Like most young people I have the great skill of blowing money fast. This is especially easy if you are in a relationship. We all know the feeling of getting paid on a Friday and come Monday morning being ashamed of what you spent over the weekend. Far too often we can forget to put our money into the right places, such as a savings account. There is nothing worse than working your tail off just so your bank account can hemorrhage all your hard earned money. Here are a few ways that you can try to increase your savings each month and not spend all of your fun coupons.
1. Utilizing my savings account is the first way I attempt to save money.
I know that if I keep my money in my checking account then it will most likely be all spent at the end of the month. So, I reduce that risk by taking one hundred dollars each month and moving it into my savings account. Just remember to not dip into that savings account!
2. I set aside another dollar for every new day.
This way at the end of the year I am guaranteed to have an extra 365 dollars in my savings which is a really nice feeling.
3. If you simply can not control yourself, then have someone to hold you accountable for what you spend each month.
Moms can be very good for this. I know I think twice before swiping my card because my mom will definitely see my account transaction history at the end of the month.
4. Invest your money if you think you may be savvy enough for it, or have someone else do it for you.
This way you will be able to maybe make a little extra money on your investment if the stocks do well.
5. Cut your spending by reducing how you eat out at restaurants, and if you can it would be best on your car and wallet to carpool.
I think a fifth of my checks go towards upkeep on my car and gasoline. For those of you who are of the drinking age, you may also find your money going down the toilet at bars. Many of you probably know by now to pre-game at the house before you head out for the night. However, do not forget to drink responsibly and do not drive under the influence. A DUI is one way to surely spend a lot more of your money than expected!