THE QUICK-EASY: building savings
I built my savings from $1k in august to over $7k by the end of october. Here’s how:
•build obedience and an iron clad mentality when it comes to your “savings”
whatever was in my savings account was off limits unless it looks like i’ll have to ask someone to spot me $20 for gas or something. i had to have an understanding of what my needs were and what were the things i could live without today if i couldn’t afford it. i had to get good at living within my means.
•build a budget
i had to track my spendings every week-month. whatever “mandatory spends” i had(gas, groceries, subscriptions, etc) to get a good idea on how much money i could not save on average. if after all my mandatory spends i am left with $200 from a every paycheck(with some wiggle room), that’s how much will be put towards savings every pay period.
•stick to a savings rule
in my experience, i was living with my parents so my mandatory spends were small and limited. i was able to follow what i call the “70/30 rule”. 70% of every paycheck goes into savings, and 30% i got to spend and cover personal expenses. i am moved out and still use the 70/30 rule, i seldom dip into savings.
•open a High Yield Savings Account.
i started off with a Chase savings account and switched to HYS when i realized the interest rates for them are much higher and i could be making my money work for me. i am constantly depositing making it grow faster.
#buildingsavings #highyieldsavingsaccount #buildinghabits #money #thequickeasy
Building savings is a crucial skill that can greatly improve your financial security. One of the best ways to start is by adopting a strong mentality about your savings. Be disciplined and view your savings as untouchable aside from genuine emergencies. Next, create a detailed budget to understand your mandatory expenses like rent, groceries, and transportation. This will help you identify how much you can allocate toward savings each month. Once you have a budget, consider sticking to a savings rule—for example, the 70/30 rule where 70% of your income goes into savings and 30% is for personal expenses. This approach balances saving with living expenses, ensuring you're not depriving yourself of the essentials. Finally, open a high-yield savings account. Unlike regular savings accounts, high-yield accounts offer better interest rates, allowing your savings to grow faster over time. Be proactive and consistently deposit money into this account to maximize your savings potential. With dedication and a solid plan, anyone can build their savings successfully.