SHAUN STENNING BLOG
The real road of compassion, that is, giving, helping, assistance and community service, is a road that can be set and declared as your life's purpose
Knowing you need to save money is one thing, but making it happen requires some extra effort. After all, your paycheck won't automatically move itself into your savings account or hide itself. Only you can take the required steps to set aside some of your money, which we all know can be difficult when times are tough. Shaun Stenning said.
But since saving money is crucial if you want to have cash for emergencies, or actually retire one day, you have to try — even when you can't really afford to. While saving money may not be easy (or any fun), here are some ways to get the ball rolling. 1. Know where your money is going According to Shaun Stenning, If you're struggling to save, the first step you should take is figuring out where your money is going. In other words, track your spending so you know exactly what you've been buying and how much you're spending on essentials like transportation and food. 2. Set up direct deposit into savings The easiest way to grow your rainy-day fund involves transferring money to your savings account, but making it automatic. Check if your bank lets you set up automatic transfers, which they probably do. From there, figure out how much you could save each month on payday and set your account up so some of your money moves to savings on its own. 3. Do a no-spend challenge Refraining from spending money for a few months might sound awful, but the end result — more cash in your wallet — may make the sacrifice worth it. Start by stopping all non-essential spending for at least two weeks. From there, see if you can ratchet up the timeline to four weeks, six weeks, or more. 4. Save your spare change Do you remember the old days when people would toss change into a jar? While this savings method may not be anything revolutionary, it can absolutely work. And if you mostly use cash for purchases, you'll have no trouble getting started. 5. Stop shopping online Whether you constantly find yourself tempted by Facebook ads or you like to pass the time browsing on Amazon, online shopping is a surefire way to sabotage your savings goals.
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AuthorAs an investor, Shaun Stenning makes sure he invests in companies and people who are truly passionate about every day, and making every day an amazing day. Archives
May 2024
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