It is likely to reach your financial goals you will need to commit to saving. That is one reason why saving is an important part of any money management plant. Set money aside each month to save for your short, mid and long term goals. Most people pay their other bills first and try to save what is left over. Try paying yourself first, by putting away a certain amount and use the rest to pay your bills. I consider my savings and retirement as another bill. It is figured into the bills I need to pay.
Even if you can only save a small amount a month, it is better than saving nothing.
Here are some ways to boost your savings:
Make it automatic. If you have money automatically deducted from your checking account it isn’t as easy to skip saving some months.
Turn a hobby into income. Do you enjoy a hobby that you could also be paid for, photography, painting, crafts, etc. Also, babysitting and lawn work are ways to earn additional money.
Downsize. Do you have items that you no longer want or need. Hold a garage sale or try selling them online.
Use gifts wisely. If you receive unexpected money, you may be tempted to go out and splurge, but if you have debt, it is recommended to use it on your debt instead or towards your savings.
You will be less stressed and maybe happier if you have money in savings instead of worrying about being in debt.

Posted in Uncategorized
Nancy Kvamme