A lot of people don’t realize when their expenses add up to more than their budget. Here’s some tips to help establish a savings account and cut back on unnecessary costs.
Tip 1. Holding on to the records of your purchases and reviewing them at the end of the month can help you determine which purchases are necessities and which aren’t . You can reallocate some of this spending to a savings account.
Tip 2. By putting away 10% of each paycheque you can contribute funds to an emergency savings account. You can set up restrictions like “no withdraw, deposit only” on most savings accounts with your bank.
Tip 3. Avoid making expensive purchases on impulse. Thinking over all expensive purchases for at least a day can prevent regrets, and far more money is saved when you think about it before buying it.
Tip 4. Using credit cards wisely and paying in full at the end of the month will avoid interest charges. Carrying a balance into another month generates interest for the bank, not you.
Tip 5. Relying on an overdraft account can never lead to a good thing. Advise your bank you do not want the overdraft option, that way you are never tempted to make a purchase with money you don’t have. By avoiding overdraft accounts you can end up saving a bunch.
Follow these 5 simple tips, and I promise you’ll have more money at the end of the month, not more month at the end of the money. These are mine, what’s your #1 savings tip?
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