The fight between spending money and saving money doesn’t have to be a huge time-consuming struggle. You don’t have to spend hours reading books or listening to podcasts to learn the newest money-saving habits. In fact, there are many simple moves you can make today that will help you build wealth.
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No matter what your short-term or long-term goals are when it comes to financial planning, you always want to make sure you have a solid savings and investment strategy in place. Here are seven surprisingly easy-to-learn money habits that can help you save.
Nationally recognized money-saving expert, writer and on-air contributor Andrea Woroch recommended using automated transfers to build up your savings. To start, set up transfers for small amounts, like $10 per week or $25 per month. Set automatic transfers to move those amounts into a separate account so that money is out of sight and out of mind.
“Setting up automatic deposits takes the work out of saving and keeps you consistent,” Woroch explained. “Once you start seeing your balance building, you will feel motivated to keep working toward your goal.”
As you get used to automating your savings and become more comfortable with the transfer amounts, you can gradually increase them. Since you’ll get used to living without that amount of money, saving it won’t feel like such a huge sacrifice.
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When you’re balancing credit card, student loan, car loan and other debt payments, it’s easy to get overwhelmed. Strategically paying off your debts can help minimize the interest you pay and save you money. You can start simply by organizing your debts.
Create a list of due dates, minimum payments and interest rates. This will give you a clear picture of what you owe and help you prioritize which debt to pay off first, whether it’s a personal loan, credit card balance or just paying your bills each month. From there, you can prioritize paying off high-interest debt to save you money in the long run.
Woroch advocated paying with cash, which can help you avoid making purchases you don’t need or didn’t plan to make. Since you can’t spend more cash than you have with you, cash payments can help keep your spending in check.
She explained that paying with cash doesn’t mean that you have to miss out on rewards. With platforms like Fetch.com, you can take and submit photos of your receipts to earn points that you can put toward gift cards from popular retailers.
finance.yahoo.com
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