Vincent Camarda Shares His Secrets To Being A Better Saver
Savings is an important part of any budget. But if you’re not seeing the results you want from your savings, it may be time to change your mindset. Here are some suggestions for achieving this goal:
Save More Than You Think You Should
If you want to become a better saver, it’s important to know how much money you should be saving, says Vincent Camarda. The recommended amount is 10% of your income. That may sound like a lot of money and it is! But if you’re not saving at least this amount, then chances are that something needs to change in order for your savings plan to work out as well as it could.
If your mind isn’t ready for such drastic measures just yet (eek!), there are still ways that can help increase your savings rate without feeling like too much of an impact on your lifestyle:
• Set up automatic transfers into separate savings accounts so they happen without having any impact on day-to-day expenses or spending habits;
• Automate contributions through payroll deductions;
• Take advantage of tax breaks offered by employers (like matching funds);
Define What You’re Saving For
Defining what you’re saving for is an important part of your savings strategy. Vincent Camarda It can help keep you on track and motivated, as well as ensure that the money you’re putting away each month isn’t going to waste.
There are many benefits to defining what exactly it is that you want to save for:
• It helps make sure that every dollar goes towards something worthwhile. For example, if you were saving for a vacation but had no idea when or where it would take place, then chances are that some of those dollars would be spent elsewhere before they got used up–or worse yet, forgotten about entirely! But once we define our goals (e.g., “I’d like go backpacking in Europe”), suddenly our savings becomes more focused and easier to manage over time.*