There are so many cliches and phrases that have to do with money; how to make it, how to spend it, and how to grow it. Having said that, these phrases offer little in the way of strategy. If you are looking to start saving more money today, you need to follow actionable plans and listen to advice that stems from behaviors and not ideals.
Some people feel stuck in a paycheck-to-paycheck life cycle. Since this is a common situation for many people, there are tons of resources available to help educate you on how to avoid it all together or break free from it when you feel trapped. Finding a discipline that works for you and allows you to feel like you are both living your life and working towards your financial goals at the same time should be a major element of your overall plan.
Reduce Your Expenses
Some of what you spend each month is out of your control, and some is well within it. For the pieces of your budget that you can manipulate, consider skimming down, or rearranging where you can so that you can allocated those funds towards savings. If you are someone who has debt of any kind or in any amount, you should not take it at face value. One of the biggest misconceptions of debt repayment is that large amounts will take forever to pay off, so you are fine to just pay the minimum each month.
Take credit card debt for example. Your monthly payment may be manageable, but have you ever looked at the section of your statement that shows you how long it will take you to repay the total if you only pay the minimum amount? That information can be shocking. Depending on your interest rate, you can end up paying back double, triple, or even four times the amount of your principle just because of interest, this is not a good strategy for savings.
Student loans are another example of how interest can sabotage your ability to save money each month. You can lower your monthly expenses by refinancing your existing student loans into a new loan with a private lender. If you want to estimate payments for this new loan to understand how much money there is between your old, and new payments, you can use a free online refinance calculator. With that information you should be able to decide if you can comfortably put the difference towards savings each month, since you are used to not having it as cash on hand anyways.
If you have some extra funds, either in bulk, or monthly, consider how investing can be a helpful savings strategy. Money markets, IRA accounts, and even cryptocurrency are all examples of ways to invest money today to have savings for tomorrow. Investing is not without risk though and should probably be handled with the help of a professional if you are a beginner. Specifically with crypto, there are things you must consider to make a good trading strategy that are likely not common knowledge. The whole point is to create extra savings so you do not want to end up losing money simply because you did not seek out the proper resources for success.