I wanted to share these money saving tips with you this morning. I read a great article on Motley Fool this morning, here. So I thought I’d make 3 easy tips for you on how to save money.
Saving money isn’t the easiest thing to do, and this is why Americans would be more financially secure. However, the fact of the matter is that 75% of U.S. adults are living check to check and the reason boils down to a lack of savings, as previously mentions 65% of Americans have little to no savings! Are you ready to stop the insanity? Do you want to break that cycle? You’ll need to train yourself to be more responsible with your money. Here are a few easy ways to get yourself to save.
1. Sticking to a budget:
It’s difficult to save money when you have no idea what you spend your paychecks on. If you’re eager to start banking some cash, make a budget that works so you get a sense of where your money goes month after month. To do so, go through your bank account statements and credit card bills, list your monthly expenses and what you typically spend on each, and see how your total monthly spending compares to your take-home pay. Then, start going through that list and figure out which expenses to slash.
You might choose to tackle a really major expense, like downsizing to a smaller home or getting rid of a car with a costly monthly payment. Or, you might trim a series of smaller expenses (think to downgrade your cable package and cutting back on store-bought lunches). Having a budget will help you better understand where you have room to cut corners.
2. Don’t buy in the spur of the moment
Have you ever walked into a store in search of a few basic items, only to come out with a high-tech gadget you never planned on purchasing? It’s easy to fall victim to buying just because it’s staring you right in the face, so much so that a whopping 84% of Americans do so on the regular. But if you force yourself to follow things like the
The rule goes like this: The next time you’re tempted to buy an item you weren’t planning to purchase at that moment, force yourself to wait a full 24 hours before moving forward. If, after a day’s time, you still really want that item, or are convinced that you need it, then by all means, move forward. If not, save your money for something more important (like retirement).
3. Eat at home
Food restaurants are famous for charging huge markups on the items they serve. So, you might find that replacing even one restaurant or takeout meal each week could put a huge amount of cash back in your pocket over the course of a year.
Imagine you currently spend $40, on average, each time you eat dinner prepared outside your home, and that you do so three times a week. If you cut out one of those meals and make the equivalent dinner at home, you’ll save yourself a good $30 a pop. Over the course of a year, that’s $1,560 in savings.
You don’t need to be a personal finance hero to be a good saver you just need to make some smart decisions and get rid of the temptation to spend. Follow these tips, and with some time you’ll see and feel the difference.
Really we’ve gone through these separately so I thought I’d put a top 3 list together of big ones. Did you see those staggering numbers? Wow.
What do you think? What is the one thing you would like to get better doing?