10 Money Habits to Win Back Your Life and Time

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If you feel overwhelmed about how to save money, you’re not alone. While some may think saving money is relatively straightforward, one in five Americans have nothing saved at all. So even though spending money is arguably more exciting, you should consider saving money a priority. And there are plenty of ways to save money that don’t involve making sacrifices, either. Sometimes the best way to start saving money is simply to become more aware of your finances and spending habits. With an understanding of your budget and your true needs, you may start putting away more money than you ever expected.

To effectively save money, you should consider both long-term strategies like paying down debt, and short-term tactics like skipping the cocktail at the restaurant. While you may not be able to overhaul all your spending habits overnight, with time and consistency anyone can learn how to put some money aside. Whether you’re looking to start saving for the future or you’re just looking to be financially savvy right now, there are many reasons that you may struggle with saving. Keep reading for some practical money-saving tips, or jump to the section that’s most helpful for you:

Unless you’re fabulously wealthy, it’s likely that large expenses in your life will require planning in order to purchase. Define what you’re saving for to help keep you on track when it comes to avoiding unnecessary purchases. For example, if you remember that your goal is to save $100,000 over the next ten years in your child’s college fund, it will be a lot easier to stay out of the drive-thru line.

Consider that you may need to save up for pricey necessities like a car and a home. The average American will own a total of six cars in their lifetime, so it may be a good idea to start saving for your next vehicle now, even if you don’t currently need one.

Finally, it’s essential to save for retirement from your first job to your last. According to a recent study, most Americans near retirement have only save twelve percent of the recommended amount for retirement. That may be because getting to a place where you have extra income to save takes time, but may also be because many people don’t practice good money-saving techniques from an early age.

To help you learn how to save money and achieve your financial goals we’ve compiled a list of effective ways to save money: