Jeffrey Small Arbor Financial – Tips on How to Save More Cash
Experts like Jeffrey Small Arbor Financial advisor have been speaking out recently about the importance of saving money for the future, and this is just the kind of advice which we all need at times like this. The world may seem like a dark place a the moment but the reality is that for most people, live is long and filled with little moments which require us to be financially solid.
The best approach to this is to ensure that you are saving more money than you are spending, and here is exactly how you can go about doing just that.
Understanding Your Spends
You can’t begin to save until you know what you are spending each month. The best way to do this is to use an app which can help you to monitor everything that you are spending each and every month. Break up your spends into two columns, in one column write down the items which you have no choice about such as rent and bills and in the other column write out your monthly spends on leisure, food etc. From here you can start to attack your frivolous spends to free up more to save.
Set a Bare Minimum
It is critical that you have a bare minimum of your salary which you are prepared to move to a savings account. Now it is important that you have in your mind this is only the base level of savings which you should make each month, and that going above it should be encouraged. Set yourself a reasonable amount to save each month is a great way to go about getting started with your savings.
Plan For Your Savings
A goto way to keep you incentivized here is to plan something that you may spend your savings on. This could be that you send your kids to college, buy your dream car, upgrade the house or any other kind of investment which you can imagine. Keeping this kind of thing in mind will definitely help you to be confident and happy about saving money and once you start to see your savings account build, you will be inspired to keep on putting more and more money there.
And the most important thing you can do when you are looking to save your cash is to remain disciplined. Remember that this money is not going anywhere, it is still yours, you are simply putting it to one side so that you can look after yourself better in the future. This is the issue with so many people, that they feel as if they are somehow losing that money which they move to another account. This isn’t the case at all of course, and that is a mentality shift which you will have to make.
Keep saving, work hard, spend less and you will have a good hand in shaping your financial future, which your older self will certainly thank you for.