Automate savings
One of the best ways to supercharge your savings is to automate them.
Automating your savings means having a portion of your paycheck automatically sent to your savings account.
Alternatively, you can set up regular transfers from your checking account.
This cuts down the chances of spending money you meant to save since it’s less accessible in your savings account.
Plus, you might even feel less guilty splurging every once in a while as you’ll know you’ve already taken care of your saving goals.
Max out your retirement contribution
It’s generally recommended to invest at least 15% of your income in a retirement account, including any employer contribution.
At the very least, you want to maximize your employer match to avoid leaving money on the table.
If your employer doesn’t offer a 401(k) plan, you can still take steps to hit your retirement savings goals by looking into individual retirement accounts (IRAs).
These personal savings plans may allow you to deduct contributions on your taxes.
Use credit cards as if they were debit cards
Credit cards can be an incredible tool to build your credit and earn rewards on your spending. Most of the time, however, these benefits are only worth it if you never carry a balance and avoid interest charges.
If you have credit card debt, make paying it off a priority.
Next, get in the habit of using your credit cards like you would a debit card.
Only charge what you can afford to pay for right now. Set up automatic payments to always pay off your card in full every month.
Even better, to avoid being hit with a large balance when the statement posts, pay your credit cards more often than once a month.
For example, you can check your card accounts weekly and pay off all the posted charges.
Once you’re used to treating your credit cards this way, you’ll be able to take full advantage of rewards.
When used responsibly, rewards credit cards can yield hundreds of dollars in cash back or travel rewards every year!
Begin investing
One area of your financial life that may seem especially overwhelming is investing.
It’s not as straightforward as, say, savings accounts where your returns are predictable and pretty much guaranteed.
And there’s definitely a lot to learn for a novice investor.
Luckily, you can always start small with just a few taps on your phone.
With investing apps, anyone can get access to the stock market and build their wealth in an affordable way.
Beginners can get their feet wet micro-investing through an app like Acorns, which allows you to invest as little as your spare change.
Final thoughts
Maintaining your financial health requires patience and consistency, but setting the foundation for good money habits can take less than a day if you put your mind to it.
After that, all that’s left to do is to stay on track and continue growing your personal finance knowledge.
But the good news is that you can discover how we can do it together clicking here!