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The feeling of working for the first time and getting your first paycheck is something nobody ever forgets. Even before you get your <keyword id="2363500" type="UNKNOWN" weightage="20" keywordseo="First-salary">first salary</keyword>, you start making a list of things you want to buy for yourself and your family members.<br />
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First paycheck also means a lot to those who take up education loans to study and are finally able to pay them off.<br />
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In all this planning, one aspect that most young workers, mostly in their early 20s, miss is saving.<br />
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Saving is about habit. Children save in their childhood days by putting money in their piggybanks and by the time they turn into adults, this habit somehow goes away.<br />
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But, saving is very important. “The basic rule is that everyone should save. It helps you to be prepared for unforeseen crises and emergencies. It is a habit that has enormous benefits in the long-term and is more than handy when there are more responsibilities on a person’s shoulders,” said Archit Gupta, Founder and CEO of ClearTax.com.<br />
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Another question that pops up is how much you should save. “Someone who has just started working can begin with saving 10% of his or her income. This should be a bare minimum. As one gets more experienced and starts to earn more, the saving portion should also keep getting bigger,” said Gupta.<br />
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If you are determined to save, these are the 5 habits you should follow:<br />
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(Images: Reuters/Thinkstock)<br />

How to start saving as soon as you start working

Everyone wants to become rich as early as possible but what they lack is patience. Many people take the fast lane to build <keyword id="6383453" type="ORGANIZATION" weightage="20" keywordseo="Wealth">wealth</keyword> and many others adopt the slow lane.<br /><br /> Both lead to wealth creation and <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> but many have argued that slow lane is better as you save more.<br /><br />In order to retire rich, you have to adopt one habit-saving. We all are aware that adopting tiny habits in our routine life helps us in living better lifestyle. Habits change the way we live and shape us as better human beings.<br /><br />If you want to change something in your life, start by making a simple step as a habit, just like <keyword id="4488107" type="UNKNOWN" weightage="20" keywordseo="chris-reining">Chris Reining</keyword> did. He used to send an automated mail to himself every morning which reminded him to greet everyone.<br /><br /> This habit changed several things in his life.<br /><br />Another habit that changed his life forever is money related. By adopting this tiny habit, he saved millions and retired as a millionaire at the age of 37.<br /><br />In his <a href="https://chrisreining.com/tiny-habit/" data-type="tilCustomLink">blog</a>, Reining spoke about ‘hyperbolic discounting’ that helped him save money and retire rich.<br /><br />He says humans are wired to think about short-term gains than long-term and in order to become wealthy, this needs to be changed.<br /><br />Reining said one tiny habit to save wealth is -automating your money.<br /><br />“What you do is have money automatically sent from your paycheck to your retirement account. I recommend investing 10% of what you earn, which means the remaining 90% of your income goes to your bank account. But you can start with as little as $50. The key is to start saving for retirement rather than doing nothing because you’ll be better off than mostly everyone else,” suggests Reining.<br /><br />You can set up automation for how the money in your bank account gets used. <br /><br />You can divide your paycheck in three parts-Credit Card, Rent and Savings. Each month you can automatically pay your student loans, credit cards, and rent. You can automatically set aside money each month for savings.<br /><br /> “I automated my money years ago and the benefit is I don’t have to make decisions about where my money should go,” he said.<br /><br />Reining became financially independent at 35 and then retired at 37.<br /><br />

This one tiny habit can help you save millions

The day we get our first paycheck and start earning, we tend to spend everything. We go on a shopping spree and buy things that we don’t need also.<br />
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Though shopping is fine once in a while, but taking care of your <a href="http://www.businessinsider.in/searchresult.cms?query=spending">expenditure</a> is also important.<br />
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It is also important to start <a href="http://www.businessinsider.in/searchresult.cms?query=saving+money">saving</a> at the right age. It is said that 50% of your income should be used for utilities, 20% should be kept aside for savings and 30% for entertainment and splurging.<br />
<br /> <keyword id="6370266" type="ORGANIZATION" weightage="100" keywordseo="saving">Saving</keyword> won’t only make you more confident but you will also become financially disciplined. While others start saving at the age of 27 or 35 to buy a home or a car, you’ll have enough money to make bold choices without hesitating.<br />
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So, here are 4 benefits of saving early!<br />
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<strong>1) </strong><strong>Emergencies</strong><br />
You need to save for unforeseen emergencies. You need money when you fall sick, or something breaks down at your home. Saving money will help you in the long run, so that you don’t have to think twice about going to a doctor or paying for utilities.<br />
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<strong>2) </strong><strong>Crorepati <a href="http://www.businessinsider.in/searchresult.cms?query=retirement">retirement</a></strong><br />
When you start saving at the age of 21 or 22, you would probably end up being a crorepati by the time you reach 35 or 40. Regular and disciplined savings could go a really take you a long way. You can save increments, bonuses, fixed monthly income along with fixed savings. Do the calculation right now and check how much your savings would be 10 years from now!<br />
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<strong>3) </strong><strong><keyword id="6362287" type="COMPANY" weightage="100" keywordseo="loans">Loans</keyword></strong><br />
We save not to die with our money but to meet goals in our lives. Goals like marriage, buying a home, buying a car and travelling the world. If you don’t save, you probably have to take a <a href="http://www.businessinsider.in/searchresult.cms?query=loans">loan</a>. When you have to take a loan, you either take one from family, friends or the bank. Around 90% of the times, we take a loan from the bank. But, taking a loan from the bank is not a piece of cake. You have to have re-pay too. So, would you like to take a loan or utilize your own money freely?<br />
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<strong>4) </strong><strong>Additional source of income</strong><br /> If you have made huge savings, you can diversify your <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> and create an additional source of income. Buy another home and give it out on rent, invest in stocks or another company. The options are abundant and you won’t regret your choices if you invest smartly!<br />
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So what are you waiting for? Begin saving now!<br />
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(Rajiv Raj is the Director and Co-Founder of www.creditvidya.com)<br />
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(Image: Thinkstock)<br />

It is easy to become a millionaire, just start saving

<br />No one can hope for a steady income throughout life. The earning potential significantly comes down during old age and hence you can never overlook the importance of saving money for retirement. With proper planning, this is never a difficulty.<br /><br /><strong>What you must know on saving for retirement<br /></strong><br /><ul><li>To <keyword id="7839787" type="UNKNOWN" weightage="20" keywordseo="save-for-retirement">save for retirement</keyword>, it is never too early or too late. </li><li>When you are starting to save money for the future, try to save as much as you can.</li><li>If you are already nearing the retirement age, you must increase the percentage of your saving. </li><li>Nevertheless, the earlier you start saving for retirement, the better for you.</li><li>Even if you have started late there are ways to increase your retirement savings. </li></ul><strong>Tips on saving for retirement<br /></strong><br />Never wait for it. Start saving for retirement today. Saving, investing, and reinvesting can move you forward successfully. If you can invest a good amount of money when you are young, it is going to benefit you immensely during your old age.<br /><br /><strong>Contribute to EPF<br /></strong><br />If you are a salaried employee and if your employer contributes to EPF, nothing like that. You are already travelling safely. However, ensure that you do not withdraw or take loans from the EPF accumulations. If you take loans from EPF or close it down before you retire, the whole purpose of EPF is falsified. Also, contribute to EPF as much as you can. <br /><br /><strong>Senior Citizens' Saving Scheme (SCSS) <br /></strong><br />This scheme is the most popular choice for retirees. Available only to senior citizens or those that retire early, you can avail of the SCSS from a bank or post office. Those retiring early avail of this scheme within a month of receiving their funds on retirement.<br /><br /><strong>Post Office Monthly Income Scheme<br /></strong><br />POMIS is a five-year investment. The maximum cap of this investment is Rs 9 lakhs in case of joint ownership and Rs 4.5 lakhs in case of single ownership. For every quarter, the interest rate is set. It is roughly about 7.8% at present. The interest is payable monthly. The interest amount can also be credited to the same account.<br /><br /><strong>Fixed deposits<br /></strong><br />FD or bank fixed deposits are yet another popular choice among retirees for saving money. FDs are easy to operate. They are safe and provide fixed returns in a risk-free way. Though the interest rates are falling with the years passing by, senior citizens get to earn an extra percentage of interest. In terms of tenure, fixed deposits also offer flexibility. <br /><br /><strong>Mutual funds<br /></strong><br />Following retirement, the non-earning period might extend to two decades or more. Hence a portion of the investment needs to be backed by equity. Retirement income will be subject to inflation. Equities assure returns that are inflation-adjusted and are a better choice in several regards.<br /><br /><strong>Tax-free bonds<br /></strong><br />Tax-free bonds are issued to government-backed institutions. These are listed securities and hence can be sold on stock exchanges. Since tax-free bonds mature only after 10, 15 or 20 years, you must make sure you will not need the invested funds in between.<br />

How to save Money for Retirement

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You ask any millennial of the age and they would definitely be broke. It’s not that they aren’t earning enough. You look at their bank balance at the beginning of the month, you won’t believe your eyes that how rich they are. Some of them drive SUVs worth Rs 10 lakh plus, workout at the city’s most expensive gyms and party at posh pubs of South Delhi, yet their bank balance after 10th of the month starts dwindling. And by the end of the month, their credit card bills start skyrocketing.<br />
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So what’s wrong? No it can’t be blamed on the party culture, the dining outs and adrenaline tsunamis. There must be a few things, which if taken care would rectify the whole issue. <a href="http://www.businessinsider.in/There-are-10-secrets-to-become-a-millionaire-which-nobody-will-tell-you/articleshow/54506256.cms">Also Read: Cheapest ways to be millionaire</a><br />
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Here we dig out the prime reasons that victimize the bank accounts of the millennial.<br />
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If you are perennially broke even after earning sufficient a month, these tricks and tips would help you to save better and know where you are faltering.<br />
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<a href="http://www.businessinsider.in/There-are-10-secrets-to-become-a-millionaire-which-nobody-will-tell-you/articleshow/54506256.cms">(Image: India Times)</a><br />
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Here are 15 reasons why you are always broke

How to save money while travelling

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP/Danny Johnston</span></p><p class="caption">You don't have to lose your whole paycheck in your basket.</p></div><p></p></div></div>It costs a lot of money to shop at Whole Foods.</p><p>The company has earned the nickname "whole paycheck" for its high prices.</p><p>But it doesn't have to be that way.</p><p>We picked up some tips from money-saving experts on how you can save. </p>

How to save money at Whole Foods

The 3 smartest ways to cut costs and grow your savings during a pandemic, according to a personal finance guru

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hero Images / Getty Images</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>College is expensive and <a href="https://www.businessinsider.com/how-to-choose-a-student-loan-college-grad-school">student loan</a> totals are rising.</strong></li><li><strong>By following a few simple tips, you can <a href="https://www.businessinsider.com/category/saving-money">save money</a> in college.</strong></li><li><strong>Money-saving ideas include choosing the right school, applying for <a href="https://www.businessinsider.com/how-to-pick-financial-aid-student-loans">scholarships and grants</a>, taking advantage of your student privileges, and splitting expenses with others.</strong></li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>As college costs continue to rise, so does student debt. According to the Institute of College Access and Success, two out of three bachelor's degree graduates will end up with <a href="https://www.businessinsider.com/student-loan-debt-high-people-are-fleeing-the-country-2019-5">student debt</a>, with the average debt total among them being $28,659.</p><p>Much of that is out of your control. But despite how expensive college can be, there are lots of things you can do to save money in college, both big and small. If you're looking for inspiration, here are 10 ideas to get you started.</p><h2>How to save money in college</h2><h3>1. Choose an affordable school</h3><p>Where you go to school can make a huge difference in how much your education will cost you. </p><p>Check out these recent statistics from the College Board that compare the average tuition cost of different types of colleges:</p><ul><li><strong>Public Two-Year College</strong> (in-district students): $3,440</li><li><strong>Public Four-Year College</strong> (in-state students): $9,410</li><li><strong>Public Four-Year College</strong> (out-of-state students): $23,890</li><li><strong>Private Four-Year College</strong>: $32,410</li></ul><p>Those are huge discrepancies! The average private college costs nearly 10 times more per year on average than a public two-year school (often called "community colleges").</p><p>With grants and scholarships, you may be able to afford a more expensive school. Otherwise, opting for a more affordable school could be a smart move.</p><h3>2. Fill out the FAFSA</h3><p>Even if you think you won't need financial assistance in college, you should fill out the <a href="https://studentaid.ed.gov/sa/fafsa">Free Application for Federal Student Aid (FAFSA)</a>.</p><p>There are lots of grants and scholarships you won't be able to access unless you fill out this form. And contrary to what many students assume, not all <a href="https://www.businessinsider.com/how-to-pick-financial-aid-student-loans">financial aid</a> is solely based on your family's income.</p><p>Plus, if you do need to take out loans in college, you won't be eligible for federal loans without your FAFSA.</p><h3>3. Apply for scholarships and grants</h3><p>If you're still in high school, now is the time to begin thinking about your scholarship and grant strategy. Your guidance counselor is a good person to talk to about the <a href="https://www.businessinsider.com/secrets-to-getting-college-scholarships-2016-2">scholarships and grants</a> that are available to you. </p><p>They may even be able to point you toward grants and scholarships that are only available to students from your town, or school-specific opportunities.</p><p>If you're already in college, it's not too late for you. You can apply for grants and scholarships every year. Stop by your financial aid counselor's office for advice and ideas.</p><h3>4. Rent textbooks or sell them back when you're done</h3><p>If you haven't noticed yet, textbooks can be crazy expensive. But there are ways that you can cut costs. </p><p>Did you know that you can rent textbooks using Amazon Textbook Rental or with competitors like Campus Book Rentals or Chegg?</p><p>Even if you do decide to buy your textbook, you can sell it back after your course is done. Most college bookstores will buy textbooks back, but you'll probably be able to get more for it by selling it yourself on Amazon or websites like eCampus. </p><p>If you plan to sell your textbook after you finish your course, keep it in mint condition and don't write in the pages in order to score good prices.</p><h3>5. Take advantage of campus amenities and equipment</h3><p>There are lots of ways to save money during college by simple taking full advantage of what's already available to you for free. </p><ul><li>Use the campus gym instead of paying for a separate gym membership. </li><li>Use the campus computer lab and printers. </li><li>Attend campus movie nights or other events to save on entertainment. </li></ul><p>The possibilities are endless. And if you pay for the college meal plan, make sure to take full advantage of it.</p><h3>6. Work or start a side hustle</h3><p>Sometimes the best way to avoid spending money on your free time is to spend that time making money instead!</p><p>Getting a job while you're in college can be hard because most students are in class from morning to early afternoon. But you may be able to find a job where you can work nights and weekends. Restaurant and retail jobs tend to work well for college students.</p><p>And if you'd rather not be locked down to a steady job, why not <a href="https://www.businessinsider.com/how-much-money-can-make-from-side-hustle-2018-12">start a side hustle</a> like driving for Uber or Lyft, tutoring, or giving music lessons?</p><h3>7. Shop at places that offer student discounts</h3><p>There are lots of restaurants and retail stores that offer student discounts. Ask your fellow students which places in your area are known for cutting students a break. Nationwide brands like JCrew, Madewell, and Banana Republic also provide student discounts with a valid ID.</p><p>Make a list of these places and use them as much as possible. Flash that student ID with pride.</p><h3>8. Don't overspend on technology</h3><p>Regardless of what you may think, you probably don't need a $1,000 to $2,000 computer to get your school work done. </p><p>If you shop around, you can find a perfectly capable Windows computer for less than $500. Chromebooks (which are incredibly affordable) are becoming more and more popular with college students, too. </p><p>And if you're one of those people who simply has to have a Mac, see if you can save money by finding a used or refurbished one online.</p><h3>9. Split expenses with family or friends</h3><p>Just because you're "out on your own" doesn't mean you have to pay for every bill all by yourself. Sending your parents money each month for your portion of the family phone bill could be a lot less expensive than paying for your own individual plan.</p><p>Most video and music streaming services now allow multiple users one one account. Why not ask some of your friends if they'd be interested in splitting the bill?</p><p>And if you're a gamer, you already know how expensive video games can be. But if all your dorm buddies are going to end up enjoying the game too, why not ask them to chip in toward the cost of buying it?</p><h3>10. Travel cheap</h3><p>If you enroll in a school that's not in your home state, you're going to be probably be doing a lot of traveling for the next four or more years. </p><p>Summer, Thanksgiving, Christmas ... these are just a few of the times when you may be traveling back and forth from home to school.</p><p>One way you can save on flights is by setting up flight price alerts for the days you plan to travel. Also, if you or your parents have credit card rewards points, you may be able to redeem them for a free flight.</p><p>In the end, though, driving may still be cheaper, especially during the holidays. Don't have a car? Why not carpool with another student heading the same direction and split the gas cost?</p><p>With a little effort and creativity, you can save a ton of money in college. And every dollar saved in college will help you graduate with less student loans, or maybe even none at all. </p><p>Trust me, it'll be worth the extra effort.</p><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to">How to Do Everything: Money</a></h3><ul><li><h3><a href="https://www.businessinsider.com/how-to-defer-student-loans-pause-monthly-payments">How to defer student loans</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-pay-off-debt-fast-strategy">How to pay off debt</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-consolidate-student-loans-save-money-single-payment">How to consolidate your student loans</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-make-money-from-home-side-jobs">How to make money from home</a></h3></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-ceo-jeff-bezos-richest-person-net-worth-billions-2018-12">Jeff Bezos is worth over $160 billion - here's how the world's richest man makes and spends his money</a></h3>        <div>                    </div>    </div>

How to save money in college to graduate with smaller student loans

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In the wake of drying up of easy money for <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startups</a>, the Indian <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startup</a> ecosystem is going through a shakeout phase. Funds have dried up since June 2015, and while many claim its necessary, this means <keyword id="6362513" type="ORGANIZATION" weightage="80" keywordseo="Startups">startups</keyword> have to sit up and be a bit thriftier with their cash.<br />
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As the country’s startup ecosystem undergoes a purge, startups still need dedicated social media services and other digital assistance such as website design, app development, graphic designing, branding and related solutions personalized for individual needs.<br />
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Dubai-based <a href="http://www.businessinsider.in/searchresult.cms?query=social+media+marketing&amp;sortorder=effectivedate">social media marketing</a> agency Websters founder Sheraz Saaed feels it’s easier to cope with the times by outsourcing marketing to agencies. “Startups have budget constraints. Agencies can help cut costs. You can have three times the service for the same money with an external agency. One can also terminate a contract with a 15/ 30 day notice, but termination of your staff will be more challenging. The HR gets involved, and a budding company won’t want that”, Saaed said.<br />
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While there have been reports doubting the future of <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startup</a> industry, the first quarter of 2016 has already proven that wrong. In Q12016, Indian startups have already raised $1.42 billion by closing a well over 300 deals. This is well above last year's figure of only 147 deals in the same quarter.<br />
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After acquiring an unmatched level of funding, over $9 billion to be specific, 2015 was perhaps the best year so far for Indian entrepreneurs. 2016 has seen PM <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Narendra Modi</a> inaugurating his ambitious <a href="http://www.businessinsider.in/searchresult.cms?query=Startup+India&amp;sortorder=effectivedate">Startup India</a> campaign.<br />
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<em><a href="http://blog.mejobs.eu/wp-content/uploads/2015/12/saving-mistakes.jpg">Image Source</a></em><br />

How to save money while launching your startup

<p><em><strong>Welcome to <keyword id="11994578" type="UNKNOWN" weightage="100" keywordseo="personal-finance" source="Orion">Personal Finance</keyword> Insider, a biweekly <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> that connects you with the stories, strategies, and tips you need to be better with money.</strong></em></p><h2>Here's what: How Insider's personal finance team budgets to live well</h2><p>Allow me to make a confession that may horrify you: I love <keyword id="12265146" type="UNKNOWN" weightage="60" keywordseo="budgeting" source="Orion">budgeting</keyword>. It's not that I'm a masochist or even a numbers nerd. I just love the <em>power</em> I feel when I look at my spreadsheet and see how I can make important purchases fit into my family's budget, or see the number rise in our savings account until it finally hits its target. To put it simply, I love being able to exercise control over my income instead of allowing it to control me. </p><p>If you're the kind of person who'd rather do 4,000 hours of housework than deal with your finances, I hear you. I have been you. But I'm here to say it doesn't have to be this way - and <a href="https://www.businessinsider.com/how-to-budget-money" target="_blank" rel="noopener">budgeting is your best chance</a> at slaying the beast that is your financial fear.</p><p>It won't surprise you to learn that Insider's personal finance team is made up of a bunch of people like me - people who love talking and thinking about money. And our brain trust is full of smart ways to manage your money to save thousands and live well. I'd like to use today's newsletter to share some of our best advice.</p><p>My best budgeting tip is a simple one: Use a spreadsheet to <a href="https://www.insider.com/spreadsheet-to-track-spending-2017-1" target="_blank" rel="noopener">track your spending</a>. Knowing where your money is going now is the first step to spending it with purpose.</p><p>I have a Google spreadsheet where I track every penny I spend. When I grocery shop on Saturdays, for instance, I get back in my car, whip out my phone, and add my Trader Joe's total to my "grocery" line item for the month. Each tab in my spreadsheet represents a new month, and I list out all of my monthly bills and have categories for variable spending with limits for each (like $200 a month for "personal care and household items"). I built my spreadsheet and set my category limits by looking back at a few previous months of credit card and bank statements, and figuring out where and how I was spending.</p><p>When I need more money in a certain category, or need a new category all together, I make adjustments. My budget is a living document that evolves right alongside me.</p><p>Personal Finance Insider's executive editor, <a href="https://www.businessinsider.com/author/libby-kane" target="_blank" rel="noopener">Libby Kane</a>, says being honest with yourself about your spending is critical to building a living, breathing budget that supports you (instead of suffocating you). "Fudging spending categories or amounts to be 'good' or 'better' will only work against you in the long term," she says, so set up your budget however it makes sense for you. "I used to have a spending category entirely for buying chocolate!"</p><p><a href="https://www.businessinsider.com/author/jasmin-baron" target="_blank" rel="noopener">Jasmin Baron</a>, our associate credit cards editor, shares a good hack for spending less at your favorite shops: Always join (and use) the loyalty/rewards program of the stores and restaurants you frequent. "It's amazing how much free or discounted stuff these programs offer - from free fries and other goodies at McDonald's (we may take advantage of that a <em>lot</em> around here) to digital coupons at grocery stores and drug stores," she says. "No coupon clipping required."</p><p>Trying to save and invest your way to long-term wealth? Take a cue from <a href="https://www.businessinsider.com/author/ellen-hoffman" target="_blank" rel="noopener">Ellen Hoffman</a>, editor-in-chief of Insider's Service Journalism team: "I have a few direct deposits set up that split up every paycheck I earn between my <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">high-yield savings account</a>, investing account, and checking account," she tells me. "This has been a game-changer - it helps me save and invest with minimal effort. My hope is to be able to increase the amount I'm able to save and invest every year."</p><p><a href="https://www.businessinsider.com/author/sophia-acevedo" target="_blank" rel="noopener">Sophia Acevedo</a>, a fellow on the personal finance team, says keeping her savings separate from her spending money ensures she meets her goals every time. "When it comes to <keyword id="12265148" type="UNKNOWN" weightage="60" keywordseo="saving-money" source="Orion">saving money</keyword> for a long-term goal or <a href="https://www.businessinsider.com/where-to-keep-emergency-fund" target="_blank" rel="noopener">emergency fund</a>, I need it be out of sight and out of mind," she says. "I initially had one savings account and always felt guilty when I took money out. I decided to <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">move my money to a CD</a> and that significantly improved my attitude on savings. If people are struggling to save, they should look into why it's a struggle and see if there's an account or tool that better addresses this problem."</p><p>Cheers to budgeting and saving your way to a life you love.</p><p><em>- Stephanie Hallett, senior editor of Personal Finance Insider</em></p><h2>Stories you might have missed</h2><p><a href="https://www.businessinsider.com/personal-finance/budgeting-hacks-from-friend-save-more-2021-9" target="_blank" rel="noopener"><strong>5 budgeting hacks I learned from a friend that help me save an extra $1,000 a month</strong></a></p><p>Want to read more about budgeting? Writer Jen Glantz shares how a conversation with a friend changed her spending and savings habits for the better.</p><p><a href="https://www.businessinsider.com/personal-finance/paid-off-credit-card-debt-months-2021-9" target="_blank" rel="noopener"><strong>I thought I wanted to buy a house, but seeing nearly 80 homes in 9 months convinced me to spend my money on something more important</strong></a></p><p>Writer Michelle Chikaonda thought she wanted to buy a house this year, but after seeing way too many overpriced homes in a hot market, she decided to focus on paying off her five-figure credit card debt - and fast.</p><p><strong><a href="https://www.businessinsider.com/personal-finance/chase-sapphire-preferred-reserve-benefits-lesser-known" target="_blank" rel="noopener">8 lesser-known Chase Sapphire Preferred and Reserve benefits that can save you money - whether you're at home or on the road</a></strong></p><p>We've said it before and we'll say it again: Use. Your. Rewards. You earned them, and they can save you money. </p><p><a href="https://www.businessinsider.com/personal-finance/decluttering-my-home-poverty-mentality-harms-2021-10" target="_blank" rel="noopener"><strong>Decluttering my home of 17 years showed me my 'poverty mentality' has been doing me more harm than good</strong></a></p><p>The way we think about and relate to money has a profound impact on how we spend, save, and hoard cash (and objects). Writer Laura McCamy confronted this truth head-on when she started decluttering her home.</p><p><em><strong>Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign-up link</a>. </strong></em></p>

5 budgeting hacks we actually use in our real lives

<p></p>
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<p class="source"><span>Southwest</span></p>
<p class="caption">Southwest doesn't charge you for a bag.</p>
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</div>It's easy to feel cheated when you're flying. Even if you get a sweet deal on the ticket itself, your carrier may charge you for your bag, for a meal, and in some cases, for watching a movie.&#xa0;
<p>All those fees&#xa0;<a href="http://www.nytimes.com/2008/06/13/business/13bags.html?_r=0" target="_blank">became hyper-popular in the airline industry in 2008</a>.&#xa0;<span style="line-height: 1.5em;">AirfareWatchdog President&#xa0;</span><span style="line-height: 1.5em;">George Hobica says that</span><span style="line-height: 1.5em;">&#xa0;between flying fears induced by</span><span style="line-height: 1.5em;">&#xa0;9/11 and lack of demand following the financial crisis, <a href="http://www.nber.org/papers/w16744" target="_blank">American carriers lost billions of dollars from 2001 to 2009</a>.&#xa0;</span></p>
<p><span style="line-height: 1.5em;">"Airlines tried to raise fares," Hobica says, "but when they raised fares, if even they raised them 1%, they would lose business. So now p</span><span style="line-height: 1.5em;">eople pay for what they use."&#xa0;</span><span style="line-height: 1.5em;">&#xa0;</span></p>
<p><span style="line-height: 1.5em;">You already know the main culprits. The biggest one is checked bags. Some low-cost carriers like Spirit, Frontier, and Allegiant will hit you for carry-on bags, too.&#xa0;</span><span style="line-height: 1.5em;">And if you decide to change your ticket, many carriers will charge you $200 even before any fares are included.&#xa0;</span></p>
<p><span style="line-height: 1.5em;">But with a little cunning, you can sidestep fees and save money.&#xa0;</span></p>
<p style="padding-left: 30px;"><strong>  Comparison-shop with fees in mind.</strong> "When you're booking online you see a base fare," says <a href="http://www.smartertravel.com/">Smarter Travel Executive Editor Anne Banas</a>, but that can be misleading.&#xa0;"If Delta is $10 cheaper than Southwest, then Southwest will actually be cheaper after fees, since they don't charge you for a checked bag."&#xa0;</p>
<p style="padding-left: 30px;"><strong>  Take advantage of nearby airports.</strong> Banas says there's money to be saved by flying into or out of secondary airports in bigger cities. Flying into Oakland instead of San Francisco can save you some scratch - same with Baltimore instead of Washington, D.C., or Providence, Rhode Island, instead of Boston.&#xa0;</p>
<p style="padding-left: 30px;"><strong>  Get an airline credit card to fly with a free bag.</strong>&#xa0;Hobica recommends <a href="http://thepointsguy.com/2014/08/up-to-55000-miles-with-united-explorer-card/" target="_blank">the United Explorer Card</a>.</p>
<p>But most of all, consider how the airline structures its fees. Start with the infographic below.&#xa0;</p>
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<p class="source"><span>Smarter Travel Media</span></p>
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<h3><strong>NOW WATCH:&#xa0;<a href="http://www.businessinsider.com/dramatic-sea-rescue-fishermen-boat-2015-1">Dramatic Video Of Sea Rescue Off Scotland Right Before Fishing Boat Sinks</a></strong></h3>
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Here's How To Sidestep Airline Fees And Save Money

<p><div class="KonaFilter image-container float_right"><div class="image"><p class="source"><span>Christopher Furlong / Getty Images</span></p><p class="caption">"Run like a rabbit," says A. Noonan Moose. "Spend like a turtle."</p></div><p></p></div>Procrastination and financial success don't typically go hand in hand.</p>
<p>If you wait until the last minute to <a href="http://www.businessinsider.com/best-time-to-buy-a-plane-ticket-is-54-days-before-2014-4" target="_blank">buy plane tickets</a>, you'll usually pay more. If you put off going to the dentist for years, you might have to pony up for a root canal.</p>
<p>But personal finance blog <a href="http://www.frugalfringe.com/" target="_blank">Frugal Fringe</a> has a different take.</p>
<p>The blogger known only as A. Noonan Moose explains in <a href="http://www.frugalfringe.com/war-stories/frugal-move-procrastinate-on-purchases-and-pay-peanuts/" target="_blank">a recent post</a> that in some cases, procrastinating can actually <em>save</em> you money.</p>
<p>He calls the strategy "profitable procrastination." While it's not the right approach to expenses like <a href="http://www.businessinsider.com/saving-at-25-vs-saving-at-35-2014-3" target="_blank">saving for retirement</a> or paying your bills (the earlier, the better!), it could come in handy when replacing your TV, buying plane tickets for next year's class reunion, or when you're lured by the shiny leather of that perfectly chocolate-brown bomber jacket. Waiting indefinitely is a more effective method for tackling "wants" than "needs."</p>
<p>Moose points out:</p>
<p style="padding-left: 30px;">"Buyers have almost complete control over the timing of their purchases (except in rare cases of unanticipated emergencies). Think about it. The seller can't hold a gun to your head and force you to buy its product. The choice of when to pull the trigger is actually yours. Until the moment you buy, you hold the power."</p>
<p>By reserving this power until exercising it is in your best interest - in other words, by procrastinating - Moose says that you can find better prices and make better decisions. In fact, he can give you examples of <a href="http://www.frugalfringe.com/war-stories/frugal-move-procrastinate-on-purchases-and-pay-peanuts/" target="_blank">times it has saved him personally</a>.</p>
<p>But of course, not buying a new flat-screen may be much more difficult than not reserving a hotel for your cousin's wedding in Nowheresville. Moose provides <a href="http://www.frugalfringe.com/intro-to-frugal/run-like-a-rabbit-spend-like-a-turtle-profitable-procrastination/" target="_blank">nine tips to hold yourself back</a> on his site, and here, we've presented three of our favorites:</p>
<p><strong>Set a cooling off period.</strong> Create a self-imposed rule to stave off the impulse buys and give you time to compare alternatives. For example, "If I want to buy something over $100, I'll wait a month until purchasing."</p>
<p><strong>Pick an improbably low price point.</strong> Tell yourself that you'll buy it ... when it's on sale for 30% of its original price. You'll undoubtedly have to wait a while, and when you finally score your desired item, you'll be triumphant - or you won't even want it anymore, and you'll have saved yourself the lot.</p>
<p><strong>Focus on the process.</strong> This tip isn't for everyone, but it's Moose's personal favorite. "Time passes quickly when you concentrate on the buying process itself instead of your ultimate objective," he writes. That means researching other sellers, looking at comparable items, setting alerts for price drops (<a href="https://hukkster.com/" target="_blank">Hukkster</a> is one service that can help), and generally getting all available information before you buy.</p>
<p>If you have any tips to profitably procrastinate, share them with us in the comments! </p>

Here's How Procrastinating Can Save You Money

<ul class="summary-list"><li>There are a lot of factors to consider when calculating potential cost-savings for an EV.</li><li>New tax credits are making the math work for more buyers right now.</li><li>After the purchase price, the cost of charging is the most important to consider.</li></ul><p>If you're considering switching to an electric vehicle, or just adding one to your driveway, there are some savings to keep in mind — and some costs, too.</p><p>Since the start of the year, deals and discounts on electric cars have abounded. </p><p>New EV tax credits are helping to defray the cost of these <a href="https://www.businessinsider.com/us-electric-vehicle-buyers-cars-too-expensive-2023-1">expensive vehicles</a>. But there is more to consider than the purchase price of these cars, which averaged $61,448 in December, according to Kelley Blue Book.</p><p>Experts say that EV shoppers should think about everything from <a href="https://www.businessinsider.com/federal-state-electric-car-vehicle-tax-credits-rebates-qualify-2023-1">federal and state EV incentives</a>, to the amount they might spend on charging versus gas, and potential installation costs for at-home charging. While EVs purport to require less regular maintenance than their gas-powered counterparts, the cost of repairs on an electric vehicle could be steeper given the amount of technology packed into these cars.</p><p>Here are all the points to consider when calculating whether an electric vehicle will save you money in the long run.</p><h2>Purchase price</h2><p>EV tax credits offered under the Inflation Reduction Act can defray the upfront cost of an EV, but it's important to know the ins-and-outs of what qualifies for the rebates before you place an order.</p><p>Right now, qualifying new EVs are eligible for a $7,500 tax credit. The US Treasury and IRS are expected to release further guidance on which vehicles qualify for the credit in March, which could exclude some vehicles that now make the cut.</p><p>That's why car-shopping experts say that now is the time to buy if you want to make sure you get the full tax credit on an EV purchase. </p><h2>The cost of charging versus gassing up</h2><p>The other piece of the EV cost-savings equation is whether having a battery-powered car will really save you money on fueling up. </p><p>While gas prices remained low and car makers tuned engines to get better gas mileage, EVs were a tough sell to the average buyer. That changed some in the last year as gas prices climbed to new highs.</p><p>Edmunds did its own<a href="https://affiliate.insider.com?postID=63d01acbba755675496093b4&amp;site=bi&amp;u=https%3A%2F%2Fwww.edmunds.com%2Ffuel-economy%2Fthe-true-cost-of-powering-an-electric-car.html" target="_blank" rel="noopener"> cost analysis last</a> year, and found that while the cost of electricity is more stable than gas, the average paid per kilowatt-hour varies greatly from state to state. On the low end, Alabama residents pay about $0.10 per kilowatt hour. In California, where EVs are more popular, the average residential cost per kilowatt hour is about $0.23, according to Edmunds. </p><p>(A list of state-by-state averages can be found <a href="https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a" target="_blank" rel="noopener">here</a>)</p><p>Right now, most public charging stations are much cheaper than gas stations – and many are still free to charge at, depending on the vehicle you drive. </p><h2>Charging at home</h2><p>Most electric vehicle owners do most of their charging at home, and most EVs come with a cord that plugs into any standard 110-volt home outlet. However, these cords can't deliver as much electricity to your battery at once and have much longer charging speeds than higher-voltage Level 2 chargers.</p><p>The cost of installing a Level 2 home charger<a href="https://www.businessinsider.com/how-to-set-up-home-charging-electric-car-ev-2023-1"> can be quite expensive</a>, and should be considered as part of the full cost of your electric car, experts said. </p><p>The first requirement for installation is a 240-volt outlet. Homeowners already equipped with such an outlet can expect to pay anywhere from $200 to $1,000 for a Level 2 charger, not including installation costs, according to Edmunds.</p><p>Installation can cost another $1,000, depending on factors like market and labor rates. </p>

How to calculate if an electric car will save you money

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li>Saving money in college can be a great way to jump-start your funds for after graduation or save for goals like <a href="https://www.businessinsider.com/how-to-finance-a-car-buying-guide">buying a car</a> or <a href="https://www.businessinsider.com/how-to-pay-off-student-loans-faster">paying off student loans</a>.&#xa0;</li><li>Find work that fits your school schedule, and take advantage of extra <a href="https://www.businessinsider.com/summer-jobs-changes-over-the-years-2019-5">summer earnings</a> to boost your savings.</li><li>To save most effectively, pick an account that will help <a href="https://www.businessinsider.com/high-yield-savings-ally-vs-marcus-vs-wealthfront">grow your savings</a>, make specific goals, and try to use your resources, like your meal plan, as much as possible to cut costs.&#xa0;</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul><p>College isn't traditionally a time to amass wealth. Large student loans, the <a href="https://www.businessinsider.com/why-is-college-so-expensive-2018-4">cost of college rising</a> every year, and many other <a href="https://www.businessinsider.com/costs-of-college-unexpected-surprise-for-students">surprise expenses</a> just make college life expensive.&#xa0;</p><p>While it's costly overall, it's going to be one of the few times in your life when your day-to-day expenses are very low and you'll be able to pocket a lot of the money you make. It's a great time to start putting money away.&#xa0;</p><p>If you know how to save money in college, you could graduate with a few dollars in your pocket. Here's a step-by-step guide to building your savings in college.</p><h2>How to save money in college</h2><h3>1. Set savings goals</h3><p>Whether you're saving for the down payment on a car, the first payment on your student loans, the deposit on an apartment, or you just want to have cash on hand for something else as you start your post-grad life, it's helpful to have a goal in mind that you're saving for.&#xa0;</p><p>Then, set specific, smaller goals to get there. Setting a savings goal for each month or semester will make your savings goal feel attainable.</p><p>Write down your end goal and your monthly savings goal, and put them somewhere you can see them. You'll be far more motivated to save if you keep a goal in mind.&#xa0;</p><h3>2. Open the right account to maximize your savings</h3><p>There are plenty of&#xa0; college checking and savings accounts out there. But that doesn't mean you're limited to just those accounts. After all, they don't offer much of a return in interest - the <a href="https://www.fdic.gov/regulations/resources/rates/">FDIC</a> says that the average savings account interest rate is 0.09%.</p><p>What if you could get 26 times that amount of interest on your savings? You don't need to be a math major to know that's a better deal. A <a href="https://www.businessinsider.com/high-yield-savings-ally-vs-marcus-vs-wealthfront">high-yield savings account</a> will get you this type of interest.</p><p>A high-yield savings account is just like a traditional savings account. As long as you're over 18, accounts with online banks like <a href="https://betterment.evyy.net/b1gRB">Betterment</a> and <a href="https://wealthfront.4fq8.net/WQPB3">Wealthfront</a> are available to you. Both have very accessible minimum deposits - <a href="https://betterment.evyy.net/b1gRB">Betterment's minimum deposit</a> is $10 and <a href="https://wealthfront.4fq8.net/WQPB3">Wealthfront's is $1</a>.</p><p><em><strong>Open an online account with <a href="https://betterment.evyy.net/b1gRB">Betterment</a> or <a href="https://wealthfront.4fq8.net/WQPB3">Wealthfront</a> today and start saving »</strong></em></p><h3>3. To save money, you'll have to make money</h3><p>There are plenty of ways to make money in college these days. If you're good at something, why not sell it? Sell your knowledge by tutoring other students, or sell your writing, art, or design skills online as a freelancer.</p><p>Taking up flexible work can also allow you to have another job, like being a resident assistant or working at a library or in a coffee shop.&#xa0;</p><p>Working in college will also be helpful post-graduation. Not only will you already have work on your resume, but a <a href="https://smlr.rutgers.edu/sites/default/files/eerc_working_students_012119.pdf">study from Rutgers University</a> shows that students who worked in college are more likely to make higher incomes later in life than those who didn't work for pay.&#xa0;</p><h3>4. Summer is the perfect time to save</h3><p>Summer is the season for earning when you're in college, and it's also the perfect time to stash that money away. Find a job that pays well, and build a relationship at the company so that you can keep coming back year after year.&#xa0;</p><p>By working during the summer, it's easy to edge your way towards your savings goals with extra income. Put those earnings into your high-yield savings account, and that extra summer savings will grow all year long.&#xa0;</p><h3>5. Leverage the resources that are already paid for</h3><p>For most Americans, food and housing are their largest monthly expenses. But college is a unique time since, for many students, those expenses are already paid for.</p><p>Instead of spending money on a gym membership, use the school's facilities. And, kick the takeout temptation and use your meal plan instead. The money you'd usually spend on food and housing can be put into your savings account, building the padding you'll have when you graduate.&#xa0;&#xa0;</p><h3>6. Treat saving as a reward</h3><p>Sometimes, the best thing you can do is to change the way you think about saving. In college, you probably have a thousand other things you'd rather be spending money on rather than saving it.</p><p>If you treat saving like something you <em>have</em> to do, it will feel like a chore. But if you see saving as something you <em>get</em> to do, you might just find that saving becomes a whole lot easier.&#xa0;</p><h3>7. Don't wait until you have a large sum to deposit</h3><p>Many people feel they have to wait until they have a large amount to actually deposit it into their savings account. But there's no reason to do that.</p><p>Let's face it: You probably won't be saving tens of thousands of dollars in college. But even the smallest amounts add up. Just by putting away $100 or $200 each semester, you could leave college with a savings account of $800 to $1,600. And that's something you'll be very glad to have when you need it.&#xa0;</p><h3>8. Automate your savings</h3><p>You'll have a lot on your mind in college, and the easiest way to make sure you don't forget to save is quite simply to automate it.</p><p>You can schedule savings deposits each month so that you don't even need to think about it.&#xa0;Then, you're free to keep your mind on your studies and let the saving essentially handle itself.&#xa0;</p><h3>9. Get out of college quickly, and don't go over four years in school</h3><p>The <a href="https://libertystreeteconomics.newyorkfed.org/2014/09/staying-in-college-longer-than-four-years-costs-more-than-you-might-think.html">Federal Reserve Bank of New York</a> looked at data for those who spent five and six years in college and found that they're likely to earn $2,500 less per year at age 25 than their four-year peers.</p><p>Where a student who finished school in four years will likely see a 14% rate of return, a student who finishes in five years will see just 11%, and six years will see 8%.</p><p>Not only will you save a whole year of room and board costs in college, but you'll also have the chance to start your career earlier than you would if you stayed in school for five years, making your dreams of a bigger paycheck come sooner.</p><h3>10. Find ways to save whenever you can</h3><p>There are opportunities to save around every corner in college. From showing your student ID for discounts at movie theaters, stores, coffee shops, and more, to having several roommates to split rent and bills with, college is a time to save.</p><p>It's only four years - why not get the full college experience and live frugally? If you can find ways to save on everyday expenses, you can find a way to put even more aside for the future.&#xa0;</p><h3>Open a high-yield savings account online today with these offers from our partners:</h3><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to">How to Do Everything Money</a>:</h3><ul><li><h3><a href="https://www.businessinsider.com/what-is-a-direct-subsidized-loan-federal-student-loan" data-read-more-link="" data-e2e-name="read-more-link">What is a direct subsidized loan?</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-pay-off-student-loans-faster" data-read-more-link="" data-e2e-name="read-more-link">How to pay off student loans faster</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-get-a-student-loan-college-grad-school" data-read-more-link="" data-e2e-name="read-more-link">How to get a student loan for college or grad school</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-pick-financial-aid-student-loans" data-read-more-link="" data-e2e-name="read-more-link">How to pick financial aid</a></h3></li></ul><p class="tagline"></p><p style="font-size:14px;"><em>Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.</em></p><div></div><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/taylor-swift-net-worth-singer-millionaire-makes-spends-money-wealth-2019-4">Taylor Swift is dropping a new album. Here's how the world's highest-paid celebrity makes and spends her $360 million.</a></h3>        <div>                    </div>    </div>

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