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Grow Your Savings from $1 to $1,000?

For some, having a decent savings to pull from is a daydream. Sure, you’d love to be able to have a few thousand dollars in the bank, but you’re living paycheck to paycheck and the water heater just broke. Before you get to that point, here are a few tips that can help you start on the road to smart savings.

Create a Goal
Saying that you’d like to save money is just like saying how you’d like to get fit, but don’t go to the gym. To begin saving, you need to have an actual goal. Is it to save $1,000 in the next six months? Well, then start simple, that’s approximately $167 per month. Do you get paid twice per month? Then that means you need to take $83.50 per paycheck and put it into your savings account (most companies will allow you to even have that figure directly deposited into your savings with the rest into your checking). Do that the second you get paid, and you’re on your way.

Don’t Spend Surprise Money
Tax refund? Don’t spend it. Won a few dollars in the lottery? Pretend you didn’t. Inherited a couple of bucks? Just put it away. We have a tendency to look at money that came from surprise or “extra” sources as completely extra. This is a good time to stock that money away and use it for when you actually may need it.

Take a Look at Some of your Subscriptions
Subscription models are more popular than ever. Take a look at what you pay for on a monthly basis that you may be able to do with out. Do you watching movies on Netflix but also have Hulu? Are you cooking meals from Blue Apron when you could really be spending less at the grocery store? It doesn’t mean you need to get rid of all of your subscription services, but there may be a few that you could do without.

Take a Look at Your Phone Plan and Other Services
Are you using all of the data your phone plan allows for? No? Then why not downgrade? This principle can also go for your home services like cable, do you need all of those extra channels?

Stay Strong
Saving isn’t just about deciding to make a change, it’s about keeping that change and making it a part of your daily routine. The more you stick to it and reach your goals, the more satisfied you will be in the long run.


Information contained herein was received from sources believed to be reliable, but accuracy is not guaranteed. Information provided is general in nature, and is not a complete statement of all information necessary for making a decision. Please keep in mind your situation and ability to meet other obligations.

Views expressed are those of the author and not necessarily those of Raymond James & Associates and are subject to change without notice. Information contained herein was received from sources believed to be reliable, but accuracy is not guaranteed.

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