Many people are struggling financially because each week they find that their pay magically disappears. Good news! I have found a way of stopping this and it works! Well, it works for my two teenagers, I have only just set mine up, and it seems to be working so far.
How do I know it works? My sixteen year old has been working full time as an apprentice for nine months and has over $3000 in the bank. My fifteen year old has been working part time for a month and a half while still attending school and has $150 in the bank.
So how do you set yourself up to save? The first thing you need to do is set up a savings account with your bank. Not just any savings account though. It needs to be one that cannot be accessed with a card. Most banks now have accounts that can only be accessed by the internet or phone banking or by going into the bank. This helps to stop impulse buying, as you don't have the funds on your card when you are out shopping.
Now comes the tricky bit. You need to work out how much you can afford to put in your savings account each week. The easiest way to do this is to work out how much you NEED to spend each week for your everyday living and subtract this from your weekly pay. Whatever is left goes into your savings account. This doesn't mean you can't touch your savings at all, it just means that it is not easily accessed. If an emergency pops up or an unexpected bill comes in, you just transfer the money you need into your everyday account.
For people who earn a regular wage or salary, the best option to get you into the habit of saving is to set up an automatic transfer with your bank. You will need to set it up so that, on the day your pay goes into your everyday bank account, your savings amount is automatically transferred into your savings account. You may soon discover that you don't miss this money if you budget on the amount that will be left in your everyday account.
For people who earn varying amounts each week, there are two options. Option one is that your manually transfer money into your savings account on pay day. Option two is to set up an automatic transfer for an amount that you know you won't miss and then manually transfer more if you earn more.
Don't worry if you can't afford to put too much into your savings account. Even ten dollars a week adds up to over $500 in a year. It's a great way to save up for Christmas. A good incentive to save is to set yourself a goal. Maybe you want to save for a new car or a new set of golf clubs or whatever it is that you would like but can't afford right now.
Remember, the point of saving money is so that you can use it at some point of time in the future for what you want. There is no point in saving just so that you can say that you can.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น