A lot of people tend to have a hard time building their savings or retirement plans. This can be blamed on the fact that no one was taught finances 101 in school and this makes it difficult for many people to manage their finances. A couple of solutions are listed below if you find it really hard to save some part of your money for future purposes. 

Change your mindset from saving to building a future

After paying your monthly bills, it can be really difficult to save at least $100. You should think about making your future greater instead of blowing the whole money on dinner and a movie. When you invest in a 401k retirement account, an extra $100 weekly or monthly has the ability to turn to thousands as time goes on. 

Automate your finances

Make it routine to put a set amount away each paycheck by using an online bank such as Chime. For example, you can have a percentage automatically withdrawn from your paycheck and deposited into your savings account. This takes the guesswork out of how much money to save at the end of the month.

Put your goals front and center

You might be considering living like your friends who are homeowners and also go on vacation every 6 months and you as an individual can hardly make ends meet. You might even be thinking why save if it will never be enough for everything you want? You might save enough for a weekend getaway or for a new car if you can boldly set aside 20% of your income to put into a savings; although this might not afford you a big house or an expensive vacation.

If you do not have a solid nest egg, it is okay to get stressed and bothered, but do not give up. A penny saved is a penny earned is what they say and this is true. Try the methods above and see if it works for your saving today. 

Leave a Reply

Your email address will not be published. Required fields are marked *