It’s time to save money and live better TODAY! No matter where you start financially it can be done. Hello, beautiful people from across the lands!
Let’s face it, saving money can be a struggle for most of us. In fact, studies show that 63% of Americans do not have enough saved to address a $500 emergency. In this post, you will learn how to get on the opposite end of that static and find easy ways to save money building financial peace.
These easy-to-apply tips will put you on the path to saving money and living better with ease.
5 minute read update Sept 2022
1. A budget helps save money and live better
The budget, spending plan, broke or balling sheet.
Whatever you want to call it, just have one in place. Creating a budget will let you know how much you can contribute to your savings.
Or bring awareness you have nothing left which means one or two things. You are blinding spending money that is getting lost in daily useless transactions (mine was fast food).
Or you need to start looking into ways to bring in more income. Either way, having a budget in place brings this to light and allows you to create a realistic game plan to save money fast.
2. Automatic Withdrawals
Paying yourself is a habit that may be hard to rationalize at first but it is key when you want to save money and live better. You may be thinking of all the demanding responsibilities and bills that constantly have their hands out asking
“Where is my money?!”. No?… Maybe that’s just me.
Anywho, one tactic to combat this is to set up automatic payments to yourself. Wondering “Where is best to save my money?” Consider opening a high-yielding savings account that is separate from your regularly used bank account.
In order to do this successfully, you have to establish a budget and discover your magic number. Your magic number will let you know how much you can contribute each month to your savings.
I share my formula in this video outlining how to discover your own magic number.
3. Explore Money trauma & Develop Self-Discipline
When you are seeking to save money and live a better life, oftentimes there are stressors. These stressors connected to money are so strong that it can be a traumatic experience.
You may be experiencing what I like to call “money trauma”. Pay attention to your emotional response to money.
Do you avoid viewing your bank account, overspend, or constantly shaming yourself for financial choices? By doing the first, developing self-discipline will come clearer.
Action Steps to Take now to save money and live better
1st Step: Start a budget, download my free template for step-by-step guidance
2nd Step: Identity what account you’ll use for savings and how often you’ll make deposits (separate high-yield savings account recommended)
3rd Step: Explore emotional relationship with money to help build self-discipline
Conclusion
Create a budget to know how much you can actually contribute on a regular basis so you can begin to save money fast.
Once you’ve identified your magic number prepare for this amount to come out regularly. Add it as a line item in your budget treating it as a bill that pays you.
Set up automatic withdrawals in a separate high-yielding savings account to take away the mental and physical strain of making regular deposits.
Develop self-discipline by exploring your emotional relationship with money on your path to save money and live a better life.
BONUS TIP!
Do an audit on your spending habits by looking at your bank statements from last month. This will help shed light on the dark holes you could be falling into.
After doing all these steps you may find you have more or less money left over to start saving. Regardless, getting started is the most important step.
I started out only being able to save $10 after every paycheck. That has now increased to nearly $300 every two weeks!
So don’t let any number hold you back. It’ll grow over time. Until next time, dream, believe, and achieve.
