If you're reading this, I'm earning money in some way. I was compensated with money and/or product. Thanks for helping to feed my family. I also may have a financial interest in companies named. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not an accountant, lawyer, doctor, fitness expert, or nutrition specialist. So, talk to a professional before acting on anything you read, watch, or listen to below. Get your own advice and do your own research. Email me at [email protected] with questions.
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!
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
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.
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.
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.
How to Balance Your Life as a Recruitment Manager
Saving For Your Child’s Future
Reevaluating Your Attitude to Debt: 4 Methods to Get You Started
How To Access Investment Support
The Best Way to Invest 10k in Your 50s
Drawing Up An Effective Retirement Saving Strategy
Why You Should Focus on Improving the Banking Industry
Best Advice for Saving Towards Retirement
Session expired
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.