Let's face it, saving money is hard.
It sounds easy and reasonable. Just "save such-and-such" percent of your paycheck!
You think you've got it covered, but next thing you know it's the first week of January and you're wondering how you went $2,000 over your holiday budget.
Hey, it happens, especially when we take the most simple principles of saving money for granted. Simply put, you can never do too much when it comes to understanding the fundamentals of good fiscal habits.
And if there's anyone in the world of sports who can teach you a thing or two, it's Rob Gronkowski. After all, it wasn't too long ago he was making headlines for revealing he doesn't spend a single dime of his yearly salary.
Instead, he lives off his endorsement earnings and even says he still wears his favorite pair of jeans from high school.
So, it's safe to say Gronk knows about financial discipline, which perfectly explains his partnership with Capital One Bank.
The product of that partnership? Gronknomics, your simple yet often-neglected rules to, well, not wasting your money.
The New England Patriots star says,
Just like when I’m on the field or in the gym, I find it’s important to challenge myself on my financial fitness.
Wanna be as financially fit as Gronk? Have a seat and listen to the master:
Aim for short-term goals.
If you want to score that game-winning financial touchdown, you need to start with setting goals for yourself. You’ll save more successfully when a goal is in sight.
Set up automatic transfers.
Get your head in the game and set up automatic transfers from your checking account to your savings account. You’ll save effortlessly while more effectively meeting your savings goals.
Nickname your savings accounts for clearer financial focus.
They call me Gronk. Take a lesson and nickname your savings accounts. Fun nicknames help keep you on track – no matter what you’re saving for, “Christmas Presents,” “Spring Break Trip” or “Football Season Tickets.” With 360 Savings from Capital One, you can open multiple accounts and nickname each and every one -- up to 25, for free.
Reallocate extra dollars into an emergency savings fund.
Spending and saving go hand-in-hand. Put leftover dollars (after paying bills, etc.) into your savings account and watch your money grow. That way, when that rainy day happens, you don’t feel the dent in your wallet as hard.
Enroll in a savings account that works hardest for you.
Be sure to sign up for a savings account that offers no fees, no minimums and has high interest returns.
Establish financial discipline.
Don’t look for a Hail Mary when saving your money. Put the same amount of money in your savings account that you spend on non-essential purchases. And remember, every dollar counts toward a bigger end goal.
Create sub-savings accounts.
Sub-savings accounts are like your own personal team of savers and are incredibly useful for focusing your savings plan. You’ll stay motivated when you have separate accounts for what you’re saving for, like vacation or tickets to the big game.
Always know what you have.
I’ve always been aware of what money I’m spending and what money I have saved away. Like most people, I splurge from time to time, but I’ve also learned the importance of saving for both financial goals and rainy days.
Bonus: Now, do your money dance.
Quotes provided to Elite Daily by Rob Gronkowski via Capital One.