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Justin A Watson

Ways to start Saving NOW!

Most of us think that we can’t save because we can’t afford to; but in reality, that’s just a mindset. Most of us are program to think like that. Too often we find ways to “afford” the wants in life, we convince ourself that we want the new shoes, the next new technology device, or even eating out a few times per week. Yet we never convince ourselves that we NEED to save for the future. We are also somehow program to think that to start saving, we need a lump sum of money, that is not the case.

The first step to saving for the future, is to open some sort of account specifically for savings. I would recommend setting up this account in a separate entity from your main bank. There are numerous online banks that pays higher interest on your savings. Start with a simple google search: “online saving banks”

Now that you have a saving account, it’s now time to fund it. The fact that you opened a saving account means you are open minded to investing in your future. You no longer think you can’t afford to save, but you might not know where to start.

There are a few ways you can start saving, paying yourself first is one way.

  1. Set-up your direct deposit to deposit funds to this savings account every payroll period. Doing this will help you to save without even thinking about it. The remainder of your check that is deposited to your regular checking can go to your regular lifestyle.
  2. Cutting back on is an ideal way to save a substantial amount of money. An example of this would be a person who drink a cup of Starbucks coffee every work day. Opting to make coffee at home could save that person over $500.00 per year, not including interests.
  3. Participating in a “keep-the-change transfer” program can not only automate your savings, but you can save a substantial amount of money over the year at a penny at a time. If your bank does not participate in such a program there are third party companies such as Acorns who will invest your spare change.

There should never be any excuses to avoid investing in your future.