#93 – How to Jump Start Your Savings

Are you ready to stop feeling stressed when you open up your bank account? In the modern era, living paycheck to paycheck has become the norm. For the most part, this is a choice. By simply changing a few habits, you could end each month with a few extra dollars in your account.

1. The Trick to Setting Financial Goals   

How do you set an effective goal? We suggest following the three principles listed below. Each of these helps you to fine-tune your goal setting. Consequently, you will reach them more often.

Sure, you might become a millionaire by winning the lottery. How likely is it, though? Any goals that you set should be realistic. There’s nothing wrong with setting challenging goals. Nevertheless, you need to be capable of achieving them.

Specificity is also important. Setting the goal of saving money is admirable. However, it would be more effective to set a goal of saving $1000. You can decide how much is an achievable amount for you. Always specify what you are working towards.

Time limits may be annoying. The added pressure is important when pursuing goals. Give yourself enough time to hit your savings goal. However, make sure there is some pressure for you to hit the mark.

2. Tips on Jump Starting Your Savings   

Starting your savings is easier than you might imagine. Let’s put it into perspective. What are savings? It’s the money left over from your income after you pay all of your expenses. So, you can either increase your income or decrease your expenses.

Work Overtime or Start a Side Hustle:
The most straightforward way to bring in more money is to start working more hours. You could also get a second job or a side hustle. Side hustles are more flexible and allow you to work them around your career.

Cut Out Excess Spending For a Week:
Go on a spending holiday for seven days. Can you last for a full week without touching any of your money? It might be more challenging than you predict.

Sell Your Old Stuff:
How much of your stuff you actually use? Be honest with yourself. Now, how much are the things that you haven’t used worth? Get a good jumpstart to your savings account by having a garage sale.

3. Save Money Easily With These Tips   

Now, let’s look at some ways to lower your monthly cash outflows. In other words, how can we lower your monthly spending habits?

Focus on Efficiency:
Make every dollar count by focusing on efficiency. The more efficiently you run your home, the lower your Energize Ct bill will be. Energy efficient appliances are a great investment by helping to lower your monthly energy use, reducing your utility costs. Some other efficient tips include:

Try Using Your Ceiling Fan Instead of Climate Control:
Most people tend to leave their climate control on at all hours. We recommend relying on your ceiling fan. Unless it is unbearably warm, leave the air conditioning off. Open up your windows and turn on the fan. A nice breeze may be more than enough to keep you comfortable. Plus, you won’t have to spend any money keeping the house cool.

Always Turn Off Appliances That Are Not in Use:
You’d be surprised at the number of appliances that are left on even when they are not in use. Simply turning these off could substantially lower your monthly electricity consumption. The less electricity you consume, the lower your monthly utility bill. Unused appliances are serving no purpose when they run up your electric bill. Do yourself a favor and unplug them.

Savings For Beginners  

Saving money comes down to your habits. If you have a habit of spending more money than you bring in, you’ll constantly be in debt. On the other hand, if you can reverse that equation, your bank accounts will be full.