Practically Painless Ways To Spend Less And Save More
Everyone would love to have a nice fat savings account, but tight budgets don’t always have money left at the end of the month to put aside in such an account. There are, however, some simple strategies that you can use to make sure that you have some money to put aside each month. The article below provides some simple ideas for you to use.
Take the time to make a simple monthly budget and put it in writing. Record your expenses and write down where and when you spend your money. You will most likely be able to see patterns of spending that can be reduced and allow you to put some money aside. For example, your budget may include a daily newspaper subscription, but the paper sits unread on the coffee table because you get your news from the Internet now. Cancel the subscription and put the amount you would have paid into a savings account each month. You may find several more items that are similar by writing down how you spend your money. The money from these items in your budget then can easily be diverted into savings each month.
Make paying off credit card balances a top priority. As you finish paying off each card, take the amount you were paying each month and add that same amount to your savings account. Pay off the balances with the highest interest rates first. High interest rates are taking a huge bite out of your paycheck. Make a commitment to pay cash for your purchases and you will save even more.
Take an honest look at how often you dine out in restaurants and pick up take out. Reduce this number by one time each month and put the $100 you would have spent into your savings. Cooking at home is less costly and to make it more fun, you can invite your friends over for a pot luck and have a great time as you save money!
Purchase staples and non-perishables in bulk and take advantage of weekly specials to stock up. There are a number of shopping clubs that offer you additional ways to buy regular household items at greatly reduced prices by buying in bulk. Although they charge a membership fee, it can be well worth the cost when compared to your yearly savings.
Save from $5 to $10 a day by packing your lunch to take to work. Try bringing some vegetables with dip or a home made salad for a lunch that is much healthier than your usual fast food fare. You may even trim your waistline while you fatten up your savings account.
Have a regular amount of money deducted from each paycheck and directly deposited to your savings account. If you never see the money, you won’t be tempted to spend it.
Your savings account will begin to grow and you will have financial peace of mind when you take advantage of the great suggestions in the article above. These ideas are simple, effective and practically painless ways to start saving now.