I meant to start up a savings plan a few months ago and then something cropped up. The car needed repairs so I had to pile some cash into that. Then –- what happened? Oh, I think I plain forgot about it the month after. Maybe next month…
Does this sound familiar? Thousands of people across America (indeed the world) are going through similar events like this every single day. And what are we talking about? We’re talking about the act of setting up a savings account.
Added to this, there is the fact that many people have a savings account –- but they have nothing in it. So with that in mind, I’ve explored five ways to get some cash into that account super quick, no matter what kind of budget you might be on.
1. Decide on one thing you can do without for a month and funnel the cash into your savings instead. We’ve all got things that fall into this category; for instance, what about a weekly magazine? How about that expensive latte you have every morning on the way to work? Sling the saved money into a pot each day and then put it into your savings account.
2. Do you buy lottery tickets? How about a newspaper every day? All these little “essentials” add up. Write them all down for a whole week and then figure out how much you spend on them. Then you’ve guessed it -– save all that cash up for a week or two and see what a difference it makes to your savings.
3. Sit down with all your bills and try and reduce them by downsizing, cost cutting or consolidating your debt. Work out how much you’ve saved and channel it all into your savings -– every single month. It takes work at the beginning, but you will soon see the benefits.
4. Ever heard of the cereal diet? This is where you have a bowl of cereal for breakfast, a normal lunch and then substitute dinner for another bowl of cereal. Buy cheap cereal to eat and save loads of money by not buying any meat, poultry, potatoes or other dinner ingredients for up to a fortnight. Guess where the money goes? But take care not to turn this into a permanent set up as you’ll want to stay healthy with a balanced diet.
5. Generate more cash by holding a yard sale. Not only will you clear out all your junk, you can also look forward to raking in some cash to funnel into your savings.
Okay so these are five good ways to get you started. If you do one of them, you’ll notice a difference. If you tackle all five, you will definitely be pleased at how much money you’ll get in your savings account as a result.
Take note here that the main object of the exercise is to encourage a healthy habit of saving. Even though you will actually be putting various sums of money aside all the time, you will still want to put away even more whenever you can. So by creating this habit, you will definitely end up with a bigger and better savings account in the future. Instead of savings being something that is dull and boring, it will become something much more exciting and well worth doing too.
Isn’t it time you finally got started with getting some dollars into that savings account?
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