If devote the extra money to paying off your debt. The interest on debt is higher than what savings accounts offer. If you don’t pay your debts off, you’ll throw more money into the wind.
Tip: Do put a little away each week even when paying off debt. Even if it’s $10 a week. Banks like to see money building in savings over time.
I’m crap at budgeting
Here’s an alternative thought:
Budgeting is easy. I just have to learn how.
Become a penny pincher, create a budget and stick to it. If you have a small budget, you may still get the sneakers. But, you are likely to buy less expensive copies instead.
Guess what? No-one will ever know!
The key message here is:
Shop smarter. Consider buying unbranded groceries. Lose cable subscriptions and watch YouTUBE instead. You’ll get that education I talked about above.
By spending less on clothes, food and general living expenses, you can save for what you actually want. Avoid short-term fixes and expenses.
Budgeting is key
This is easy with mobile apps that send reports. Also look at your credit score and work at getting that perfect. Tracking spending data enables you to see any worrying spending trends.
Do this now:
Open an online savings account that’s not attached to your bank. I personally use UBank. Online banks are great because they usually don’t charge fees. They’re also not visible in your normal everyday bank account view. So if you set u a direct debit your savings will accumulate and you’ll set and forget.