Everyone knows it’s smart to save money, but sometimes that’s easier said than done. For those who don’t have a significant income, saving money can seem impossible. Although it may seem pointless, saving even a little bit of money can make a big difference.
Saved money adds up over time
Whether you save $5, $20, or $200, continually adding money to your savings account will make it grow. Of course, the more money you save, the faster your balance will increase, but it doesn’t matter where you start – everything counts.
For example, if you can only save $50 per month, that’s $600 per year, which is pretty significant. After just five years, you’ll have $3,000 in your savings account. And that’s just from intentionally saving $50 per month. Imagine how much more money you could tuck away if you redid your finances to eliminate unnecessary expenses. For instance, you might be able to save another $100 per month by canceling subscription services you don’t want or need. If you put your money into a high-yield savings account, you’ll also start earning interest.
Your savings account will be there when you need it most
Although you can’t predict when you’ll need emergency funds, it’s a safe bet that you will need that money at some point in the future. By saving what you can now, you’ll be building it up over time and it will be there when needed. You might not have any financial emergencies for a couple of years, and then one day, you’ll need to take your dog or cat to urgent care. Since emergency vet visits are usually more expensive, you’ll be glad you started saving money prior.
If you do it right, you’ll toss money into your savings account on a regular basis and also when you get extra funds. As long as you don’t spend it on frivolous purchases, that money will remain available in your savings account for important purchases.
Starting small helps you develop good money habits
The mindset of saving a little bit of money, even if it’s not much, will train you into developing good money management habits. For example, if your income is limited, you might be in the habit of just leaving all your money in your checking account, thinking you’re still saving money by not spending your account down to zero. However, this is a bad habit that will prevent you from amassing a decent nest egg. You’ll never remember exactly how much money is supposed to be untouched, and eventually, it will get spent.
By opting to save even a little bit of money, like $50 per month, and putting it into a separate savings account, you’ll be clear about how much money you’ve saved. And it will be harder to accidentally spend it because it will be in a separate account that may not even be connected to a debit card.
You’ll start to see more opportunities
Once you start saving money, you’ll start to see additional opportunities to be frugal and save even more cash. For instance, you might start buying house brand grocery items or comparing prices between stores. If making a little effort can put an extra $100 per month into your savings account, you’ll be on track to save an extra $1200 per year.
The trick is to keep saving your savings
Every now and then, something will come up that you feel you must buy now. Whether it’s a household gadget, a new phone, or something else, you’re going to be tempted to dip into your savings account to fund some unexpected purchases. If you give in to this temptation, your savings account will become depleted in no time.
The key to saving money is to maintain your savings. That means not spending any of it unless it’s absolutely necessary, like an emergency or something of equal importance. For example, it’s okay to spend your savings on things like professional certifications and training if you’re pursuing a new career that will earn you more money. That’s a great reason to save money.
However, try not to spend any of it until you have at least three months worth of expenses saved. If you only have $500 in your savings account and need $200 for an online course, it will deplete your account significantly. On the other hand, if you have $10,000 in your savings account, it won’t set you back as much.
Regardless of how much you can save, start now. Before you know it, you’ll have a decent amount of money available for emergencies and other important expenses.
Photo by Karolina Kaboompics on Pexels
my income is too low Unfortunately
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