Did you know that 69% of Americans have less than $1,000 in the bank? The list of things to spend money on is endless, from luxuries like eating out at restaurants and going on vacation, to necessities like household repairs and gas. There’s always something to spend that money on that feels more pressing than saving, which is why so many people struggle to put away the 20% of each paycheck that experts recommend as a baseline for healthy savings.
Here are a few things that successful savers do as part of an effective savings strategy:
They don’t leave savings for last. Too many people wait until they’ve budgeted out all their monthly spending, and then put the leftover into savings. But if you want to make saving a priority, it should be one of your first line items on your budget — up there with rent and utilities. This is often referred to as “paying yourself first.”
They automate their savings. Out of sight, out of mind! If you don’t even see the money before it’s in your savings account, you’ll have less temptation to spend it. Use recurring automated bank transfers or a saving software to set up rules for savings that happen whether you think about them or not.
They’re aggressive with their debt. When it comes to saving money, bad debt is your worst enemy! Truly effective savers prioritize paying off debts so that their income can start going into their pockets again. The Debt Snowball Method is one popular strategy for paying off debt quickly. (Also, if you are in the process of, or interested in, obtaining home financing we’re here to talk to you about debt repayment strategies.)
They spend less than they earn. This one sounds obvious, but many people don’t follow this shockingly simple rule. This can be achieved by spending less, earning more, or some combination of the two. Either way, there’s no way to save if you’re spending more than you earn each month.
More than anything else, the key to beefing up a savings account is simply creating a plan and sticking to it. If you take the time to work out a budget, set goals, and create systems, you’ll start seeing bigger numbers in no time.
Click here for a fresh list of League City homes! 713-965-4561
League City is located within the Houston area. If you are thinking about relocating to League City, Texas we can help you find the perfect home and make your move as stress-free as possible. We offer valuable insight into the area to help you through your home buying experience. Contact Us at (713) 965-4561.
Looking for more information about League City, Texas?
Being from the area, you receive the benefits of learning about great neighborhoods, trends, and hot spots.
I hope that you enjoyed this post!
- Houston Association of Realtors: Local housing is becoming more unaffordableon August 12, 2022 at 6:20 pm
New data from the Houston Association of Realtors shows the price of local housing is now less affordable than it was one year ago, for both homeowners and home renters. The median home price in the ...
- Rachel Daly says goodbye to Dash, Houston. 'It's more emotional than I expected.'on August 12, 2022 at 5:42 pm
The transfer, for an undisclosed fee, came following a request from Daly to be. “It’s something I want, it’s something I need,” she said. “Leaving seven years of work and a life behind is tough. It’s ...
- Houston woman goes viral on TikTok after rescuing puppy dumped in trash ditchon August 12, 2022 at 5:38 pm
The power of TikTok was on full display this week after a Houston woman went viral for rescuing a puppy discovered hidden in piles of trash in a ditch near Third Ward in Houston. Taylor Dixon, a ...
- Houston Astros vs. Oakland Athletics odds, tips and betting trends | August 12on August 12, 2022 at 5:19 pm
On Friday, a matchup of AL West rivals is on the docket, with the Oakland Athletics (41-71) visiting the Houston Astros (72-41) at 8:10 PM ET.The Athletics are a heavy underdog (+271 moneyline ...
- A culinary getaway at an historic ranch featuring Brennan's of Houston is yours for $1,800on August 12, 2022 at 2:14 pm
A sprawling ranch and Brennan's of Houston are teaming up for an all-inclusive weekend getaway in Markham. Spread Oaks Ranch, which traces its history all the way back to the 1800s, will host the ...