount, then pay it like a bill to yourself, in your bank account, auto-deduct to your savings from your checking or payroll check.
I suggested to a young client that he do this. He completely forgot about it. One day he noticed 2000 dollars in his savings account. He said I literally never had that much money so I thought it was a mistake. It was his money to his surprise when he needed to get his car repaired.
Because you are hiding it from yourself, it tends to get lost in your thought and that is the point. What you don’t see you don’t think about. But, it is there when you need it. There are catastrophic events in our lives every 5, 10, or 15 years, and because of this, we need savings. Later, I will discuss with you more advanced ways to save.
Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist
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