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Save your first $1,000

Save your first $1,000

Saving is one of the biggest hurdles anyone can face in their personal finance journey. Often times, it seems like you need every last cent in order to just scrape by. After all, 78% of Americans live paycheck to paycheck at certain points just to make ends meet. So how can you break this vicious cycle, and save your first $1,000? The answer is simpler than you might think.

 

My philosophy on saving is simple, but I’m not going to promise you it will be easy. In life, there are things you want, and then there are things you need. Food, fuel, and a roof over your head. These are things that we need. That 65” 4K television you saw at Best Buy last week? That is a want.

 

Track what you purchase for a month. Take a note of all the things that you could’ve lived without. For instance, that morning coffee stop. This is the key to getting the savings ball rolling. Instead of making those same “want” purchases next month, put that money away. Think of it as an investment in yourself.

 

As the saying goes, you eat an elephant one bite at a time. The same principle works for saving. Put away a little bit every month, and see how fast it starts to add up. Before you know it, you’ll look in your bank account and see $1,000 looking back at you!

 

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