Saving is difficult, at least for most people. 

According to Bankrate, 25% of people do not have emergency savings, and reports show that 33% of adults have less than $500 saved. 

With the ever-increasing cost of goods and services, it’s no surprise that people struggle to meet their savings goals.

Here are some practical strategies for developing long-lasting habits to boost your savings and break out of a savings rut.

1.          Automate your savings. Create a schedule to transfer funds into a savings account. Aishaism: Set it and forget it. Most banks offer online features for creating recurring transfers. Your employer may also allow direct deposits into a savings account. Direct deposit is one of my favorite techniques because it comes out before it gets to you, so you never miss the funds. 

2.          Start. Getting started is crucial. 2. Get going. The most crucial thing is to get started, persistence counts. The secret is to consistently save, whether it’s $10 or $1000 every week. Aishaism: Build up your savings muscle first and increase your savings over time. 

3. Invest. Over time, the stock market can produce significant profits. With a 10% average return over five years, $25 each week can grow to $8588. Although intimidating, investing can be rewarding. Investing has some risk; be sure to consider your risk tolerance before making any investments. Aishaism: Take some time to research index funds; my personal favorite is the FXAIX. 

4.          Make it hard. Limit accessibility to your savings and investments; increasing your savings is one of the few instances where taking the “hard” route is OK. You’re less likely to use the money if it’s hard to get to. Aishaism: We regularly auto deposit money in a credit union that requires a drive across town. We don’t link this account to our regular bank accounts; the extra effort it takes to access the money makes it less likely that we use it for something pointless. 

What will you try? What have you tried already? What worked well or didn’t work? I’d love to hear from you.