Most financial experts agree that everyone should have three months' worth of expenses saved for an emergency at minimum. Ideally, the average person should aim for six months' to a full year's worth of expenses saved to recover from a job loss or emergency, or allow the flexibility to change jobs as you desire.
If you are far behind this recommendation, you're not the only one, but there are painless ways to save money without even thinking about it. Here are some options.
Automatic Savings Transfer
Saving is harder when you have to make the choice to do it. Take the decision-making out of the equation by devoting a certain amount of your paycheck to go into savings automatically. Banks allow for easy transfers to bank accounts, meaning you don't have to remember to save or face decision fatigue every month. This is by far the easiest way to save large amounts of money without stress.
Ignore Your Next Raise
It sounds crazy, but it works. If your current wage and budget allows you to live comfortably try "ignoring" your next raise. Instead of adjusting your lifestyle to match your new income level, simply live the way you currently do and squirrel away that additional income into savings. If you do it right away, you won't have a chance to miss it.
There is no doubt that your extra pennies and dimes start to add up. If you are already saving in the traditional ways, money saving apps can give you the boost you need to ramp up your financial success. From smartphone apps that can help you invest your change by rounding up your purchases to the nearest fifty cents, to bank accounts that act as a checking account, debit card, budgeting tools and savings subaccounts all in one.