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June 2022.
How to save money: 8 quick ways to save more Make saving part of your monthly budget - and ensure they're optimized for growth. We’re going to let you in on a little secret: anybody can save more, regardless of your income. Here’s a few tips for getting started and sticking to it. Make saving a priority, not an afterthought 1 ● Let’s start with the right mindset. As money wizard Warren Buffett once said, “Don’t save what’s left after spending. Spend what’s left after 2 saving.” ● That means planning to save and setting money aside on a regular basis. Making it an ongoing habit, built into the budget we’re about to create.
Follow the 50-20-30 budget rule 1● Next, let’s be realistic. Being over-ambitious can quickly derail you. Setting aside more money than you can afford fowls up any plan, just like saving too little and falling short. 2● So follow the 50-20-30 budget rule. It was popularized by Senator Elizabeth Warren in her book, All Your Worth: The Ultimate Lifetime Money Plan. 3 ● It’s a great tool to help plan your finances and figure out what percentage of your after-tax income should go into savings. ○ 50% for essential needs ○ 20% to savings ○ 30% on wants and unexpected expenditures
Follow the 50-2030 budget rule ● The rule works for just about anybody, with any income. (Apply it to your income after taxes are taken out, which most employers do with every paycheck.) ● It’s a simple way to balance your savings goals with everyday spending. Use it to set your savings goals every month.
Autopilot your savings 1● Once you’ve set your 20% goal, make it automatic. 2● Set up automatic monthly transfers from your checking account (where your paycheck gets deposited) to a linked savings account (where your savings are set aside, away from everyday spending).
Make your savings work for you 3●
Check the APR (annual percentage rate) on your savings account and compare it with other saving tools, like a certificate of deposit (CD) or a money market account.
Try using a personal finance app 1●
A slew of apps are designed to plan and automate saving, including Bright. Apps can typically help with these essential chores: ○ ○ ○ ○
Scheduling automated payments to your savings account Get you better returns on your savings Personalizing your budget and spending breakdowns Giving you savings tips
2 ● Bright goes several steps further, using data science to find the fastest, smartest ways to help you save more… while also paying off your credit card debt.
Pay off your credit cards 1● What do your cards have to do with your savings? Everything 2● They both draw from the same pot. The sooner you pay off your card, the sooner you can start saving more. 3● Plus, the interest you’re paying on your credit cards costs you money every month - funds that could be earning you interest in a savings account.
Bright can help you save more 1● Making a regular habit of saving is essential to achieving financial stability. 2 ● The more often you save, the sooner your money earns interest. 3 ● Your personal Bright Plan can help, finding faster, smarter ways to save and build more wealth.
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