Saving money is the first rule of personal finance. We’ll help you do it and automate the process to take some of the sting out and make it easier.
Many people will claim they can’t save money while ordering in lunch every day and shopping at weekends. Almost everyone can save money, you just have to cut the excuses and the expenses.
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The first thing to do is to set up a budget on something like Mint and track every cent you spend for a month. A month will give you a nice over view of where your money is going. Once you see that, you can start plugging the leaks and saving that money.
You don’t need the most expensive cell phone plan. You don’t need to eat out every day. You don’t need to buy coffee every morning. Get a cheaper plan, get a crock pot, get a coffee pot.
Now that you’ve stopped wasting that money, you have to save it. You can’t just spend it on something else.
If you can automate the saving, it’s a little easier to take. You don’t miss the money as much because you don’t really have it, it goes straight into a savings/investment account.
If you have an investment account, you can arrange for auto deposit. Each month or week, however you decide, a dollar amount you set is deducted from your checking account and deposited into your investment account.
If your employer offers direct deposit, you can usually divide up where the money goes. So part into your checking and part into a savings/investment account. You never see it so you never miss it.
Most of us could be saving more than we are. Take a look at your spending and see where you can save.
Mint: The easy way to see where your money is going.
ZipCar: Don’t have a car? Don’t want a car? Join this awesome car sharing service.
Restaurant.com: Find a restaurant, and buy a $5, $10, $15, $25 or $50 certificate.