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How to Save Your Money, Part 2 |
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Start small.
Like starving yourself to lose weight, saving tons of money all at once can be painful. Instead, start by saving between $5 and $50 from every paycheck. You can always raise the amount as time goes on.
Increase your savings little by little with every paycheck.
If you decide to save $5 every pay period, try to increase that amount by $5 with each succeeding one. If starting with $50 feels comfortable to you, try increasing your savings by $25 or $50 with each pay period that follows.
Congratulate yourself when you "hit the wall."
When you have increased your savings to a point that it feels like a strain, know that you haven't failed. Rather, "hitting the wall" shows how much you succeeded in the previous month. Chances are you've saved far more than ever before. Scale back your monthly saving to the last sustainable level, and make sure to continue building your savings account with every future paycheck.
Put your savings where you can get it, but where you won't see it.
When you take cash out of your wallet, put it in an envelope in a place where you don't usually look for money, like a kitchen cupboard or a medicine cabinet. |
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