20 Aug How to Save Money (When You Are Awful at It)
Have you ever tried to plan a vacation, but just didn’t have the funds? Well, maybe you did have the money, but you spent it on eating out, ordering a latte every day, or going out with friends every weekend. If this sounds like you, then you most likely have a problem with saving money. Budgeting is a struggle for almost everyone, but thankfully Bank of the Lowcountry is here to help. We’ve compiled a short list on how to save money, even when you are awful at it.
You don’t have a budget
Arguably, the best way to save money is by planning a way to budget. If you have a monthly budget that’s realistic, you will be more likely to follow it. Having a budget will help you to save money, pay off debt, and cut expenses. Also, keeping all of your receipts and learning how to balance a checkbook will increase your awareness of overspending and ability to fix financial issues.
You want it
Perhaps, the main reason why you can’t seem to save cash is because you’re buying too many items that you want, rather than items that you need. Do you really need the newest upgraded phone, or is your current phone working fine? Do you need 300+ TV channels, or could you get a Netflix account instead? Sometimes, you have to ask yourself the tough questions in order to save. Ist down and compile a list of wants and needs. Cut back on your spending in areas that are not necessary.
You Don’t “Pay Yourself First”
Change your mentality, before you pay your bills, set some money aside in your savings account. You don’t have set a large sum aside, for example, 20 dollars a week into savings can end up being about $1071 a year (3% interest). Gone are the excuses, such as, “I don’t have money to travel,” or “I don’t have money to go back to school.” If you change your savings mentality, then you’ll improve your budget plan.
At Bank of the Lowcountry, we understand that saving money can be a struggle. However, if you follow these three steps, you’ll finally have enough money to go on that vacation you’ve been planning for years. To change your savings mentality, contact us today, and set up a checking or savings account.