GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
However, its definitely not impossible.
Theyre not easy, but theyre 100% accessible and doable, Singh said.
Here are the steps Singh says to take.
Thats why its so important to havetwo separate accounts.
If you do not currently have a savings account, Singh said to open one ASAP.
You cannot use this money to go out and buy a TV.
You cannot use this money to go out and buy a car.
When you start differentiating your money like this, you automatically create these barriers.
Stop Making Impulse Purchases
Those daily impulse purchases might seem small, but they really add up over time.
He recommends practicing the 24-hour rule.
Give yourself 24 hours.
When you sleep on it, youre less likely to buy things you wont actually use.
Instead of getting 0.03%, you get 4% to 5%.
If you dont have any savings, you cant afford to eat out at fancy restaurants right now.
Earn More Money
The more money you earn, the more money you could save.
To get this raise, you gotta show that you add value to your company.
Learn new skills, take classes, learn to be abetter, more value-producing employee.
The second way to earn more money is to find ways to earn income outside of your job.
This might be creating a side hustle, Singh said.
You want to get nitty gritty here, because now youre going to see, where isall my moneygoing?
You might still have subscriptions that you stopped using four months ago, Singh said.
Youll see that your internet bill is now two times more than what you originally signed up for.
This could mean moving to a smaller home.
I know that can be a painful concept, but its temporary, Singh said.
Thesecond largest expenseis typically your car.
To cut down on this cost drastically, Singh said to avoid having an auto loan.
Stop Paying Service Fees
Youre likely paying a lot ofunnecessary service feesfor convenience services.
Singh says to cut these out completely.
These fees [can] add up to an additional 25% on your order.
While youre in savings mode, you should also not be having your groceries delivered, Singh said.
Pay Down Credit Card Debt
Its difficult to save money if youre holding ontocredit card debtwith high interest.
There aresome simple tricksthat you’re able to use to help pay down the credit card debt fast.
Now you’re able to attack your credit card debt without any interest.
Take a look at your bills.
Take a look at your bank account, Singh said.
Pay your bills on time, and dont buy things you dont have the money for.
More From GOBankingRates
Share This Article:
