Let me start off by honestly saying that the interest rate is fairly low right now. With that said, a lot of people aren’t even earning interest because they aren’t saving anything. Therefore, a low rate is still better than zero. Creating a savings plan now will be helpful in the future. Creating the discipline of knowing you don’t have to save everything you earn will be very beneficial to you later in life. Think about this, if you save $20 a week, you save over $1,000 a year. Imagine all the nonsense things you spend $20 on. Let’s create a plan:
Take Note Of Your Spending
When someone asks “would you like your receipt?” be sure to take it. Why? Because its wise for you to save your receipts for 2 weeks so that you can see what you are spending on. You will be able to clearly see the items you are frivolously spending on.
Automatically Deduct Your Savings
Stop spending on the things you don’t need, and consider putting that same amount you spend into our savings account using your banks automatic deduction.
Keep Your Hands Off
Don’t touch your savings. Make it harder to access your account by not linking it to your checking account, and not getting an ATM card for the account. Forget that the account even exists and all your savings will stack up in no time.