3 Tips to Boost your Savings

  1. In order to save money you have to set systems in place. When you are following a set of rules that you make for yourself it is easier to make sure that you save. So I recommend having a specific amount of money that is set aside each month- this can be wither a dollar amount or a percentage of your paycheck, ex 20%. This amount gets taken from your paycheck immediately! If you get paid by check or direct deposit- the minute the money hits your account you transfer it to your savings account. Many accounts allow you to do automatic deposits so you can set those up to withdraw money from your checking account and into your savings account the day you get paid. If you get paid in cash, immediately separate the savings portion and place it aside. Don’t go shopping before having the savings portion in a separate envelope that you won’t spend. Tell yourself that it is not your money. It belongs to your savings account- not to you.
  2. Dream! Your state of mind is very important when it comes to saving. If you feel like you are depriving yourself in order to save then you are more likely to keep spending the money instead of saving. If you allow yourself to dream and imagine what opportunities your savings will allow you later in life you will have an easier time putting that money away.
  3. Celebrate small goals! Set small achievable goals for saving and then celebrate when you reach them. You can make a visual aid to help you stay on track and celebrate those small successes!