Securing the bag and your piggy bank – 3 surefire ways to save money

The average American family has about $9,000 saved in the bank. However, 69% of American adults have less than $1,000 in a savings account.

Saving money can mean the difference between getting ahead or falling behind quickly. A savings account is a great way to build your financial momentum, so you can live life more freely and more deeply. We focus so much on getting money, starting businesses and investing.

The conversation about saving money is not talked about enough.

Here are three surefire ways to go from dry savings to effortlessly storing large sums of money in your savings account.

Save 20% every time you get paid

On your budget, add a savings line of only 20% of your salary. People often look at me strangely and think they won’t be able to pay all their bills if they do.

The main problem is that many people have spending problems. They spend too much every month, then after spending it all they think they have nothing to save. It should be the opposite: pay off your savings account first, then use the rest of the money to pay all the other bills.

I put $300 a week and $500 every two weeks into my savings accounts. In total, I put aside $2,200 each month. Usually it’s more because I throw extra money into my savings account when I’m not traveling.

Have $100,000 as a goal and milestone points

Take out a sheet of paper and fold it in four. On the first and third lines, write “Amount saved”. On the second and fourth lines, write “Milestone”. Under the amount saved, start at $1 and increase by $10 until you reach $100. When you reach $100, increase by $100 until you reach $1,000. Start at $1,000, increase by $1,000 until you reach $10,000. Finally, increase by $10,000 until you reach $100,000.

Leave $1, $10, $100, $1,000, $5,000, $10,000, $15,000, $25,000, $50,000, and $100,000 as milestone points. For each milestone, I strongly recommend that you do something for yourself. For example, once I saved $5,000, I started a podcast. At $10,000 I started dating again and at $50,000 I will have sex again.

You don’t have to be extreme like me, but you can definitely choose things you’re passionate about to put in and challenge yourself. Reach $100,000 in savings, because if you fail and only save $50,000, that’s fine.

I promise you that you will live, feel and experience life differently just by having a good amount of money in your savings.

Automate the backup process

Difficult to send money to your savings! Believe me, even with all the knowledge and power I know to save money, it doesn’t get any easier. So I no longer make choices for myself. You can automate the amount of money you want to send to your savings in your banking app. The best part is that you can do it weekly, biweekly, and monthly.

Free yourself from willpower and send an automatic transfer to your savings account. In a few months you will be celebrating how quickly 20% will grow to $5,000, $10,000 and beyond.

Of course, it helps if you have more money to save.

Increase your income

The fastest way to save more money is to have more money. The hidden key to all personal finance and getting off the books and debt programs is increasing your income. The average American earns $500 a week, 20% of which would be $100. If you double your weekly income by an additional $500, you could save $200 each month.

This chart below shows how much a mere 20% savings will bring you.

Weekly pay

Annual salary

20% savings

$500

$24,000

$100

$1000

$48,000

$200

$2000

$96,000

$400

$5000

$240,000

$1000

$10000

$1,920,000

$2000

Put together

Start saving 20% ​​of your income, make $100,000 your main goal, automate the whole process and maximize your income and your time. But the knowledge must be put to the test by working it into your life. Your future self will be happy when you have more money in your bank account than ever before.

Bertrand Ngampa is the founder of The 1% Man and the host of “The 1% Man Podcast”. He is a bestselling author, top coach, business strategist, speaker, consultant, and military veteran.

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