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Even if you want to save more money, you might not know how to do it.
The good news is that there are ways to go from a spender to a saver.
I call it an intentional spending plan, said Julie Beckham, financial education officer atRockland Trust.
Everyones exact spending plan will look different depending on your goals or priorities, she said.
Consider having a portion of your check directly deposited into an existing or new savings account.
Youll be surprised how quickly those savings grow!
The same goes for those little things you buy just because you feel like you should.
We feed into the FOMO, but this causes unnecessary spending.
Grab those coins from under the couch cushions and put them to work for you!
Consider putting loose change into a jar or other container and then depositing it every month at your bank.
Every amount you round up can then go directly into your savings account.
Practice the needs vs. wants discipline and only prioritize your essential needs.
Cancel Unnecessary Subscriptions
All those monthly subscriptions add up sometimes to hundreds of dollars a month.
When hanging out with friends, you might also cut down on spending by switching to cost-friendly alternatives.
you might move around just like they can, and that means more money in your pocket.
The same goes for other services.
Goals provide motivation to save, said Barbara ONeill, CFP atAnnuity.org.
Then, do the math to see how much savings is needed perweek or monthto reach the target amount.
For long-term goals, reward yourself in small ways as you go.
This could be something as simple as going to a cafeonce a week.
Or it could be getting that ticket to your favorite performer in concert.
Whatever it is, these small rewards can really help you stay motivated.
For things likeplumbing or car repairs, dont try this.
Contact your financial institution and see how you might make your funds work for you, Stout said.
Higher-yield savings accountsand money market accounts are a great tool to help grow your assets while keeping them liquid!
The best way to do this is by creating a budget or a life spending plan.
Dont be afraid to make changes as you go.
Life happens, and it’s possible for you to adjust your spending and saving habits accordingly.
Thankfully, creating a life spending plan does not have to take a lot of time, Roach said.
There is so much technology, like budgeting apps, at our fingertips that makes things easy.
Most banks will even categorize your expenses for you.
You dont need to rush to change your habits.
Knowing where your money goes every month is half the battle.
This is how you switch to a savings mindset.
Learn about yourself: your money habits, your emotions and where you spend your money.
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