If you do it right, you CAN safe for a better future while spending, enjoying today. Here's what works for me to make my bank account grow, while living endless life adventures:
✖️ Set up a monthly automatic transfer from your checking to your savings for emergencies, an amount you are sure you can handle and then increase it when you can. You'll build a pillow in the bank and have peace of mind.
✖️ Check-in on your spending weekly; that takes far less time than a monthly review. It's a lot harder to catch up if you've been overspending for a month.
✖️ Choose! Learn to say "no" by deciding on your "yes." Don't accept everything they invite you to.
✖️ Limit your monthly bills. Do you NEED all those cable channels? Think about where you can cut monthly bills and do so TODAY. $50 here and there will make a difference eventually.
✖️ Plan for spontaneity. This may sound contradictory, but I think it's essential. If you know there's A LIMITED money in your budget that is there for the sole purpose of spending it, it protects the money that you're saving into other accounts by providing an outlet for a spur-of-the-moment.
✖️ Develop Realistic Goals. This list can include: hobbies you'd like to pursue; places you'd like to go; restaurants you want to try; places where you want to live; the kind of car you want to drive; and charities you'd like to support. Slowly, include those as you grow.
The Bottom Line: If you're sticking to your goals and objectives, you should find that your quality of life will improve while you are creating a better tomorrow. And that's the ultimate goal, right?