How to 10x Your Savings
The struggle is real.
If you are anything like me, you probably grew up hearing how important it is to save money, but were never really taught how to do it.
I used to transfer money to savings every month, but would end up transferring it back when our checking account would get low.
I mean, how are you suppose to save money when you need cash...like, yesterday!?
THE 10X SAVINGS PLAN
The truth is the key to saving money isn't as big of a financial feat as people think it is.
Saving money can be as simple as paying a bill (except you're paying yourself).
How to find money to save:
- Evaluate your monthly spending
- Eliminate 1-5 monthly bills (think subscription service, gym membership etc.)
- Set smaller financial goals (instead of spending $500 on groceries, aim to spend $450)
- Transfer your newly freed up funds to a high-yield savings
The biggest question that people get hung up on is, "How much money should I save?"
The simple answer is that saving anything is better than saving nothing.
Small savings goals:
- $20 per month = $2,400 in 10 years
- $20 per week = $12,000 in 10 years
- $20 per day = $72,000 in 10 years
The truth is, the better you get at saving, the easier it is to save more and more.
And learning to automate your savings into an "off shore" account will help you save even more!START WITH $100
Set a Goal
Get paid to Save
How to save even more
Thankfully, saving money these days doesn't take as much willpower as it did for our grandparents.
No more scrimping, saving, and stuffing hard-earned money into a mattress.
How to up-level your savings:
- Open a high-yield savings account that is separate from your bank (we use Savings Connect with CITBank because it earns really high interest)
- Automate your payments every month so that you don't even have to think about it. You'll be surprised how quickly you adapt to this change.
- Earn money. With the Savings Connect savings account you earn almost 5% interest on everything you save (11x more than most banks).
There is literally nothing to lose (only cash to gain).
Getting paid to save
The crazy truth is, a lot of people don't realize that they can actually be getting paid to save money without investing.
One of the best accounts for earning more money on your savings is the Savings Connect account through CITBank.
Your Money with Savings Connect:
- $20 per month = $2,400 $3,250 in 10 years
- $20 per week = $12,000 $15,599 in 10 years
- $20 per day = $72,000 $92,780 in 10 years!
Let's face it...the idea that 10 years from now you could make thousands of dollars in free money simply for opening a savings account today is kind of banans.
So, what are you waiting for?