Pay Yourself First: How to Save More Money
How to Save More Money
In honor of Financial Literacy Month, take time to learn how to improve your finances by saving more money! Good financial habits often start with saving. Being able to save money not only helps when times get tough, but it eases financial stress and will help eliminate debt.
Start Your Savings and an Emergency Account
Take the first step… open two separate savings accounts; designate one for your regular savings and one for your emergency savings.
Set Up Automatic Deduction
Talk to your employer about having a portion of your paycheck go to your savings account through automatic deduction. This will ensure you are putting money in your savings without even thinking about it.
Save the Extras
Did you get a raise or bonus? Put it in your savings account! Every little bit counts, so if you get money from a cash back site (like Ebates) or profit from a good you sold on eBay, designate it for your savings.
Take Advantage of Freebies
You don’t need to spend money to have fun. Take advantage of your local library and free community events in your area. If there is an event you really would like to attend see if you can volunteer for a free ticket.
Drop the Extras
Save more money today by dropping some of the extras. A gym membership can take a chunk out of your budget, are you using it? There are ways to exercise at home for free without the cost. What about cable, cut the cable cord today and stream your shows on Hulu or Netflix. Think about your extras and how you can still have the things you want without the cost.
Sell Stuff
Do some spring cleaning! One person’s trash is another person’s treasure. See what you can sell at a yard sale, on eBay or to a local consignment shop. Take your extra earnings and put it in your savings account.
Drink More Water
Have you thought about how much money you can spend on beverages that aren’t water? Alcohol, soda and even lemonade can add up if you are drinking it every day. Water is not only cheaper, but healthier!
Go Generic
Buying more generic when you can is a great way to lower your bills and put that extra money into savings. Check the labels and compare, although not everything is as good as the name brand, many products are the exact same. Do your research!
Stop Buying Food and Drinks Out
Brew your own coffee, bring lunch and eat out less. You will really see how much you are burning each week once you cut it all out.
Take a Look at Your Insurance
Save more by making sure your insurance is up to date. If you were out of work due to illness or injury do you have enough Disability Insurance to help pay your bills?
