How to save your money without feeling deprived
Living in the present is vital for awareness and appreciation of every moment. However, that doesn’t mean you shouldn’t put any thought into your future.
By setting money aside now, you’re putting yourself in the best position to enjoy a financially comfortable future. However, setting aside even a small amount of money can make many people feel like they are depriving themselves of necessary creature comforts.
Fortunately, the saving methods we share in this article might be how you can avoid those feelings of deprivation.
Try one saving method at a time
Money experts like fullpocket.co can provide you with dozens of practical money-saving measures to guide you to a more stable financial future. While all of these tips can be helpful for different people, they won’t all work for everyone.
If you know you’re going to struggle with saving, try one at a time. Give each method a month, and if you’re still unhappy with the process or how much you’re saving, move onto the next option. As long as you focus on saving rather than spending or taking on loans, you could be on the path to success in no time.
Take advantage of retirement savings plans
One of the best ways to save money for retirement without feeling deprived is by saving it before it even hits your bank account. Take advantage of a 401K retirement plan and your employer’s matching contribution of up to 6% of your pay.
The more money you can comfortably contribute to a savings scheme, the better off you may be in the years to come. You may even be able to use your savings to buy a house or pay off your mortgage.
Save any money you’re gifted
When you receive money as a gift for your birthday, as a bonus from work, in the lottery, or in any other situation, consider saving it rather than spending it. It’s money you didn’t have before, which means you’re unlikely to miss it.
While there’s nothing wrong with spending a portion of it on a luxury pick-me-up for yourself, it’s still a good idea for you to get into the habit of saving as much of those unexpected windfalls as possible.
Set money goals
Some people find it easy to save money with no set intention, but others struggle. If you’re not sure you’re going to be able to set money aside with no solid plans for it, start setting some money goals.
You may like to separate your savings into two separate accounts – short-term and long-term. Short-term savings can be for things you want, like a vacation or new car. Long-term can be for those more expensive things like a new home or retirement.
Make it automatic
It’s too easy to say you’re saving by putting aside any money you have left over at the end of the working week. If you’re caught short, you can then dip into your ‘savings’ again and try again next week.
Try to make saving as automatic yet as intentional as possible. Create an automatic payment so that it becomes almost like yet another weekly payment you have to make.
When you have to cut back on weekly treats to start building up a savings nest egg, it can feel like you’re going without and making huge sacrifices. Saving can be much easier than that, and any of these methods above might be what sets you up for success.
Photo by Pawel Czerwinski