Save Money
Enjoy life vs. Save money
Why choose?
Do both
Save money by paying yourself first
Warren Buffett famously said, "Do not save what is left after spending, but spend what is left after saving."
Take your savings out first when you get paid and make it difficult to withdraw from your savings.
"Out of sight, out of mind" - not having easy access to your savings helps you manage your spending and gives your savings the space to grow.
It is okay to start small - even saving $50 monthly adds up over time. The key is to build a consistent saving habit. If you save $50 a month for a year, you end up with $600 saved. As you make more money, you can increase how much you save.
The 3Es of spending
You may surprise yourself when you notice how much you spend on things you later regret or forget.
Spend on what you enjoy; save on everything else.
Use our 3Es approach for spending - essentials, enjoyment and everything else. Classify your expenses into these three buckets. For example, if I love food and travel, I would put rent and bills in essentials, food and travel into enjoyment and all my other expenses into everything else.
Find ways to reduce your spend first in the everything else bucket. Then see if there are ways to find deals or reduce how often you spend in the enjoyment bucket.
Lastly, you can look at your essentials and see if there’s any room to reduce your spending. No worries if there isn’t. Sometimes, the answer is to make more money
Get 300x more in interest when you save
Did you know that most major banks give you about 0.01% interest on your savings? That's basically nothing.
Switch to a high-yield savings account and get up to 300x more in interest. Imagine you have $10,000 in your savings account. Over a year, you can earn $300 instead of $1 by moving your savings to a different bank with high-yield savings accounts.
Relevant articles
49 Free Or Astonishingly Cheap Ideas To Have Fun When You Need To Spend Less
Wanna spend less money but still have fun? Try one of our 49 ideas! We have something for you whether you like sports, the arts, or hanging out with friends.
How To Save Consistently Using How Your Mind Works
What do you do when an unexpected expense pops up? Can you afford it? Inflation makes it harder to save. Find out ways to save consistently using how your mind works.
How To Avoid Lifestyle Inflation When You Make More Money
It’s easy to let your spending grow as your income does. But with these 4 strategies, you can keep your spending in check and invest more as your income grows.
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