Wednesday, September 25, 2019
Ways to save:
- Cut out bad habits and addictions
- Cook at home & make/ brew your own coffee
- Enroll at the gym as a way of entertainment
- Get generic brands
- Buy in bulk
- Avoid vending machines and spending out
- Plan meals ahead
- Buy discounted items or items that are on sale
- Avoid impulse buys
- Set a limit on purchases and gifts
- Consider the difference between a smart thoughtful purchase vs expensive purchase as a gift. Just because it’s pricey doesn’t mean it’s the best gift
Consider ways to pay off debt. There are many different ways to pay off debt.
– Smallest debt first
– largest rate etc.
Don’t add new debt.
Consider using direct deposit to automatically save.
Research fees and best interest rates.
Make it harder to spend & easier to save.
Periodically check to see if you’re meeting savings goals.
Save for emergencies and common expenses including budgeting for vacation and retirement.
- What are you wanting to save for?
- How much money is needed?
- How long will it take to save to achieve this goal?
- Will I need to change my savings habit to achieve my goal?
- Am I falling short or on target?
Consider having separate accounts for separate savings goals.
Pay yourself first and build a cash reserve in case of emergencies and make this automatic.