In today’s unpredictable world, it is essential to save money. Now, this isn’t just for an emergency plan (which you should already have been doing this), but rather preparing for your future. And what is the most critical thing to have to build up a savings account, besides income and a place to put it, is a good plan. Here are some of the best money saving plans for you to consider…
The good news is that you can even mix and match these plans to optimize your savings.
Best Money Saving Plans
Plan 1: Pay Yourself First
So many times people say that they don’t have the money left over to go into a savings account. And the fact of the matter is, this is the truth. They spent it all.
Instead of putting the savings last on the list, put it first. As soon as you get money in, put away a percentage of it into your savings.
The idea is this – before you pay your bills and buy what you need to survive, you pay yourself first. Doing this builds wealth quickly, which is why it is one of the best money saving plans.
Once you get the process going, you’ll find that you get used to the reduced funds. In fact, you will start to recognize a check for the actual money you have to spend. For example, when you see a $1000 payment, you’ll mentally see that as $900.
One thing you can do to implement this plan is to set up an automatic savings account.
An automated process will make it easier to keep the plan going. But the idea is simple enough – before you pay anyone (or anything) else, pay yourself first. If you don’t, who will?
Plan 2: Put Those Windfalls to Work
Many times people come into a windfall, such as a gift, tax refund (which you should try to eliminate), a work bonus, and other things. Instead of earmarking these windfalls for something else, put it into your savings and reserve it for your future.
It will take some discipline to make this happen, especially if it was a gift and they ask what you did with the money. But soon enough it will become a habit, and you won’t be wasting the money on things you don’t need.
You can also create your own windfalls. You can take on side projects or part-time jobs, and build up payments due to you.
When you get these payments, stick them away in savings. Your account will quickly grow, and you will still have your regular money for other purposes.
Plan 3: Squeeze Your Budget
Take a good look at your home budget, and see if you can squeeze any extra money from your current expenditures. You may decide that those optional expenses aren’t needed, and you can move those funds over to savings every month.
Just like grapes on a vine, don’t forget to go back and squeeze your budget on occasion. Your budget and situation may change, so re-evaluate where things are and see if you can add to your savings.
With the Right Plan
You can create and optimize your savings account with the right plan. Having one is a crucial component of building personal wealth and creating a positive future for you and your family. You might find the Retirement Bible Study helpful in creating your saving plan – Click Here! Now that sounds like a good plan.