Home General News 5 simple steps to save money right now

5 simple steps to save money right now

Most of the colleges around the world give you a degree in education but do not teach you how to save money or make money. Most people find it difficult even to talk about money and save money. Saving money is a very simple process and can be done with a few steps. 

If you are just out of college and landed your first job and finding it difficult for you to save then this article is a perfect read for you. Follow these steps to save money and you would see your money working for you.

Step 1: Pay the debt

Most of the college students in the US have a debt to pay off their student loans. If you have $1000 in your bank account and $10,000 in debt then you have a negative net worth of $9000.

Working multiple jobs or having side hustles can help you clear off your debt at a quick pace. If you are looking to buy materialistic things then make sure the value of the product would appreciate over time. For example, if you purchase a new car when you have debt over your head then you are making a mistake. As soon as you by a new car then the value of it falls by a significant percent. The same goes for other products and services. Buying a used car would be a good alternative. 

Step 2: Create an alternative bank account to save money

Once you have cleared your debt or don’t have debt then make sure you make an alternative account which would be only for savings. As soon as you receive your salary make sure the first thing you do is to transfer the money into the alternative bank account. If you are looking to save more money then transfer above 30% of your income into the alternative account. 

Step 3: Put your saving into the alternative account 

Make sure you transfer money to your account every month or every week. The money would build up slowly and you would see your net worth rising. 

Step 4: Make sure you never debit any money from the alternative account

Cut your debit card so that you do not use it to spend any money. It may look aggressive to cut your card but it is very essential to save money in the long run. In the case of an emergency, you can always go to your bank and withdraw money.

Step 5: Watch the money grow 

After all the efforts you have put in to save money you can watch it grow by gaining an intrest fee. The interest you gain would get compounded and over the period of time you save would pile up money to spend on an asset like a home.

Conclusion

I have tried these steps before and trust me it works really well. It takes a while to get used to it but in the long run, it would definitely help you. With these steps to save money, I managed to pay the down payment for my first home at the age of 24. There were some sacrifices along the way but when I stopped renting a home and got my own it was worth the effort.

mm
Joel Picardo
Joel Picardo has been in the startup space for the last 5 years and has worked with startups in the cryptocurrency and digital marketing industry. He founded GeekyMint along with his co-founder SafdarAli with a mission to provide well-reseached articles in the cryptocurrency, finance, technology, blockchain, software, and startup sector

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

The Best Torrent Search Engine Sites To Find Safe Torrents (100% Working)

Torrent search engines are not your regular web search engines like Bing or Google. A regular search engine like Google is usually...

The free football streaming alternatives to hesgoal.com (Safe&legal)

I as well as all the other football geeks out thereknow how important it is to not miss any of that thrilling...

Top 11 Music Torrent websites in 2020

Music can instantly lighten up your day. The taste of music from people all around the world varies. But we believe everyone...

The Best Live Cricket TV Sites You Just Cannot Miss In 2020

Cricket is as they say a gentleman’s game originated in England and you will be amazed to know that the first game...

Gogo Anime: Download Gogo Anime app, gogoanime website updates

What is Gogo Anime Gogo Anime is the one anime streaming website that features tons of anime content for you to watch. From the latest...

Popular

ThopTV – Download & install app Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick, FireTV

About ThopTV movies ThopTV has been around for many years, initially, a user could download the app for an Android Device directly through play store....

9 best ThopTV alternatives for free streaming and Live TV

Streaming apps like Netflix, Amazon Prime, Hulu etc have all become a household name, thus proving that the Internet is the new...

Cyberflix TV 3.3.1 – Download Cyberflix App Apk on Android, iPhone, iPad, iOS, MAC, PC & Firestick

About CyberFlix TV CyberFlix TV is an online streaming app on which you can watch free movies and TV Shows. The app has been shut...

Mobdro – Download & install app Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick & FireTV 

About Mobdro Mobdro App is one of the latest introduction into the free movie streaming app market. Mobdro is rapidly dethroning some of the big...

Stock market expert Marc Faber makes his first investment in BTC

In what could be a significant uplift for the most famous digital asset, Bitcoin (BTC), earlier in the week, one certain Marc Faber announced...