Watch your savings grow - Deepstash
Watch your savings grow

Watch your savings grow

The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip.

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Set s budget

Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget . Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending.

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Make saving automatic

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so a portion of every paycheck goes directly into your savings account.

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Cut short your spending
  • Use resources such as community event listings to find free or low-cost events to reduce entertainment spending.
  • Cancel subscriptions and memberships you don’t use—especially if they renew automatically.
  • Commit to eating out only once a month and trying places that fall into the “cheap eats” category.
  • Give yourself a “cooling off period”: When tempted by a nonessential purchase, wait a few days. You may be glad you passed—or ready to save up for it.

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Watch your savings grow

Review your budget and check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.

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Short-term (1–3 years)
  • Emergency fund (3–9 months
  • of living expenses, just in case)
  • Vacation
  • Down payment for a car

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Set a saving target

One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it.

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Decide on your priorities

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.

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Say goodbye to debt.

Debt robs you of your income! So, it’s about time you get rid of that debt.

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The Golden Rules of Personal Finance
  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your money make more money: invest, start a business or invest in your education.

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Why Saving Is Important

Saving money takes discipline. And a certain amount of sacrifice.

The importance of saving money is rarely disputed. Saving is one of the most basic bits of financial advice out there. Despite the importance of saving money, many of us aren’t following through on that tip. When it comes to doing the right thing financially, just knowing you should save isn’t enough.

And that makes sense. It’s tough to do something consistently without understanding why you should save money and put in all that effort in the first place. After all, saving money takes discipline and a certain amount of sacrifice.

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