Sunday, April 22, 2018

How to save money right now | OverSixty

How to save money right now | OverSixty: FINANCE
How to save money right now
�Monday, Apr 23 2018 �Over60

"Saving more money" is top of the list of many people's resolutions – but it very rarely works.

There are a number of reasons for this.

The first is that most people are very vague about what they want to save. "More" does not mean anything – and so no money is ever saved. Other people do a little better when they set a goal such as wanting to save $100 a month. But they often are unsuccessful, too.

Wonder why? It is because most of them draw up a budget, or have a vague idea in their heads of spending less, and decide they will save what is left over at the end of the month. This almost never works. Even with a good budget, if you have money in your bank account, it is so easy to spend it.

The key to saving money is to know at each payday how much you can afford to save�and to transfer that money to a savings account immediately. Do not touch it, do not sit on it for a while, do not think about treating yourself this month. Transfer it straight away, or better yet set up an automatic payment for the same day money comes into your account.

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