Saving money isn't complicated and can be lots of fun. There are many methods of saving but today i'll outline a few simple ones. I know it can be tough to save money when you only work part time and like to go out and enjoy your self but trust me it can be done.
First if you have any debt, pay the debt with the highest interest off first and quickly as possible. It's hard to save any money when your hard earned money is going to unnecessary bills.
1. Spare Change:
This is more of an accessory to your savings. But do you always find yourself giving away/losing your spare change? I know somebody that saved EVERY piece of change they had for 1 year straight and it amounted to 10k! So get a big bucket and start saving.
2. Cut Bad Habits:
Do you smoke? Drink Coffee? Other Drugs? Whatever you do is your personal business but from a monetary standpoint those habits are costing you a lot of money on a daily/weekly/monthly and yearly basis. And these habits could also be risking your health which can lead to unwanted medical bills. Just think about how much more money you could save if cut these bad habits.
3. Save 10% of Your Paycheck:
No, 10% is not the MAGIC number, adjust it as you please. So for example if you make $100 and you save 10% you will have saved $10.00. I can't stress how important it is to save money, especially to the younger generation. You'll never know when an emergency will take place or when you might need it for something else. You want your net worth to be positive and hold value.
4. Open an Interest Bearing Saving Account:
Since you started saving your money, you want your money to grow. Right? When you put your money in an interest bearing savings account it compounds interest daily at a set rate called the APY and is paid out monthly. Now a days since the economy isn't so good the rates are pretty low, but I can recommend a few banks that have good savings account.
1. ING DIRECT:
I use their Savings and Checking accounts and I can honestly say they're a great bank. They are also an online bank with GREAT customer service. They give new customers $25-50 for signing up, there are no fees and no pesky $30 overdraft fee. Their APY is currently 0.80% which is better than any brick and mortar bank and among the best of the online banks.
2. Ally Bank
Another online bank similar to ING DIRECT, I haven't used them personally but iv'e heard good things about them.
