REvolve Real Estate Blog

Saving your first $500…

Posted by Sam Gilliam on Mar 1, 2018 2:30:08 PM

Piggy bank.jpgWe all know what it’s like to live paycheck to paycheck. You’re probably thinking about how to find just 5 bucks to buy some new shampoo? Toothpaste? Shaving cream? So how on earth could you possibly save $500?

Saving is hard. I’ll be the first to admit that! Budgeting, saying no to nights out with friends, maybe even skipping your next hair appointment. You don’t have to give up all the fun stuff just to bank a quick $500 though.

Let’s talk about some smart ways, and resourceful tools we can use to become successful savers and maybe even consider investing it too.

First let’s consider those daunting bills we need to pay each month: rent, groceries, student loan debt, credit card payments, maybe some hot water and heat? Who has time to save when we are all just trying to live? Well believe it or not, but millennials are some of the savviest savers out there. So here are just a few ways to prove your parents wrong, your friends wrong, and most importantly yourself wrong.

Cash.jpg

  • Start using that savings account…. the one you haven’t touched in years.
    • Put just $20 aside (it’s a starting place) and don’t even think about it. Set up that automatic deposit and with each paycheck you get put another $20 in.
  • Tax season? Yes it's coming up!
    • Is it already time to file your taxes? Yes, you should take an hour and do this.
    • Taxes usually mean you owe money, but there’s that one time in the year where you may even get some money back.
    • Let’s save wisely… take a quarter (third or half) of what you get back and add it to that savings account, you won’t even know where it went!
  • Let’s make a budget cut… $15 a month on just one little thing.
    • It’s pretty simple actually, even if you are living paycheck to paycheck. The smallest things add up… so next month try skipping just one nail appointment, don’t get that second round of drinks with the guys, skip your $5 latte just once per week, and don’t place that silly Amazon order.
    • All these small acts can pay off big time, when you add that $15 to your growing savings account! 

So what’s the take away here?

Saving can take time… but it doesn’t need to take forever. The tiniest changes in your spending and saving habits can benefit you greatly, and the little things really do add up. Dive in, and take that first step to reaching $500.

What's so special about $500? Once you successfully save it, that is all the cash you need to start investing in real estate and we can help! Click on the REvolve logo below to be directed to our home page. Learn more about us, send us an email with your questions or give us a like on instagram at the handle @revolvepartners.

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