For many, saving cash is an impossible task. They've tried budgeting, jotting expenses in diaries, reducing indulgences. Nothing works. Their wallets remain as flat as a Nebraska cornfield prior to planting.
It's time to try a different tack, and the following three-step approach to savings is one that can yield success for many people. If you're one of those with problems growing your savings account, try following these steps.
Step 1: Grow your saving account by earning more
Many people try to save more by spending less, but can never quite pull off the task of reducing their cash outflows. Spending is just half the equation. The other half, of course, is earning. The more money you can bring in, the less mindful you have to be of pinching every red cent.
Even as the oh-so-slow recovery creeps along at a glacial pace, folks are managing to earn more in various ways. Moonlighting at a second job is the choice of some. Others are taking college or vocational school courses at night toward a degree or certificate that can put them in higher-paying jobs. Still others are renting out extra space in their home to boarders. With another source of income, the idea of saving isn't so daunting.