Save every month. Even if you are on a very tight budget, there is almost always some waste you can cut out. Your daily egg and cheese sandwich (eat oatmeal for cents a serving). ATM fees. Drinks out. Uber rides.
Here’s the process I’ve created for saving money. It’s really easy. And it took me less than twenty minutes.
- I browsed high interest savings accounts, and found Marcus (owned by Goldman Sachs). There were some online banks offering better rates, but I felt more secure going with an established company.
- I applied for a savings account.
- I set up an automatic transfer from my checking account to my Marcus savings account each month a few days after my pay day.
- I track my net worth through Personal Capital so that I don’t forget about anything.
That’s really all. By automating my savings, I don’t have to think about it. It just happens. I kind of forget about the savings, because it’s a different bank. So when I look at my regular checking account, I always think I have less money. So I save more and spend less overall.