Are you the type of person who has a terrible time saving money? Do you often find yourself scraping through the couch cushions near the end of the month?
Don’t worry because you’re not alone. Thankfully, this isn’t an irreparable problem. By making a few changes, you’ll be able to save more money and improve your future. The good news is that there has never been a better time to begin monitoring and controlling your finances better. Technology can help to make the process substantially easier. Incorporate the tips below into your daily life right away.
One thing that is taking the financial scene by surprise is the robo adviser. Fidelity Investments has already launched its own robotic advisory service, and it is expected that many other companies will follow suit. The incorporation of such technology has been encouraged by the growing demand for low-cost advice. If you’re worried about your finances and whether you’ll be able to retire happily, you may well want to consider signing up for Fidelity’s brand-new Fidelity Go service. It is much more affordable than traditional financial services. Just remember that nothing can supplement hard work and research.
Before the end of this month, you should make sure you establish a savings stash. You don’t necessarily need to open a savings account, but it is a good idea to put the money in a location where you cannot access it too easily.
Many consumers complain that they simply do not have enough money to put away. This is usually a misconception. It isn’t always necessary to put hundreds of dollars aside. In fact, starting small is usually best. Start putting $5 in your savings account each week. Within a year, the amount saved will surprise you, and it’ll help accommodate a more fruitful and comfortable retirement.
A lot of investors like to take a chance. Due to the volatility of the markets, it is best to put an end to this type of behavior right away. Stay away from Netbet and other risky behaviors as they could very well leave you with a deficit at the end of the month. Instead, it is essential to begin investing more conservatively. Check out companies that have managed to increase their dividends and revenues over the past few years. Companies such as Walmart (WMT, Financial) and Microsoft (MSFT, Financial) are considered by most experts to be reliable bets.
Finally, there is one more habit you should start this month. It might not be pretty, but it’ll help you save a substantial amount of money in the long run. What is it? Well, you might not like the idea, but it is essential that you begin collecting and using coupons right away. Although a single coupon might save you only 50 cents or some minute amount, the savings will begin to add up over time. Just swallow your pride and make those behind you in the checkout line wait it out. You’ll be glad you did, once you have seen how much you’ve saved at the end of the month.
Disclosure: I do not own any shares or any stocks mentioned in this article.
Start a free seven-day trial of Premium Membership to GuruFocus.
