How to Build A Savings Fund Over $1,000
Recently, I read an article about the number of millennials who don’t have savings over $1000. I then realized many of us fall into that statistic. While comfort can be found in knowing that you are not alone, these statistics can be discouraging.
Being broke isn’t fun; although saving comes easy for some, it’s not an easy task for most overcoming this financial struggle, as it comes with great effort and discipline.
Check out these five easy to apply budgeting methods to achieve savings of $1000 or more.
Automate your savings
If it were left up to most of us, saving would be obsolete, which is probably why 51.8% of surveyed millennials have less than $1000 in their saving accounts. Automating your savings through your bank or other financial services is one of the best ways to save money and forget about it. After all, if you can’t see it, it didn’t happen, right?
Save up for something
Being able to see light at the end of the tunnel can be a strong form of motivation. Setting a goal, achieving the goal, all while knowing there’s a prize waiting for you at the end of the road can serve as a healthy money saving method. Sometimes all we need is something to look forward to.
Reinvest your tax refund into your savings
This may be one of the easiest ways to set yourself apart from the 51.8% who don’t have a savings fund established. With tax refunds in 2015 averaging around $2800, reinvesting just half of that into your savings account will set you up nicely.
Save the change
It’s surprising how much money can be accumulated in coins on a monthly basis. Imagine if all of the change throughout the week was saved and deposited into a savings account? Creating this habit can see big results!
Monetize your hobbies
A great source of extra money can be found in your hobbies. Having multiple streams of income can often lead to ample savings. There are several different approaches you can make towards monetizing your hobby, but like the great Confucius once said, “Choose a job you love, and you will never have to work a day in your life.”
