Six Steps for Millennials to Save $10K in a Year
Previously Published on Vivala
Let’s be clear, there are no gimmicks to saving money, it’s all about a plan and sticking to it, but luckily there are some tips and tricks to make it easier to stay on track. First things first, let’s be honest, saving money is like dieting, the first month feels like deprivation, so getting on a routine is important. The key to successfully saving is to stay focused on your goal, visualizing your happiness, e.g., when you pay off your debt or make a down payment on your first home. Remember, if you don’t have an emergency savings with at least three times your monthly expenses, that should be your first goal. So where do you start?
1. Get On A Budget
You can’t start this journey without first knowing where you stand. Gather your bank documents, credit card statements, loan documents, and take stock of your financial affairs. It’s a good idea to have all of these documents in one place or even better scan them and keep them backed up in the cloud. If you don’t have a savings account, check with your bank, or open one up with Simple.com.