How To Increase Your Savings (Step 1)

Matt | Personal Finance

In this Short, we'll walk through Step 1 from my latest YouTube video that can help you grow your savings without making drastic changes to your lifestyle.   I share the exact steps I took to double my savings, and how you can apply these same strategies to achieve your own financial goals. Whether you're saving for a big purchase, an emergency fund, or long-term wealth, these tips will help you get there faster.   #savingmoney #savingtips #personalfinance #moneytips #saving

Transcript

00:00the first step is to consciously set a savings goal and to automate your savings the best place

00:06to start is by breaking down your savings goal into smaller more manageable chunks this may

00:12sound like a really simple thing to do but most people don't do it and you're twice as

00:17likely to reach your savings goal if you do this as the first step let's say the target is to save

00:24twenty thousand dollars for a house deposit over the next two years when you look at the total number

00:29on its own it might seem like a difficult thing to do but when you break it down it becomes more

00:35doable it means saving 193 dollars per week or 834 dollars per month the next thing to do is to

00:43automate your savings by setting up a direct transfer each month once your pay comes in

00:49that way you always budget for and set aside an amount to save and invest each month by doing

00:55these two things you're building solid savings habits into your regular routine and by paying

01:00yourself first and automatically saving when your paycheck comes in you're forcing yourself

01:05to manage your budget to be within your means

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