A personal saving account, or a nest egg, can often mean a great deal in terms of not only dealing with bills when you fall behind, but can play a huge part in paying for unexpected arisen costs, like medical bills, flat tires, or even to help out a friend or family member who is down on their luck. Saving money is something that everyone should do, and while keeping a balanced budget isn’t always an easy task, it is one that you can undertake with enthusiasm, as being positive and motivated to save is the first step to achieving a personal savings nest egg. Here are some examples of ways that you could employ real money saving habits in an effective, doable way.
First off, don’t try to save like a ton of money right off the bat. Start small. Lets say that you make $500 a week, just for examples sake. Let’s also say that $250 of that needs to go to bills. OK, now, you might, in the excitement of the moment, say to yourself I am going to save $250 this week. OK, stop right there. It is never going to happen. Know why? Because you are not giving yourself any breathing room. What will most likely happen, is that you will end up breaking into your savings this very week. Did you know that the odds of you spending more of your savings than you need to increase exponentially if you actually get into your savings within a month of putting them aside?
If, instead of trying to put all of your extra money aside, you choose to put like 10% aside instead ($50 in our example case), then you will have more spending money, and will likely not dig into your savings. This way, you could set aside $200 a month, which is pretty good. By the end of the year, you would have built up a savings of $2,400 dollars. Not bad, huh? See, it is all about putting it aside, and LEAVING it aside. Most people lack the self control to just have money around, but if you can control your spending so that you do not touch your savings, than whether or not you put away 5% or 25% doesn’t really matter, the point is that you are putting money aside for an emergency, and you wont touch it unless there is an emergency.
You might also consider opening a savings account in a bank, one that does not allow free withdrawals. This can help you think twice about withdrawing money, as you will need to pay a fee for just sporadically drawing money out. However, if you really needed it, than a small fee would be no problem. You would have plenty of savings, so it wouldn’t matter. Developing a nest egg is absolutely essential to your financial survival, especially in unstable times such as these. So, whether you save 5% or 30%, just make sure that you will NOT touch it unless you absolutely have to. If you think you might dig into it, than lower the amount you are setting aside.
