An electric bill
The never ending cell phone bill
A Netflix bill.
And let’s not talk about the one that sounds like Sally Bae, but is far from a boo….
At times, it may even feel like everything you do is just to get by, or pay a remaining balance, but there’s one bill that should never be late, and should always be paid on time: the bill of “self.”
According to Learnvest.com, about 20% percent of your income should be going into your savings account, per month. While it may look/be difficult for some, here are three ways to help you pay yourself first and reduce your total debt/owing balance, over all:
1.Negotiate Your Monthly Payment Rate
Now granted, you certainly don’t want to call and say it in those words, but you do want to make it known that you are interested in lower rates and would like to hear your options. In the sales department, customer loyalty goes a long way and will work in your favor during negotiation.
TIP: Call the respective provider and let them know that you are looking to go to a new carrier/company because you want a cheaper rate and ask them what they can do to match/keep you.
( NOTE: always ask to speak to a supervisor if you do not feel you are being properly assisted).
In most cases, your plan can go from $100 to 60 or 70 dollars based on that one, powerful request. That extra 30 dollars that you’re saving a month can go into your savings, or towards personal care.
IMAGINE: If you were to save 30 dollars a month on a plan, that’s $360 dollars for the year- a big difference to you and your savings.
2.Start Saving, Even If You Have To TRICK Yourself
TIP: When you're filling out a direct deposit form, send a % of your check directly into this account and spend only what comes into your checking. If you feel like you don’t make enough money to save, start with a small amount that makes you feel comfortable and increase as your
confidence grows. Even if it feels like the tiniest piece of a dollar, the first step is to plant the seed.
A great online savings account to try is Capital One 360. Upon signing up, they gift you with $25 dollars, don’t require a minimum balance, and have great tools to help you set up/reach savings goals. Click here to get more info!
3. Spend More Money On You And Less On Others
TIP: Create a fixed budget dedicated to entertainment, vacations, and dining, improvising and substituting activities to reduce costs. Try hosting a potluck dinner instead of going out to a restaurant, or forgoing that next vaca or festival and instead opt to deposit that money into a savings account.
Comments? Questions? Agree? Disagree?! Leave a message below!