Bad Habit Budget Busters - Not Saving Money

Do you spend more than you get paid? If you do, you’re not alone. There’s hardly a person in the U.S. who hasn’t overspent at least once in their lifetime, me included. But that doesn’t make it any easier when the bills come in and there isn’t enough money to go around. This one habit can put you on the fast train to the poorhouse.

Do you brag that money burns a hole in your pocket? If you do, you won’t have any funds for emergencies and that’s scary.

There’s a saying that goes like this: Always pay yourself first. Like the sound of those words? Good. If you’ve done your monthly budget, then you should have listed all your regular monthly bills. In addition, you’ve probably included an average amount toward the more infrequent bills. But do you have the most important bill at the top?

If you want to guarantee that you’ll have money in your pocket at the end of every month, pay yourself first. Put your name at the top of the bill payee list.

Your bank can help you. Most banks have a plan called an automatic savings transfer. The bank will automatically transfer a designated amount into your savings account each and every month without you having to do a thing. This is the easiest way for most people to save money.

If you implement this saving money plan, you will soon have bankrolled your emergency fund. For most people that is upwards of $3,000. At that point you can begin to point your savings in the direction of making your dreams come true.

Yes, you may find that your bills are nearly as much as your salary. But if you start saving small, you’ll be surprised at how fast the money multiplies. Start today by going to your bank and setting up an automatic savings transfer.