Starting to save money is not the easiest thing in the world if that’s not something you grew up doing. For me, it was making money to spend money. Make more money, spend more money. I knew how to hustle but not stop money from burning a hole in my pocket.
Here are a few tips that helped change my mindset about saving:
What are you saving for? Is it for an emergency fund? Is it an upcoming PCS? Whatever you’re saving for, make sure you keep it front of mind. Constantly remind yourself why you’re saving. Put your goal as a background on your phone. I don’t know about you, but I walk halfway up the stairs and forget why I’m going up there lol. So keep it somewhere you can constantly be reminded.
With your LES you can set an automatic allotment that will put money into your savings account so it’s like you never see it. BOOM saving without even thinking about it. If you’re a veteran or civilian you can set up automatic movements in your bank account. It won’t be before it comes to your account with an LES allotment, but it’ll be in another account so you can’t (theoretically) touch it.
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This is the MOST IMPORTANT STEP. People fail at saving over and over because they go too hard in the paint. They want to save every penny right off the bat, and that’s now feasible for long-term success. You have to start slow. Start with something manageable. If you’ve never saved in your life, start with just $100. Skip one trip to Target and bazinga, you saved $100. Put it in your savings account and DONT TOUCH IT. Not even a little.
Those are my 4 tips to start a savings plan. You got this. Make 2021 the year you save more than you ever have before!
– Jeanette