Five Steps for Starting the Savings Habit

We know that costs can add up fast. Starting small, but thinking big can help to make savings goals shift from dreams to reality.

Following these five steps from BetterMoneyHabits.com can help adjust your mindset about money, and help you to make progress towards a happier and habit-driven financial future:

  1. Think one percent at a time – Starting small gets the habit started, and can set the pace for increasing the amount you save over time. If a percentage start feels scary, try choosing a reasonable and affordable amount to start the habit, and ramp it up along the way.
  2. Get analytical about your budget – Prioritizing want versus need in your budget can help you to identify potential breathing room in your budget.
  3. Prioritize your future self – Pay yourself first! Or at least treat contributions to your savings as important as your monthly bills.
  4. Make it automatic – No matter how you choose to transfer your savings, automation can help to reduce or eliminate the desire to spend the “extra” in your spending account.
  5. Go slow and steady – By forming the savings habit in small and regular increments, the foundation will be laid for setting and achieving even the most ambitious savings goals!

If those helpful tips didn’t hit the spot, Better Money Habits® now has videos, infographics, and articles specifically for households who may be living paycheck to paycheck. Designed in collaboration with several non-profit organizations, this new content helps people:

Visit BetterMoneyHabits.com today to find more ways to improve your financial picture.

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Tip of the Day

  • Written by Katie Bryan | November 23, 2013

    Tip to #Save: Pay off Credit Cards as Soon as Possible. http://ow.ly/FJyDM via @Bankrate

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