If you find it a struggle to save any money each month (too much month at the end of your pay cheque?), then some of the tips in Force Yourself To Save: 15 Painless Ways To Pay Yourself First might put you on the right track. Here are some of the most interesting tips:
#1 – Pay Yourself First – treat yourself as a seperate entity, and give yourself an amount, such as 10%, as soon as you get paid.
#3 – Automate your savings – as a follow on from #1, if you can automatically move your 10%, or whatever the figure might be, into your savings account, then there is less chance of you forgetting to move the money or deliberately avoiding saving.
#4 – Make extra mortgage payments – the savings to be had from making mortgage overpayments can be huge, as the term of the loan starts to decrease as you over pay. There are possibly some cases where overpaying your mortgage might actually cost you money, so do your sums beforehand.
#6 – Pretend you didn’t get a raise – if your salary increases, try to pretend it never happened and pay the extra money into your savings account.
Via Lifehacker.
Great article dear, and agree with you, but it is very difficult to implement.
It would be great if saving was this easy in practice, but usually obsticles get in the way – like car repairs etc. I agree that setting a fixed amount to put in savings is the best way to handle it thugh