7 ways to start saving money from now

Why saving money is necessary?

Unless you are very rich, it is likely that the biggest cost to your life will require planning to buy. Explain what you store to help you keep track of when it comes to avoiding unnecessary purchases. For example, if you remember that your goal is to save $ 100,000 over the next ten years in your child's education fund, it will be much easier to get out of the drive-thru line.

Imagine that you could save up on expensive items such as a car and a home. The average American will have six cars in his or her lifetime, so it might be a good idea to start saving for your next car now, even if you don't need it yet.

Finally, it is important to save for retirement from your first job to the last. According to a recent study, the vast majority of Americans close to retirement save only 12 percent of their recommended retirement income. That's because getting to the point where you have more money to save takes time, but it's also because most people don't do good ways to save money when they are young.

7 ways to start saving money  from now

1. Create a budget

The first step in trying to save money is to find out how much money you really have and where the money is going. Consider using the 50/20/20 30 law to create a budget. The 50/20 / 30 rule states that 50 percent of your income should go to necessities such as rent and food, 20 percent should be savings, and 30 percent should go to personal expenses such as entertainment.

2. Save automatically

If you have to transfer money yourself to your accounts, you may be sacrificing total savings. Try to have a portion of your deposits automatically credited to your savings account to keep you contributing consistently.

3. Create an Emergency Fund

Some experts recommend setting aside the cost of six months of life in the event of an emergency. This helps you to avoid getting into debt if you lose your job or if you have to pay for unexpected medical expenses.

4. Track Your Disposal

You may be surprised at where your money goes. Keep a record of what you use to see how small costs go together. You may not think that coffee from time to time makes a cover for your savings, but seeing the amount of your purchase can change your mind.

5. Avoid Debt

Pay your cards every month so your debts are not accumulated. If possible, avoid getting into debt early on by spending money and keeping your credit card at home. With built-in savings, you won't have to put unexpected expenses on the card.

6. Make a plan

Divide your long-term goals into smaller, manageable lines for each month and year. With a view to what you need to do temporarily, you can plan how much you need to save, and then set appropriate limits on your unnecessary budget.

7. Apply the 30-day rule

When looking for a great buy, think about it first. Write down what it is and how much it costs, and if after 30 days you still find it necessary, buy it.