How You Can Meet Your Savings Goals in 2018
Regardless of where you currently are on your financial journey, you should know that it is possible for you to meet your savings goals and turn your financial life around. That’s why we’ve created this post with some of the best and easiest ways for you to save money. While none of these tips will completely change your life on their own, when you use them together, they can make a massive difference over time. Here are a few ways you can meet your savings goals in 2018:
Choose the best bank accounts
If you’re paying a monthly fee for your savings, business, or checking account, it’s worth doing some research to see if you would potentially benefit from some of the newest banking offers available. Some of the best banks will offer sign-up bonuses if you open an account, while others have excellent interest rates for savings and credit cards. You may also be able to benefit from travel points simply by switching credit cards.
Use the 30-day rule
When it comes to personal finance, one of the most important rules is to avoid instant gratification at all costs. If you want to make a purchase, consider waiting 30 days before you buy it.
Often, once a month has passed, you’ll either have saved a big chunk of money for your new purchase, or the urge to buy it has gone. This is a great rule, since if you’re on the fence about a certain item, you can wait and see whether it’s actually worth the money.
These days, budgeting and saving money is much easier, especially if you find it difficult to keep track of your expenses. Luckily, it’s easy to use the best receipt tracker app to keep track of your daily purchases, and a free financial planning app can help you make, and stick to, a variety of budgets. You can even stay on budget while you’re traveling, with an android traveling budget app.
Those daily lattes and fast food runs sure add up. And they also have an impact on your waistline. If you’re trying to save money, consider spending an hour or two doing some meal prep in the weekend. Buy chicken, fish, and meat in bulk and stock up on fresh fruit and vegetables. If you have a slow cooker or instant pot, you’ll be able to make some inexpensive meals that can save you both time and money.
Set a goal
Humans are goal-oriented, which means it’s not enough to simply “want to save.” Instead, write down what you want to save for- anything from a vacation to a down payment on a house. Then you can figure out how long you would need to save for it. Some short-term goals include a vacation, an emergency fund, or a down payment for a car. Long-term goals include a down payment for a home, retirement, or even your kids’ college fund.