People are seeking creative ways to keep more of their hard-earned cash and adding new savings strategies to your financial tool box will help you keep more of your money! Check out these ideas and start saving today.
Go automatic: Have funds from your paycheck directly deposited into your savings account; not seeing the money will greatly reduce the temptation to spend it.
Cash only: Leave the credit and debit cards at home and carry only the cash budgeted for your purchases. For example, if you have $100 budgeted for groceries and your total comes to $115, removing the extra purchases prevents overspending. This will help you prioritize your spending and avoid other impulse buys.
Implement a "waiting period”: Avoid buyer’s remorse by delaying purchases 24 hours. Once the cooling off period is over, you may feel differently about the items.
Multiply…because it adds up: Take minor expenditures and determine their actual annual and monthly costs. For instance, buying an iced mocha ($4.50) three times a week would cost $13.50/week. Multiply that by 52 weeks and it totals $702 annually or $58.50 a month. Small purchases are quickly forgotten but impact our finances significantly!
Limit the splurges: Decide monthly how much you are willing to spend on indulgences; will it be on coffee drinks or getting your nails manicured? Set a limit and choose what you want most.
Set goals: Post your financial goals where you can see them to keep you motivated and on track.Don’t pass on free money: Many work-related retirement programs offer a savings match.
Free entertainment: Find free activities in newspapers, community magazines and libraries. Also "do-it-yourself” home repair stores have free weekend workshops for kids.
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