Why is saving money important?
Although saving money isn’t always easy, it’s well worth the effort! Saving money is important as it gives you some financial stability and a bit of protection in case you lose your job, your car breaks down, or something else happens. Saving money also gives you much more freedom to do what you want to do and make large purchases in the future.
Getting into the habit of setting money aside from an early age will help to build your financial success later down the line. As you gain more experience in your job, no doubt your wage will begin to increase, so you can begin to set aside more money every month. Whether you’re setting aside $50 a month or $500, it will all contribute to creating a more comfortable future.
How do I set up a savings account?
Setting up a savings account is really easy. You can either set up an account with your existing bank, or open a savings account at another bank.
Tips to save money every month
Saving money doesn’t require huge sacrifices. You don’t need to completely change your lifestyle to put a bit of money aside – you just need to be smart with how you spend. Small changes like taking your lunch to work instead of buying it, getting a Starbucks every other day instead of everyday, and walking instead of taking the bus can make a huge difference over the years.
Sit down every week and make note of how much you’re spending and what you’re spending it on, so you can understand where your money is going. Another good tip is to set money aside as soon as you receive your paycheck, rather than saving any leftover money at the end of the month. This forces you to stick to your budget as you have less money to play with, so as long as you’re not setting completely unrealistic saving goals, you should be able to save money every month.