Finally, you have thrown that cap in the air! The truth is even harder: you are dreaming about getting a new car, gaming PC, or going to Tokyo. Saving money seems impossible due to your “ghost” bank account. Do not worry; the art of saving is just a skill to master!
First of all, you need to define the number. The statement “I want to save money” does not tell anything as it does not contain any target. Define the exact price of the PlayStation 5 or used Honda Civic you want to purchase and strive to reach this goal.
Second of all, you have to automatize this process. As people are lazy creatures by nature, they like spending the money from their checking account. Define an automatic money transfer to a high yield savings account like Ally or Marcus each payday. It should be viewed as one more bill to pay; instead of paying it to some stranger, you pay for yourself.
You also have to see where your money goes away. The coffee at the coffee shop costs a lot for a year, unexpectedly. You can use an application like YNAB or just create a spreadsheet in order to see where your money goes away. Once seeing numbers, you will cut off unnecessary expenses.
The important part of the process is having a side hustle. While your main job helps to pay bills, the side hustle gives you money to enjoy yourself. This may be either selling your stuff on Facebook Marketplace or walking dogs of your neighbors. Even the hundred dollars per month may accelerate the process significantly.
It is also important to celebrate small victories. When you reach the half-way mark, it means that you should give yourself a reward in the form of a dinner or something else. Motivation plays an essential role in this process as saving is rather a marathon but not a sprint. However, do not waste all your money on some party.
The hardest thing is overcoming your instant gratification. Your friends go outside to spend the money on clothes, but you are going to save money. Now, it looks dull, but having paid off car will make you very happy. The discipline of today buys you freedom tomorrow.