Avoid the Next Financial Emergency: How to Save Money
March 18, 2020 | Peyton Sawyer
We all have intentions on saving money at some point in our lives, but for some, it can be harder than others to get started. Whether the intention is to begin saving when you get your first paycheck, or after the holidays or at a certain age, it often gets pushed off for one reason or another.
If you are living from one paycheck to the next, it can complicate your plan to save money, and make it more difficult to avoid the next financial emergency. Developing healthy spending habits is an essential part of securing money for the future or for an unexpected emergency that may occur. Spending more on your wants than needs can put you in a bad place financially. Understanding the difference can make it much easier to find money in your budget to begin saving.
Here are some tips on how to save money and improve your personal finance.
Pay Off Your Debt
When it comes to saving money, one of the biggest obstacles you may face is the debt you have. Making monthly payments on your debt can be overwhelming to you and your bank account. Having high-interest rates and high monthly payments, that seem to be never-ending, can certainly bring your savings to a halt.
Reducing your debt, and eventually paying it off is the best way to start saving. It may be challenging, depending on the amount of debt you have, but it is necessary. Taking one day and one bill at a time will help to make it seem possible. For better results, start with the smallest bill and work your way to the largest. It may take time, but once your income is freed up, your potential to save will be greater.
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Lower Your Bills
Taking the time to review your monthly expenses will help you to see the big picture. You may find that you are spending money on memberships or subscriptions that you don’t use, or don’t need, as well as finding it possible to lower your bills. While you may not want to cancel cable, or cell service, who does? You may be able to reduce your payment or services to free up some money. As for utilities, small changes like shutting a light and opening a window can help to reduce your electric bill. If that doesn’t seem to make much of a difference in your bill, give them a call to see if you can be put on a budget.
Avoid the Extras
By opting to have lunch with a friend at your home or theirs, instead of going out, you can save a few bucks. The same goes for making your morning coffee or lunch instead of buying out during the week. You may think these costs don’t make a difference, but they add up. A $2 coffee, 5 days a week, and 20 days a month is $40. Just think if that small change can save you $40 a month, imagine what a few small changes can save you. It adds up! Spending smart can fatten your wallet and even better, your bank account.