Once you get into the habit of saving and investing it becomes surprisingly addictive. It is really satisfying to review your investments and see yourself progressing towards your financial goals. Being financially secure improves your life in many ways. You feel a lot more confident about the future and therefore suffer from a lot less stress.
Easy Ways to Get Started With Saving
The problem is that some people find getting started with saving difficult. If you fall into this category, please read on. I have come up with a few suggestions to help you to catch the saving bug. Once you do, you will not be able to stop and your future will just become more and more secure.
Related: Bigger Goals Yield a Bigger Payoff
One of the problems some people have with saving with a bank is that the numbers in a savings book just do not seem real to them. Somehow they are not tangible enough for some people to see as an asset.
For those kinds of people buying a few Silver Dollars from Golden Eagle Coins could be a far better approach. That way they can see, touch and count their savings, which convinces them that they are making progress.
The same is true for people who do not trust banks. Having their assets close at hand and visible is particularly important to them. Buying physical assets like gold coins, investment wines and property is often the best way for them to save.
2) Set up a sweeping account
If you are the type of person who spends every dime in your account, every month, opening a savings account with the same bank and setting up a sweeping arrangement may help. There are several types available. One of the best is the type that automatically takes a pre-agreed sum of money out of your current account and places it in your savings account. Provided you set things up so that the sweep happens immediately your wages are paid in, you will not have the option to spend some of the money that is earmarked for saving.
In some cases, it is advantageous to restrict access to the money in the savings account in some way. For example, make it so that withdrawals require two signatures or a period of notice. You can find out more about the various types of sweep accounts you can set up here.
3) Save for something tangible
Some people simply find it hard to find the motivation to save. If you are one of those individuals setting yourself a goal can be a really good way to kick-start the saving habit.
You could, for example, save up for a new bike, a special holiday or a nice handbag. It really does not matter what the item is. You just need to want it enough to be motivated to save the cash you need to buy it.
How you go about doing so really does not matter. You do not necessarily have to open a special bank account. For smaller items, putting all of your change in a jar, every day, can work. Once you see how quickly the cash mounts up you start to feel pretty good, in no time at all, you will have caught the saving bug.
What will you do get started with saving this year?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.