I get it, sometimes it’s hard to save money. Especially when you have bills, necessities and a social life, however your older self will thank you if you start now with getting together a healthy savings. Here are some tips to get a healthy savings account.
With every paycheck, put a certain percentage into your savings. Whenever you get paid, put a minimum of 10% of your check into your savings account. You can automatically do it with your bank, do it yourself or when you sign up for direct deposit, ask for a certain amount to go into your savings account each paycheck. This is a great way to build up your savings every two weeks or every week, depending on your pay schedule.
Get a savings interest. The money you keep in a savings account earns interest over time and compounds, offering a return on the principal.
Put your second job/side hustle money exclusively into your savings. If you have a second job, use that money to go strictly into your savings account. Don’t spend it unless you JUST have to spend it. That extra $100 or $300 a month can go a long way in your savings.
Create a realistic budget. Every month, right down all of your bills (rent, utilities, internet, cable, gas, food, personal items) and determine your income and what comes out of it with your bills. Record your spending and track progress.
Make some sacrifices. Your friends want to go out to eat? Stay in instead and have a girls night. Cook some food at the house and watch movies with your friends. Say no to extracurricular activities (You don’t have to say no, every weekend, but saying no more than you say yes, will save you money).