Connect with us

Hi, what are you looking for?

Opinion

How to Save Money: This Is Key

save money and watch it grow
Photo by Micheile Henderson on Unsplash

Usually, when someone gets a burst of inspiration to sort out their finances, they start by making a budget. When you really sit down and work out how much you actually spend in a month on certain items, you may start to panic. Why did I spend $300 this month eating out?! Why do I order products online so often? Did I really need more shoes? Budgeting really can hurt your feelings and make you realize that sometimes you’re a bit frivolous with your money. If it’s hard for you to budget, but you still want to save some money, try a couple of hacks that have worked for me.

Money-saving hacks

  1. “Spare Change” investment apps. I have used Acorns for about a year now, and it has allowed me to save a few hundred dollars without even realizing it! It can invest the spare change from your debit and credit card purchases, or you can set a fixed amount of money to be withdrawn from your account every week. For me, every Monday, $15 goes straight into the market, and I don’t even miss it. Of course, there is a fee but it’s only $1 a month if you have less than $5,000 in your account. It’s simple, quick, and you can withdraw if you need it on rainy days. But beware that it may take a couple of days to get the money out.
  2. Instant withdrawals. It’s like the spare change apps, only more. Start by setting a goal for how much money you want to save a month. Then, set up a savings account and have them withdraw that amount at the beginning of every month, right when you get your paycheck. It’s a painless way to meet your goals, plus savings accounts earn interest, so you’re making more money just sitting there.
  3. Cash in a lockbox. This may be controversial because cash doesn’t make interest or grow, yadda yadda, but I have tried this and it works for me. I withdraw a little cash at the beginning of the month and lock it away in a little box hidden in my room. I can’t see it, so I mostly forget it exists. Cash in my pocket is spent instantly, but cash locked away is safe from my greedy impulses. Plus, if I ever need a quick buck, I know it’s there to save me. And there’s no pesky wait time for withdrawals … unless you can’t find your keys.

How to adhere to a budget

If you really want to follow a budget, first you have to be honest with yourself about what you’re buying and how much you’re spending. Take a look at your last three months of transactions and break it down into categories. Then, develop an attainable budget for each category. Secondly, be realistic about how much money you make and how much you want to save. If you know that after necessary payments, you can’t save more than $50 a month, that’s alright. But you also need to be realistic about how much you spend on things that aren’t necessary. If you’re saving up for something, you have to realize that sacrifices are necessary. You probably won’t be able to eat out/order in every night anymore. Lastly, be forgiving. We all make mistakes and give in to last-minute excursions with friends that cost a little more than we thought. It’s OK to fumble, as long as you get back up and stick to your plan.

 

To learn more about money management apps, check this out.

7 hours ago
Watch today's edition of #BoldTV! 😊
Our host @Philip_Michael discussed Amazon India, #vaccines, #PPP, quitting your job, and more!

Tune in here:👇👇

https://t.co/71Lrl69ivP
8 hours ago
Go Dash Dot Donated Their Inventory to Health Care Workers - https://t.co/O1Shk4SJm6
9 hours ago
Identify as your ideal future-self! Tag a friend who needs to hear this advice!

Click here to watch the full segment: 👇👇
https://t.co/71Lrl69ivP https://t.co/W8IOcS0AYS
10 hours ago
It's #AskPhilip time! Have any Business questions you want our fabulous host @Philip_Michael to answer! Here is your chance! You might see yourself on our show! Send them our way through a tweet or DM us! https://t.co/jP3BSJBAIA
10 hours ago
Ask Philip: Advice For Recent College Graduates - https://t.co/O0YQ6oaC30

You May Also Like

Business

Have you ever heard that Denmark is the happiest nation in the world? In this segment on happiness, we hear from our guest host...

Bold TV

Welcome back to Bold TV! Join our hosts, David Grasso and Julia Sun, and watch live at 12PMEST on Facebook and Twitter. *Update: Watch...

Business

2020 has brought more and more hurdles as the year progressed, and no one wants to further jinx our country’s situation. But what if...

Politics

Founder of The Data Union James Felton Keith and Morgan Zegers from Young Americans Against Socialism debate once again! In this episode of Millennial...

Copyright © 2021 Bold TV