How To Start Saving (And Why It's So Hard To Get Going) - Money Under 30
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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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.
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.
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 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.
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?
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One of the most challenging aspects to change your finances is getting started.
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.
Once you understand where your money is going and what is left for savings, you may feel demoralised. Even though the amount is small in the first few months, you may be surprised by how much your balance grows in six months or a year.
The power of compound interest is what helps accounts grow exponentially and reach your savings goals quicker.
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