Make Money Your Way

Choose the way. Earn more. Start today.

Jumpstart Your Savings In 4 Easy Steps

Jumpstart Your Savings In 4 Easy Steps. If you’re tired of spending when you should be saving, take a look at this quick guide. It can outline an easy path towards squirreling away some extra cash for a rainy day. #savingtips #saving #tips #financialplanning

We all know it’s something we should do, but much like drinking 8 glasses of water a day, turning off our phones an hour before bed, and hitting the gym 4–5 times a week, we don’t always save as often or as regularly as we should. Just like coffee limits our hydration, Instagram stops us from unplugging, and Netflix spoils our fitness goals, overspending can prevent us from saving.

If you’re tired of spending when you should be saving, take a look at this quick guide. It can outline an easy path towards squirreling away some extra cash for a rainy day.

 

  1. Find a Dedicated Savings Account

When you only have one bank account for all of your expenses and income, things can get a little muddied. It can be a challenge to tell what money is meant for fixed expenses like rent and what cash is reserved for goals like a savings account. It helps if you can find an account that offers the highest interest possible for your expected account balance, which may be hard if you don’t have much to begin with.

While you’re searching out accounts, consider a 401(k). These tax deferred plans can grow untouched earning interest until retirement. Your employer may also make matching contributions to help grow this fund.

  1. Make a Budget

You won’t know how much you can send to this new savings account or 401(k) until you know exactly how much cash is left over after your fixed and variable expenses. Start by tracking every purchase you made over the last 6 months and organize them into different categories like rent, utilities, and even clothes. Once you have a tally for each category, you can see where the majority of your cash is going. This should alert you of any categories in which you’re overspending.

If rent ends up taking 70% of your monthly income, it’s time to start looking for a new, cheaper place. This exercise also helps determine if you’re wasting money by indulging in bad spending habits. If you discover you spend a lot on unnecessary takeout, Starbucks, or other impulse buys, try to eliminate these from your routine and redirect this cash towards savings.

  1. Automate Savings

This next step is a convenient way to stick to your goal without it taking over your every waking moment. It will also help prevent using funds you would transfer to your savings on something else, like a brand new pair of Nike VaporMax sneakers. Go through your bank account and set up pre-authorized payments to your savings. To get the full benefit of this process, automate all of your recurrent bills this way. You’ll never go over a due date again.

  1. Use Installment Loans

A learning curve awaits you if you aren’t used to money automatically coming out of your account. It’s easy to unknowingly use the money you’ve dedicated to an automated payment on another expense. If you’re on a tight budget, this mix up may leave your account short of what it needs in order to complete these auto pre-authorized payments, and you could face a penalty for overdrawing your account.

Until you iron out these glitches, use an installment loan to cover unexpected purchases, bills, or repairs that could otherwise put your auto payments at risk. A Credit Access Business such as MoneyKey will facilitate these loans on your behalf, securing as much as $1,000 for when you need it most. The advantage of an installment loan from MoneyKey over other cash advances is its repayment terms. Rather than having to repay the entirety of the loan back in one lump sum, you can defer its payment over several installments.

Payments broken up over time will have less of an impact on your budget. If you remember, that’s what this whole guide is all about — developing a plan that will help eliminate cash drains from your budget so you can start saving. Don’t put it off any longer. Start at step 1 and keep going. Compared to turning your phone off before you go to bed, your savings plan will be a breeze.

Pin
Share
Tweet
0 Shares

Lovely comments

  1. Leandro Mueller says

    Hi, Pauline! Thanks for this tips. I’m sure a lot can relate that when it comes to saving, especially for retirement, it can be very challenging. This is especially for our young adults who are usually preoccupied with other expenses such as student loans and are still excited on their earning status. Though it is understandable that they are facing a number of expenses, discipline should hold them together to start saving.
    Leandro Mueller recently posted…12 Retirement Experts Reveal Their Best Retirement Saving Advice for Young PeopleMy Profile

  8. security guards jobs in dubai says

    This design is spectacular! You obviously know how to keep a reader amused.
    Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Wonderful
    job. I really loved what you had to say, and more than that, how you presented it.

    Too cool!

  10. applesupportmac says

    This blog is very helpful as sharing huge list of blog commenting sites. It is really a good technique for backlink buildings. Thanks for putting your hard efforts in posing this information with us.

  11. McAfeeactivateTech says

    This blog is very helpful as sharing huge list of blog commenting sites. It is really a good technique for backlink buildings. Thanks for putting your hard efforts in posing this information with us.

  12. setupantivirussoftware says

    Very helpful blogging. Already I’ve visited several links you provided in your list. All the links are very effective. I’d like to see more such beautiful links from you by this posting.

  70. Catherine Williams says

    You have done a great job and all the sites are great for submitting a blog..
    I had already submitted my website in few sites like Alltop, Blogarama,now I am going to add my website in other reliable sites.

  79. RicardoJ says

    That is really fascinating, You’re an excessively skilled blogger. I’ve joined your rss feed and sit up for in quest of extra of your fantastic post. Additionally, I’ve shared your web site in my social networks.

  80. Fiona says

    Hello There. I found your blog using google. This is an extremely well written article. I’ll make sure to bookmark it and return to read more of your useful info. Thanks for the post. I’ll certainly return.

  81. mohammed hassan says

    Hello everyone !!
    we post our product which is original and guaranteed. Here is our product, is registered below:

    Available products below: 2018 Sale

    Apple iPhone x ,iphone 8 ,8plus 7plus
    SAMSUN GALAXY S9,S9+,S8, NOTE 8

    Baikal-Giant-B

    Baikal-Giant-A900-dash-miner

    176V-246V Bitcoin Miner Whatsminer M3 11.5TH / S 0.17 kw / TH

    EBIT E9 Miner 6.5t Bitcoin 14nm ASIC Miner 910w With PSU

    Baikal Giant ASIC 2000Mhs Miner Dash X11

    BAIKAL MINER GIANT X10

    DragonMint Antminer 16Th / sw / original PSU

    Antminer S9 14TH / s Bitcoin Miner BM1387 ASIC

    AntMiner A3 – 815GH / s

    Bitmain Antminer S9 13.5TH / s Bitcoin ASIC Miner W / Antminer APW3 ++ 1600w Power Supply

    Bitmain Antminer D3 15GH / s X11 Dash Miner algorithm W / Antminer APW3 ++ 1600w Power supply

    Bitmain Antminer L3 + 504MH / s Scrypt Litecoin Miner W / Power Supply

    Bitmain Antminer T9 12.5 TH / ASIC Bitcoin Miner W / Power Supply

    Bitmain Antminer R4 8TH Bitcoin Miner W / Antminer Power Supply

    Bitmain Antminer S7 4.73TH / s Bitcoin ASIC Miner W / Antminer Power Supply

    Graphical cards

    MSI GeForce GTX 1080 Ti DirectX 12
    MSI GeForce GTX 1080 DirectX 12
    MSI GeForce GTX 1070 DirectX 12
    MSI GeForce GTX 1060 Ti
    MSI GeForce GTX 1050 Ti
    MSI GeForce GTX 1050
    MSI GeForce GTX 1080 Ti DirectX 12 GTX 1080 Ti DUKE
    GIGABYTE AORUS GeForce GTX 1080 Ti DirectX 12
    GEFORCE GTX 1070 MINI 8GB
    Gigabyte GTX 1080 Ti Turbo 11G GV-N108TTURBO-11GD
    MSI Gaming GeForce GTX 1080 GAMING X + 8G GDDR5X SLI DirectX 12 VR
    MSI Radeon RX 570 ARMOR 4G OC 4GB 256-Bit GDDR5 DX 12 PCI 3.0
    MSI Radeon RX 580 8GB GAMING X 8G Video Card Ethereum Mining
    MSI Radeon RX 480 8GB GAMING X8G
    Sapphire Radeon NITRO R9 390X 8GB GDDR5 With Backplate Graphics Card
    Sapphire Radeon NITRO + RX 480 8GB GDDR5 OC Ethereum ETH
    Sapphire Radeon NITRO + RX 580 8GB GDDR5 Ethereum ETH Mining
    MSI NVIDIA GEFORCE GTX 1080 8G D5X (Brand New)
    GPU Mining Rig

    if you want something else or the product you want are not there, just contact us by watsapp.
    Anything interested please contact us via email or watsapp: and Whats App #: – +18582527657
    thanks and see you soon!

  82. Megri UK says

    I really appreciate the time you took to think about it and I personally find it to be very helpful to save money wisely.