One of the hardest parts of building your savings account is finding the cash to set aside. Although it may feel like you don’t have the money to spare, setting aside $20 to $50 is a good place to start.
In honor of Military Saves Week, BBB offers these tips to begin building up your savings:
Set it and forget it. Online banking allows you to build your savings easier than ever. Allocate a certain percentage of your paycheck to your savings account so that the money you make goes where you want it to. This way you will not have to worry about setting aside a certain amount yourself.
Set a savings goal and follow through. Budgeting can be easy once you evaluate where your money is going. Create your budget by first determining where and how you are spending your money each month. Separate your expenses by seeing which bills you have to pay and which you can cut back. When you’re cutting back, see what things you can live without. From there, decide how much you will allocate to your savings account and follow through. Try not to touch your savings unless there is an emergency.
Invest. If you’re looking to have your savings grow, try investing some of it. The more you save, the more you can invest and put that big chunk of change to good use. This can mean investing into bonds, stocks, or other investments.