HOW TO START SAVING MONEY: SET IT AND FORGET IT

You work hard. So, make it easy on yourself to save. Work, bills, balancing family and friends: you probably have a lot going on. So, start small. The important thing is to just get into the habit of saving now.

Feel like your budget is already tight? Not sure where that money can come from?
Here are 3 ways to get started:
1. Set the goal.
Let’s face it, having something to work toward can make small sacrifices easier to handle. What’s going to motivate you to save? A vacation, a special purchase or just knowing you have a savings cushion? Have a visual reminder of your goal and put it where you will see it multiple times a day.


2. Track your spending & see where you can cut back.
A financial app, like mint, can help you track your spending, set budgets and help you see where you can trim spending.
Or, just think about some frequent purchases that you could probably go without. Maybe you cut back and eat out one less time a week. Those small changes  could result in $20 or more right there. Over a year, that’s more than $1,000 in savings.


3. Set it on auto-save.
Make saving easier on yourself and set up a recurring automatic transfer to a savings account. This way, you set it up and don’t have to think about it each month. And when you don’t see that extra money in your checking account, chances are you will be less likely to spend it.
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The good news is if you can maintain your savings goals for 30 days, you’ll be more likely to make them your new routine.

Author

MEGAN HAND
Megan brings over ten years of communications experience from the advertising, healthcare and financial services industries. As a marketer she seeks to engage, inform and amuse her audience, whether crafting an email, newsletter or witty comment at the dinner table. An avid skier and hiker, Megan enjoys exploring the great outdoors of New England with her family. A native of Salem, Mass., she has an affinity for home improvement projects and a very understanding husband.