Whether you’re a young high school student or you’re starting your family, there are some important personal finance tips you should know to help you save money. Saving money is a huge part of growing up and learning how to balance a budget and stay afloat. Unfortunately, too many people can find themselves running out of money before their next paycheck or facing an emergency and having to use credit cards to take care of it.
By learning to save money early on, it can help you to have a stable financial future. Here are a few tips to help you start saving money now and set yourself up for a better way of managing your money down the road.
Start by putting a little back each week or each paycheck period. This will help you to start building a nest egg and bump your savings account up. 10% is typically the amount that is recommended to put into savings from each paycheck you receive. If you can put more, then that is great! If not, then 10% is the minimum you need to start with.
Get the Most from Your Bank Accounts
Make sure your bank accounts are working for you. Shop around and use ones that give you the most interest or perks when you’re using them. As your savings grow larger, you’ll want to make sure that you are investing in the right type of account to earn the maximum you can.
Consider putting the 30-day rule of finance into action in your life. This means that if you’re deciding on a purchase, make sure to wait for at least 30-days before making the purchase. You may feel the urge to buy something but if you wait the 30 days, most times it will pass. You’ll realize it wasn’t something you needed in the first place. This will help you save money and can protect you from making spur of the moment purchases you’ll regret later on.
When you do need to make a purchase, check a variety of locations first. If you just go with the first place you find the product, you may end up spending more than you should. Be sure to shop around and don’t be afraid to ask for discounts or sales that may be coming up.
Reduce Eating Out
Instead of eating lunch out every day, pack your lunch and take it with you to work. This also includes those coffee runs in the morning. You’ll find you can make your favorite coffee shop drinks at home for a much lower cost. You’d be surprised how much money you can save when you stop going out to eat and eat from your home instead.
Coupons and Grocery Stores
You can save a lot of money on your weekly grocery bill by simply using coupons and shopping for the items on the flyer. This will take a bit to get used to the cycles, however, you can save a lot of money on your everyday items by combining these two things.
Saving money doesn’t have to be a hassle. You don’t have to feel like you’re being left out or missing out. Saving money is easier to do than you might think!