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Thankfully, there are ways to increase savings.
Here are five ways Americans, and millennials in particular, cansave more money beginning today.
Automate Your Savings
Remembering to save money is challenging when youre dealing with lifes responsibilities.
If you often forget to save, simplify it by automating your savings.
Doing this means youre paying yourself first and then living on what you have left.
People who save successfully pay themselves first.
Most banks let you automate saving for free.
Your employer may even let you automate a portion of each paycheck to a savings account.
Dont let that hinder you from saving altogether.
Weiss encouraged millennials to leverage tools to level up their efforts to save.
Micro savings apps round up purchases, allowing you to invest small amounts.
Moreover, most apps have features, such as automated transfers, to help encourage saving.
Stop Dining Out
Dining out is fun but has become an increasingly expensive endeavor in recent years.
The average person spends over $3,900 annually dining out, according to the most recentU.S.
Bureau of Labor Statisticsdata available.
This equates to over $325 monthly on eating out.
You dont have to go cold turkey, but make dining out more purposeful.
If you must dine out, look fordeals and couponsto reduce the overall cost.
Cancel Unnecessary Subscriptions
It seems like everything has a subscription today.
If left unchecked, its easy for subscription costs to get out of hand and make saving difficult.
The average person spends $91 per month on subscription services, perCNET.
That adds up to over $1,000 per year.
Streaming services are a perfect example.
If youve not used an app in the last month, cancel it and claw back the savings.
Do this with other services too.
Avoid Buying New
If saving is a struggle, its time to embrace secondhand shopping.
Instead, opt for buying used when you might.
it’s possible for you to apply this to everything from clothing to furniture.
Regular analysis of your spending is necessary to help optimize savings.
You wont always hit your goals, but monitoring your habits will help streamline your efforts.
Dont overlook having a separate account to stash your savings.
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