Saving is key for long-term financial success and stability. Changing times with COVID-19 makes the need to save more important than ever. Whether you are a veteran saver or a younger newbie looking to start a nest egg, look no further than these four simple tips. Your wallet will thank you!
Consistency
Sticking to a savings plan is key for financial growth. Start by assessing your monthly income and expenses. Then, carve out a specific portion of funds per month dedicated strictly to savings. Move this percentage of income directly to a savings bank account separate from your checking account funds. Keeping true savings apart from your checking account will help separate daily expenses and payments from your growing savings. The first few months may be challenging; stay consistent and you will see your savings grow over time!
Related: Coronavirus Family Budgeting 101: What It Is and How to Do it
Wealth Management
If you have a larger accumulation of funds and assets you may consider investing in professional portfolio and wealth management services. Financial advisors can help explain complicated financial terms, practices, and offer suggestions for the best investments. Consider AOG’s Frederick Baerenz, Frederick Baerenz to help you achieve long-term financial goals. Wealth managers such as Frederick Baerenz can help guide you on smart investment and wealth management moves that can pave the way for savings for years to come.
Smart Moves
In addition to a portion of monthly income, your savings should also build up by changing small day-to-day habits. Cook at home with fresh groceries to save on restaurant and takeout costs. Or consider weekly meal prepping to take control of your diet and budget simultaneously. Take your workouts outside, weather permitting, to cut down on monthly gym fees. Additionally, always monitor your credit card statements to check for unwanted reoccurring subscription fees that you may have forgotten about.
Go Slow
Finally, the number one tip for smart savings is to go slow. Give yourself grace as you figure out the groove of spending and saving. Be diligent with your spending and money habits as you reap the benefits of saving in the long run.
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