Home Editor's Choice How to save money even when you don’t think you have enough

How to save money even when you don’t think you have enough

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If you are thinking that you barely have enough money to pay your bills, you may think that the idea of saving money is just not in the plan for your next budget. Think again. Just making a few minor adjustments could have you on your way to building a nest egg for your future. Follow the few easy steps below to be on your way to saving next year.

• Whether you get paid once a month or twice a month, you should figure out your income and expenses. Sit down for a few hours one Saturday or Sunday and go over your monthly bills.

• Make a spreadsheet that includes your regular expenses like your house, car, electric, water, cable, food, and gas. Then figure out where you make some cuts. Can you call your electric provider to see if there is a 12-month economy plan? Can you take your lunch to work or cook more meals at home? Can you split your house note into two payments and pay bi-monthly instead of once a month? Making these adjustments may free up at least $25 dollars.

• If you have some credit cards that you pay on a monthly basis, can you see if some of the high interest cards can be combined on to one card with a lower interest rate? Maybe you can call some of the companies and see if they can lower your interest rate or adjust your payments. In today’s economy, you would be surprised at what companies are doing to get their money. They may be willing to work with your financial situation. Call today.

• Let’s talk about the little pleasures that we spend money on. More often than not, we think we don’t have any money to save. But, in reality, if we cut back on our “pleasure” spending a little, we can find some extra money for saving. For example, if you have a habit of smoking, maybe you can cut back on the purchase of cigarettes. Even better, you may look into ways to kick the habit. Just imagine how much extra money you would have then.

• If you enjoy going out to the movies, that trip alone can cost $20 even at the matinee. Maybe some months, you can rent movies from the Red Box, get some microwave popcorn, and make some tea. Then, movie time is around $5 which is a savings of $15. What about the advertisements that bombard us on a daily basis? Can some of the shopping be cut down? For holidays, can you make gifts like homemade chocolate chip cookies? Making gifts versus buying them can save you a lot of money. Maybe you can decide that for one year, you will be creative when it comes to gift-giving. People who care for you will understand. Don’t buy greeting cards, send e-cards.

• Now that you have figured out some ways to cut back even though you may think you don’t have enough money to make any cuts, you may realize with just a little thought and planning, you can find $25 each month to begin saving.

• The next step is to choose a bank with a free checking account and open an account. If you don’t feel that you can resist taking the money out, get an IRA. Put $25 a month in or have your employer automatically take it out of your paycheck. I guarantee you will not miss it. When you are able to, increase the amount to $10 more each month. When you begin saving in this manner, you are well on your way to building a solid financial future that you built for yourself and your family. What a great feeling.

• As the years pass by, your money will make money for you. If an emergency comes up, you have some money for the emergency. And as you journey into the golden years, you will have extra money to enjoy in your retirement years.

• Make the commitment to yourself that you are going to start saving $25 a month. Deposit the money faithfully each month into your new account or have your employer do it. If you can be faithful over a little, one day you will be faithful over a lot. Happy Saving!