Saving money is not hard, but it does take some planning and effort. Here are six easy ways to save money every month without feeling like you're missing out:
Now that you know how much money you want to save, it's time to find the best savings account for you!
When you take out a student loan, it's important to consider whether or not you should get a fixed rate loan. If you do, then your monthly payments will remain the same for the life of your loan and you won't have to worry about interest rates increasing over time.
A fixed rate is also beneficial because it gives borrowers peace of mind--they know exactly what their payments will be each month, so there's no need for stress when it comes time to make those payments each month (or even worse: worry about missing one).
If possible, try getting all student loans with fixed rates if possible!
How much should you put away each month?
It depends on how much you make and how much money is already in your 401k, but experts recommend saving 10% of your gross income for retirement. If that seems like too much at first, start by saving 3% of your income and then increase that amount over time as the habit becomes easier to maintain. We recommend using the Mooch app to help set that savings money aside automatically each month so you're not tempted to spend it on other things!
Now that you have a few extra dollars in your pocket, it's time to put them towards paying off the debt that's been hanging over your head. I know it might seem impossible at first and even scary, but trust me: once you start making progress on paying off those credit cards and loans, it'll be so much easier than continuing to make minimum payments each month--and paying off your debt will give you a huge sense of relief.
If we've learned anything from this article so far, it's that saving money doesn't have to be complicated or take up too much time in order for it to be effective! So let's get started on how exactly we're going about our plan:
If you love coffee, but are looking for a way to save money on it, consider brewing your own at home with an affordable espresso maker and coffee pods instead of buying ground beans and coffee pods every week or two.
You can make your own coffee at home. And it's cheaper than buying from Starbucks!
If you're looking to save money on dates or happy hours with your partner, try planning low-cost activities together instead. These can include going to the park or enjoying a picnic in the park while listening to music that requires no tickets or reservations and doesn't cost anything at all (like Spotify Premium!). You can also find free events in your area by searching "free events" on Google.
Another great way for couples who want something more than just cheap food is by renting movies from Redbox or Netflix and spending some quality time watching them together at home! If you both enjoy cooking, why not make something simple like grilled cheese sandwiches? These are easy enough for kids too so everyone will be happy!
You have to be willing to make changes, sacrifice some things, and spend a little more time on it. But in the end, you'll be glad you did!
We hope these tips helped you save money in 2023, and we're excited to see what 2023 has in store for us all. In the meantime, don't forget to check out our other articles on how to save money at home, work or school!
Practical advice on how to create a budget even when you have little or no money to start with, such as by finding ways to cut expenses, creating a spending plan, and using tools such as a virtual cash envelope system.
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