This story is part of the CNBC Make It’s One-Minute Money Hacks series, which provides simple, straightforward tips and tricks to help you understand your finances and take control of your money.
If you’re having trouble saving every month, you’re not alone. With uninterrupted spending, it can be extremely difficult to put money aside.
That’s why it might be a good idea to change the way you think about it and treat your savings like a bill that needs to be paid. Each month, pay your savings “bill” by allocating funds to your savings account, just as you would with other bills.
This way you will save automatically, rather than waiting until the end of the month to set aside the remaining amount.
This is how it works.
Pay yourself first
First, calculate your monthly income.
Then figure out how much you could comfortably save up front.
To do this, you may want to set a monthly budget. When making the list of expenses that you will have to pay, add savings to the combination, treating it like any other invoice that needs to be paid immediately.
For example, you can allocate $ 1,000 for rent, $ 150 for utilities, $ 150 for food, $ 500 for savings, and so on.
You can transfer money to savings manually each month or set up automatic deposits from your checking account to your savings account.
Direct transfers can be a convenient way to build your savings account without having to remember to deposit funds every few weeks.
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