Day 7: GOBankingRates wants to help you Live Richer. For a month, we’ll be sharing daily tips for how you can do just that, with advice on budgeting, saving, investing, making the most of your career and managing debt — plus money advice for every phase of your life. Check back each day during our 31 Days of Living Richer to learn everything you need to know to set yourself up for financial success and live the richest life possible.
Just like any other good behavior, saving is something that you should aspire to turn into a habit. Once saving becomes second nature, you’ll easily build up an emergency fund, retirement savings or even a savings bucket for “fun” money. But like exercising regularly or eating healthy, it takes some effort to turn saving money into a true habit.
Revisit Day 6: Where To Put Your Money: Savings or Retirement?
And Back To Day 5 of Living Richer: How To Save a Little Each Month (It Goes a Long Way)
Here are a few ways you can get into the habit of saving money.
One of the easiest ways to turn saving into a habit is to automate it. Once you figure out how much you can save every pay period, set up an automatic transfer for that amount from your checking account to your savings or investment account.
Save Your Change
Starting small is one of the best ways to form a habit that sticks, so get into the habit of saving your change. This can be done by using round-up apps, like Acorns or Chime; enrolling in a savings program offered by your bank, like Bank of America’s Keep the Change program; or by collecting all of your physical change and depositing it into your bank account at the end of every month.
Amd Check Out Day 3 of Living Richer: 5 Budgeting Apps That Can Help You Live Richer
Pay Yourself Like a Bill
Consider your savings a monthly bill you have to pay, equivalent to your rent or mortgage, utility bill or mobile phone bill. As you make all your payments for the month, add in a budget line for savings and dedicate as much as you can to it once you’ve covered all of your essential costs. Set a monthly reminder in your phone to put money into savings so you don’t miss out on paying this “bill.”
Turn It Into a Challenge
There are a number of savings challenges out there that can help get you into the habit, such as the 52-week money challenge. With this challenge, you start by saving $1 the first week and increase your saving amount by $1 each week — so you’ll be saving $1 in week one, $2 in week two, $3 in week three and so on until you’re saving $52 on week 52. At the end of the 52 weeks, you’ll have $1,378 saved up.
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Last updated: July 7, 2021