Are You Tired of Undersaving?

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iStock_000082694597_MediumWe can always save more money, right? It’s nice to think so, but it’s often easier said than done. In reality, saving money takes planning, budgeting, and discipline. If the balance of your savings account isn’t exactly where you want it to be don’t worry, it can just be a temporary situation.

[Related: 4 Ways to Protect Your Nest Egg in Retirement]

If you’re tired of undersaving and want to boost your savings account, you can do so very easily. The hardest part is getting started; here are four ways you can do it.

Skip the coffee break

This is a simple way of saying if you want to save more you need to spend less; there’s no plainer way to put it. Skip the coffee breaks with colleagues, which can save up to $10 a day. Just say no to dinner with friends and save up to $50 each time. If you do that twice a week, you’ll have saved an extra $100. Wasn’t that easy?

Set a lunch budget

Eating out is tempting because it’s easy, convenient, and there’s no clean up; but eating out several times a week can take a serious toll on your budget. If you aren’t crafty in the kitchen, then go simple with sandwiches, soups, salads, and fruits.

Understand Needs vs Wants

Do you spend because you want to or need to? It’s probably because you want something new, but don’t necessarily need it to live. Eliminate spending urges and impulse purchases by taking out $20 cash at the beginning of the week to use for personal spending. When the cash is done, so are your wants. Leaving your debit and credit cards at home will also help you commit to save because they’re not in your wallet.

Set it and forget it

You can’t miss what’s not there. If you want to force yourself to save then set up automatic transfers from your checking account to your savings account. It’s that simple. Then all you do is sit back and watch your savings grow. Once you start to see your savings add up you’ll want to save even more.