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4 Simple Habits That Can Help You Save More Money – Motley Fool

The money is the biggest source of stress among Americans, according to a Northwestern Mutual survey, and nearly nine out of 10 surveys said respondents said it was nothing to make them happier than knowing their finances were okay.

Saving money isn't easy, no matter how much you earn. There are always bills to pay, and when you have leftover money at the end of the month, it's much more fun to splurge on something you don't need than to keep it in your savings account or pension fund. Especially when retirement is still decades away, it can be tempting to push storage for another day – but wait too long and it will be almost impossible to record.

Fortunately, the future rescue need not be stressful. By making some lifestyle changes and adopting some simple habits, you can save more money and ensure your economy is in top shape.

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. Write down your financial goals

It's one thing to have a goal in mind, but it's another to actually write down your goal. In fact, it has been scientifically proven to write down your goals to help you achieve them.

In a study conducted by researchers at the Dominican University of California, a group of participants were asked to just think of a goal, while another group was asked to write down their goal, to create an action plan to achieve it, and send a weekly progress report to a friend. The results? Within the first group, only 43% of people achieved either or made significant progress towards achieving their goal. But a lot of 76% of them in the other group reached or came close to reaching their goals.

Writing down your goals and creating a specific plan for how to reach them, not only keeps you accountable, but also provides a roadmap to guide you along your traveling journey. For example, if you save on pensions, you can have a big goal in mind for how much you will save when you retire. But it may also be helpful to have smaller, less intimidating goals along the way to stay on track and avoid being discouraged.

2. Automate Your Savings

When you need to manually transfer your money from your account to the Pension Fund or Savings Account, it's easy to forget to do it or spend the money elsewhere. But with automatic transfers, you can set up your bank account to transfer a certain amount each week or month, making savings effortless.

When you have a storage target, be sure to set up your accounts so that you automatically transfer the amount you want to save. You can even choose to set up multiple transfers for different goals. For example, you can transfer a certain amount from each paycheck directly to the 401 (k), while also transferring money to a savings account to build an emergency fund. When you no longer need to move your money manually to different accounts, the saving process is streamlined.

It is even possible to automate the entire budget and remove much of the stress involved in managing your money. When your bills are paid automatically each month and you also automate your savings, all you have to do is sit back and watch your savings grow over time.

3. Think about how to prioritize your savings

Many may choose to save only what they have left at the end of the month. While it's better than saving nothing, a better approach is to think about your savings as if you're paying another bill. The electric company won't cut you down if you just decided you didn't want to pay your bill a month, so think about your savings the same way.

If you aim to save a certain amount per month for retirement, do everything in your power to save as much every month. It is easy to skip saving a few months because there are no major short-term consequences – contrary to whether you should stop paying your other bills. But the long-term consequences can be serious if you turn off retirement savings. When you skip a month of storage, you can get used to skipping it when you want it. So before you know it, you have reached retirement age and you are not close to the goal you set for yourself.

When you deposit a financial goal, you need to save top priority every month. Of course you have to pay your rent or mortgage and other bills, but make sure you can still afford to save. If you find that you do not have enough money to cover your storage targets, you may have to make sacrifices. But these victims will be worth it when you are able to retire comfortably and achieve your other financial goals.

4. Increase Your Pension Fund Contributions Regularly

By automating your savings and transferring a fixed amount to your Pension Fund every month, your retirement plan becomes a "seen it and forget it" task. It is good in many ways, as it takes a bit of stress out of the savings process. But it is still smart to increase your contributions at any time.

When you get a raise, for example, you can choose to look up the retirement pensions a bit. Or if you get a bonus, you may want to spend at least a portion of the money against the savings. These adaptations do not have to be big – the idea is to just keep the savings on an upward path.

An easy way to ensure that you consistently save more for your pension is to contribute a certain percentage of your pension fund's income. So when your income increases, your savings also increase. If you also increase the percentage of revenue you save, you can gradually save even more. The average employee saves about 10% of the salary in their 401 (k) – which includes employer contributions – according to a Vanguard report. If you only save an extra percentage or two of your salary each year, it can add up significantly over time.

Storage can be stressful, but it doesn't have to be as challenging as it seems. But adjusting the mindset and changing how you think about your financial goals makes it easier to get into a habit of saving more.

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