As we continue to plan for 2017, it is time to tackle the task of saving money. Whether you are saving for an emergency fund, vacation, or the next big purchase, this post will make saving easier. Focusing on the basics and keeping things simple will help increase your savings balance.
The first step to saving money is to open a savings account with your bank. This might be obvious to some people but 66 million Americans have $0 saved for emergencies….that’s right…ZERO, according to Pew Charitable Trusts.
Next step to saving money in the New Year is to pay yourself first! As soon as you receive your paycheck, have a portion of your pay automatically deposited into your savings account. Many banks offer this service for free.
Don’t save too much money that it takes away from having essentials such as housing and food. I recommend saving 5% to 15% of your income. If you are feeling up for a challenge this year, I have created a Saving Money Challenge, which varies by income, that you can participate in to help kick your savings account into gear.
Get creative and find it. The best way to build wealth is to live below your means. Cut your budget. I have written a couple of posts that should help (Cut the Grocery Bill and Saving Money Now). Here are a few more ideas to help you get started:
Taking the Saving Money Challenge will kick start the habit of saving money. If you can save more money than mentioned in the challenge, do it! Keep me updated, how is the saving money challenge going for you?
Proverbs 13:11 – Wealth gained hastily with dwindle, but whoever gathers little by little will increase it.