July 15, 2022
When I was 18, I set a goal to save $100,000 by the time I turned 25. It may sound like a lot of money, but I was determined to reach my goal. And, I'm happy to say that I did it!
Here are the strategies I used to reach my savings goal:
I began saving for my future when I was just 18 years old. I had my first job out of high school and I immediately started setting aside money each month into a savings account. This allowed me to get into the habit of saving and it also gave me a head start on reaching my goal.
I set up my savings account so that a certain percentage of my income would be automatically transferred into it each month. This made it easy to save without having to think about it. And, it meant that I was less likely to spend the money on something else.
In order to reach my goal, I knew I had to be mindful of my spending. I cut back on unnecessary expenses like eating out and shopping for clothes. Instead, I focused on spending money on only the things I truly needed.
In addition to cutting back on expenses, I also worked on increasing my income. I got a raise at work and I also picked up some freelance work on the side. This extra income went straight into my savings account and helped me reach my goal even faster.
But saving money is a difficult task for many people, especially those who are just starting out in their careers. However, it is possible to reach your savings goals if you are disciplined and strategic about your spending. These are things that helped me personally accomplish my financial goals.
This may seem like an obvious tip, but it is important to be mindful of your spending in order to save money. Track your income and expenses so that you know where your money is going each month. This will help you identify areas where you can cut back on spending in order to save more.
One of the best ways to save money is to invest in yourself. This can include things like taking courses or learning new skills that will help you earn more money. By investing in yourself, you are increasing your earning potential and setting yourself up for success in the future.
Another great way to save money is to automate your savings. This means setting up a system where a certain amount of money is automatically transferred from your checking account into your savings account each month. This will help you make sure that you are always saving money even when you don’t have the extra cash on hand.
One of the best ways to save money is to live below your means. This means spending less than you earn each month. You can do this by cutting back on unnecessary expenses and living a more frugal lifestyle. By living below your means, you will be able to save more money each month which can help you reach your financial goals.
Reaching my goal of saving $100,000 by age 25 was a huge accomplishment. But, it would not have been possible without these strategies. If you're looking to save money for your future, I encourage you to use these same strategies. They worked for me and I'm confident they can work for you, too!
This article was written by
Marcia Wendorf is a former high school math teacher, technical writer, author, and programmer. She stays on top of worldwide news about science, government policies, finance, infrastructure, and medical issues. When not writing or advising clients, Wendorf spends time with her family and enjoys baking.
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