Introduction to Saving More Money Now
Saving money is a challenge for many people, especially in today’s economy. With rising costs of living, it can be difficult to put away extra money each month. However, with a few simple steps, it is possible to save an extra $100 a month. This article will provide five easy ways to save more money now and put away an extra $100 a month.
Step 1: Create a Budget to Build an Emergency Fund
The first step to saving more money is to create a budget. A budget will help you track your income and expenses and identify areas where you can cut back. It is important to create an emergency fund to cover unexpected expenses. According to a survey by Bankrate, only 39% of Americans have enough money saved to cover a $1,000 emergency. Creating a budget and setting aside money for an emergency fund will help you save more money each month.
Step 2: Cut Unnecessary Expenses
The next step to saving more money is to cut unnecessary expenses. Take a look at your budget and identify areas where you can cut back. This could include cutting back on eating out, canceling subscriptions, or reducing your energy usage. According to a survey by the Bureau of Labor Statistics, the average American spends $3,000 a year on eating out. Cutting back on eating out and other unnecessary expenses can help you save an extra $100 a month. I work on the road as a construction worker and when I’m on the road far away from home living in a hotel I can easily spend $7,000 a year eating out. The convenience of when you are have a job like mine are hard. It’s hard for families with kids with 2 working parents.
Step 3: Start Micro-Investing With Reoccurring Investments
Another way to save more money is to start micro-investing with reoccurring investments. Micro-investing is a way to invest small amounts of money on a regular basis. This could include investing in stocks, mutual funds, or ETFs using StashGrow.com recommended apps like Acorns and Stash. Reoccurring investments allow you to set up automatic transfers from your bank account to your investment account. This will help you save more money each month without having to think about it.
Step 4: Automate Your Savings Plan Building Savings and Investment Growth
The fourth step to saving more money is to automate your savings plan. Automating your savings plan will help you save more money each month without having to think about it. You can set up automatic transfers from your bank account to your savings and investment account. This will help you build savings and investment growth over time. Pro-tip when it comes to reoccurring investments is instead of buying $100 investment once monthly is to to divide it into 4 weekly investments of $25. My favorite day for my auto investments to buy is on Fridays. I’m a stock trader too and some of the best deals on stock for the week if you average it out I believe is on Fridays.
Blue Chip stocks have must less volatility especially when highly diversified between various companys and sectors.
Step 5: Think Long Term With Your Investments
The final step to saving more money is to think long term with your investments. Investing for the long term will help you maximize your returns and minimize your risk. Investing in stocks, mutual funds, and ETFs can help you build wealth over time. It is important to do your research and understand the risks associated with investing.
Saving more money now is possible with a few simple steps. Creating a budget, cutting unnecessary expenses, and starting micro-investing with reoccurring investments are all great ways to save more money each month. Automating your savings plan and thinking long term with your investments will help you build savings and investment growth over time. With these five easy steps, you can save an extra $100 a month and start building wealth for the future.