One of the most relevant things you can do with your income it’s to save money! It always comes handy during “rainy days” or emergencies. It will always be a stress-relief to know you have savings in case it is needed because it can literally be a life saver. Unfortunately, sometimes we don’t save money because we have no idea on where or how to start doing it. So, today we share with you smart strategies to start saving money.
Commonly, people use traditional ways to save money, like saving change in a jar or setting aside a certain amount every month to deposit it in the bank. Psychology experts advise us to think that we actually owe that money, then take that amount out of our paycheck and transfer it in a bank account. This way you trick your mind, because you’ll feel you paid a debt when actually you’ll be saving money.
Get a savings plan!
One of the best ways to save money is with some banks or agencies that offer term deposits or saving plans that last as many years as you need. Watch out! You won’t be able to touch any of this money for the agreed period and if you do, you’ll have to pay interest for breaking the agreement this is a great opportunity to save a lot of money! And the best is that some of these agencies take the money directly out of your pay check, saving you the trouble of taking the money out and deposit it into an account after.
High interest savings accounts are amazing because they offer high interest for keeping your money in your account. They can be very restrictive than regular accounts though. But, it is worth it because you’ll get more money than you initially saved.
Have a spending plan and follow it!
Another great option to save money it is to have a budget. This will give you the chance to track your expenses and income, so you will exactly know the monthly amount you’re spending and in what as well as how much you’re earning. With this, it will be a lot easier for you to find where your money is going and if it’s not a smart way to spend it, you can stop immediately.
Saving money will always be the smart move. No more excuses and start saving today to stop worrying about future scenarios where you may need that extra cash. Having savings is way better than asking for a loan that later will get you “tied-up” with high interest.
If you think you’ll need more help to start saving money, you can always call us and together we’ll find the option that works best for you.