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Making sure your finances don’t take over your life is one of the keys to living healthy and happy. Many people struggle with mental health issues thanks to how they feel about their income and savings. Worrying and , and that’s something we really need to change. To do that, it’s time to focus a little more on good savings strategies that a lot of people can put to good use.
Many saving strategies are tailor made for the person in question. However, when it comes to taking a leaf out of someone else’s book, some strategies are a cut above the rest – you’ve just got to know how to apply them to your own life. Below are some of the best saving strategies that really work below.
Cut Out the Middleman
It helps to automate your savings, to ensure some money goes away every month without fail. As humans, we can forget about putting 10 to 20% of a paycheck away, or even spend it on frivolous items.
However, when you set up something like a ‘standing order’, this will be a thing of the past. You’ll have a much better chance of reaching a financial goal in good time, and setting up a money funnel like this is incredibly accessible.
Decrease Fixed Expenses
Some expenses are ‘fixed’, meaning you can’t go without paying for them each and every month. These include housing fees, bills, food, and transportation. However, some of these fixed expenses can be cut down on or even let go entirely, which could save you hundreds each month.
For example, you can start shopping in discount stores or in the non-branded section when it comes to food. Alternatively, if you own your own car, you could sell it and instead use public transport as long as this is a feasible option for you. It can even be as simple as changing the thermostat and saving money that way. Or maybe there are what you think are “fixed” expenses but not really necessary that you can cut out.
Work Out the Fees Ahead of Time
Finally, it’s a good idea to work out what fees you’re going to be working with when it comes to your savings or investment accounts, especially if you’re on a higher income. You can find out more about that via this link. However, even when you’re earning a low or mid range income, these are also good to know about.
Of course, if all accounts have a tax free barrier, it’s a good idea to stay below this. Some savings accounts require you to put in a certain amount every month, otherwise you’ll incur a small fee. Other accounts have maintenance fees, and some even incur service charges. Be sure to keep all of these fees in mind, so you’ll be far better at picking out the right bank to stock your savings with. And always read the fine print just in case there is something that is not obvious.
Some savings strategies are better than others, and some have universal application. If you’re someone who wants to double down this year and put more away than ever before, make sure you know about the points above.
If you are feeling down or depressed for more days than not, please seek medical attention. If you are feeling like you cannot go on, please call the suicide hotline at 1-800-273-8255 or chat here>>> https://suicidepreventionlifeline.org/chat/ Or visit the suicide prevention lifeline at https://suicidepreventionlifeline.org/