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Finding Money For Savings
Posted: November 9th, 2007 @ 6:41pm
Americans today are saving money at a dismal rate. If you’re living from paycheck to paycheck, or you live comfortably but just can’t find extra money in your budget, you may be wondering how you can possibly save for the future. Finding the money may be easier than you think, it just takes a little creativity—and if you turn it into a game, it’s more fun. Here are some tips:
• Save on little daily expenses. Take coffee from home in your morning mug, and brown bag your lunch. Only stop for a super-size double-latte or go out to lunch once a week instead of every day.
• Make a menu, and grocery shop from a list, so you get what you need and avoid what you don’t.
• Get rid of your cable movie channels if you only watch them once in a while. In fact, if you regularly watch only a few cable channels, subscribe to the cheapest package you can that carries those channels. There’s no sense in paying for channels that you never watch.
• Give yourself a cash budget for the week. Anything left unspent at the end of the week goes into savings.
• Find inexpensive or free alternatives to pricey events. Instead of taking your spouse to dinner at an expensive restaurant and attending a professional theater show, try having a homemade picnic at the park and going to a theatrical performance at the local university.
• When you need to make a big purchase, take your time and don’t buy on a whim. Wait and watch, buying when the item you want goes on sale.
• Here’s a big one: you’re less likely to miss money that has already been taken out of your paycheck than you are if you have to remove the money yourself. See if your bank offers a program to automatically transfer money into your savings account when your check is deposited.
When you cut something out of your budget or spend less on a big item than you expected, save the difference. Trimming a little here and a little there adds up surprisingly fast.
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