Do You Have Money to Save but Just Aren’t Doing It?
If so, there are two easy strategies you can implement immediately to help kickoff your savings plan:
- Save at the beginning of the month, not the end
- Keep your savings out of arm’s reach
Save at the Beginning of the Month
It’s easy to spend money when there’s money to be spent, but most people can survive just fine on less. With that in mind, treat your savings as a monthly expense that’s due at the beginning of the month, not the end. Just as you wouldn’t miss paying your heating bill, don’t get comfortable skipping your savings either.
Moving your savings obligation to the beginning of the month will ensure you reign in your spending near the end of the month instead of just spending what should have been your savings.
Save Money Far, Far Away!
Well maybe not that far, but if you’re struggling to save you might want to put money in an account that’s not at the same bank as your checking account. Open an investment or retirement account at a different institution and have the money automatically withdrawn each month. Don’t forget about it completely, but don’t make it too easily accessible either. This will help ease the temptation to tap into it.