It's hard to save money. There are so many claims on so few resources. It can sometimes seem like it's hopeless to even try. Not true! Here's an approach that, over time, can work.
Begin by opening an account that you don't have ready and easy access to. This account can be a savings account at a bank you don't often use, or an IRA or some other type of investment account. The main thing is that it should be an account that you don't constantly tap into (like with a debit card). If you want a tax deduction and can leave the money be for a long time, then look into an IRA. If the tax deduction isn't so important to you, then look into a savings account.
Then, begin to make deposits or contributions to this account each and every month. The easiest way to do this is to have your bank or employer set it up so the monthly amount is electronically transferred over to the new account. Don't transfer a huge amount at first. Transfer just a bit, whatever you can comfortably afford.
Now, here's the trick: every six months, ratchet up the amount of your monthly transfer by a little bit more, depending on what you can afford. So, if you started with a monthly transfer of just $20 or $50 or $100, then in six months, ratchet that monthly amount up to $25 or $75 or $125. And then let it run for another six months.
After another six months, ratchet the monthly amount up again. And then again in another six months. Keep doing this for three years or so.
Before long, you'll find that you are saving quite a bit of money each month. But you won't have to have a drastic adjustment process. Over time, you'll be able to save a lot of money each month, but you won't feel the impact upon your lifestyle and expenses in such a dramatic way.
I hope this helps for you!
Begin by opening an account that you don't have ready and easy access to. This account can be a savings account at a bank you don't often use, or an IRA or some other type of investment account. The main thing is that it should be an account that you don't constantly tap into (like with a debit card). If you want a tax deduction and can leave the money be for a long time, then look into an IRA. If the tax deduction isn't so important to you, then look into a savings account.
Then, begin to make deposits or contributions to this account each and every month. The easiest way to do this is to have your bank or employer set it up so the monthly amount is electronically transferred over to the new account. Don't transfer a huge amount at first. Transfer just a bit, whatever you can comfortably afford.
Now, here's the trick: every six months, ratchet up the amount of your monthly transfer by a little bit more, depending on what you can afford. So, if you started with a monthly transfer of just $20 or $50 or $100, then in six months, ratchet that monthly amount up to $25 or $75 or $125. And then let it run for another six months.
After another six months, ratchet the monthly amount up again. And then again in another six months. Keep doing this for three years or so.
Before long, you'll find that you are saving quite a bit of money each month. But you won't have to have a drastic adjustment process. Over time, you'll be able to save a lot of money each month, but you won't feel the impact upon your lifestyle and expenses in such a dramatic way.
I hope this helps for you!
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