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How To Start Saving (And Why It's So Hard To Get Going) - Money Under 30

Saving money

Saving money

Everybody wants to start saving money as soon as possible. However, quite few people actually do it. This is because saving money implies giving up on the immediate joy that one could feel when purchasing something. 

And most of us find it difficult to fight this need to buy on the spot whatever our heart desires, even though it might result in hurting really bad our pockets.

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How To Start Saving (And Why It's So Hard To Get Going) - Money Under 30

How To Start Saving (And Why It's So Hard To Get Going) - Money Under 30

https://www.moneyunder30.com/how-to-start-saving

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Key Ideas

Saving money

Everybody wants to start saving money as soon as possible. However, quite few people actually do it. This is because saving money implies giving up on the immediate joy that one could feel when purchasing something. 

And most of us find it difficult to fight this need to buy on the spot whatever our heart desires, even though it might result in hurting really bad our pockets.

Keep your money in different accounts

To be able to actually save money on a regular basis, you should first make sure that you cannot touch the money that is intended to be saved. 

Ensure this is by keeping your money in two different accounts: a  checking and a savings one. The accounts should be at different banks, making it more difficult to transfer the money from the savings account to the normal one whenever you feel like buying something that is not really needed.

Change your focus when saving money

Whenever you try to save money, try focusing on the process itself rather than the final goal. For instance, telling yourself that this is a temporary situation might prove extremely useful and help the time pass faster.

Setting targets when saving money

Setting reachable goals is always one of the main keys to success, no matter the field. 

By setting a reasonable target, as in the amount of money, each month, you are more likely to succeed than you have made up your mind to save more than half of your salary, which is totally unrealistic, as you need money to survive on a daily basis too.

Increasing your saving power

One way your savings get to grow really fast is when you receive a lot of money at once. Even though the temptation to go spend everything is bound to appear, you should remember that you have invested all this time into saving for one particular purpose. So why not take this opportunity to help increase your savings in order to reach faster your goal?

Side hustles

Getting a side hustle can only prove beneficial to you, as you will not only save more money, but you will also get the chance to do something different from your everyday job. And if you are not truly passionate about this job, the hustle may be your escape door.

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Set alerts to work on your finances

From the day you start saving, put a reminder on your calendar once a week to work for one hour on your finances in some way. It could include reading, balancing the accounts, optimizing cash flow, researching funds, etc.

There is no right number of times to check on your account. If you feel the urge to make decisions based on the news or market changes, limit how many times you look at your accounts. With experience, you will gain more control.

Dealing with demoralization when saving money

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Reduce impulse buying
Before purchasing non-essential items ask yourself:
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  • Will I actually use it? Do I have space for it?
  • How did I come across it in the first place? (Did I come across it after wandering into a gift shop out of boredom?)
  • What is my emotional state in general today? (Calm? Stressed?)
  • How do I feel about buying it? (Happy? Excited? Indifferent?)
  • How long will this feeling last?

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