Planning ahead to save money is the best beginning to a more secure financial future. How that looks in reality can be pretty confusing. Take the time to think about where you can cut costs and where would be the best place for that extra money. You would be surprised at how easy a few dollars here and there can add up to major savings.
Do you make your own lunches and bring them to work? Do you have a travel coffee mug that you fill each day from home? Making small changes like these will save a bundle each day. Lunch and a coffee even a few times a week can add up. Even if you only spent about $2o each week, and that is only a few stops during the work week, you could save $1040 each year. If you think about how fast it is to spend $20 each week on things you really didn’t need to purchase.
When you go to the grocery store, do you bring a list of items you need for the week? Have you somewhat planned out the meals around the busy day to day schedules for you and your family? Did you eat before you hit the grocery store? It is pretty much guaranteed that if you go to the grocery store without a list and/or on an empty stomach, you will be buying things that do not fit into your budget. Using coupons and working the competitive sales between grocery chains will also get you to save more. Spending extra adds up quickly, especially when most families make more than one run to the grocery store each week. Once again, if you saved $20 each week, you would be saving another $1040 each year.
Just with these two changes, there is all ready at least $2000 that you could save. If you look closely at how much you actually overspend on just food items alone, that money could serve a more useful purpose in a savings account, paying down debt, or investing in a retirement fund.
How else could you save money? If you have children, a big answer is clothing. Stores sell children’s items at similar prices to adult pieces. When you do not have the income to support $40 jeans for kids who will grow out of it in just a few months, then looking for other shopping avenues is a necessity. There are garage sales, thrift stores, and some major chains who have incredible competitive sales which can be coupled with discount savings opportunities. It does take time to shop around and wait for sales, but if you do have the desire, lots of savings can be found doing so.
Have you taken the time to really read the fine print on your credit card bills? Do you know how much it is costing you each month? When you can take some of these savings and pay down on your balances, the interest payments each month will be lowered, and less money will be wasted towards these costs. Focus to get rid of credit cards that are charging you outrageous amounts. Call the companies and request that your interest be lowered or you will go somewhere else. You can transfer these amounts to other cards that will charge you less. These companies want your money so you do have a chance to get some relief. The worst they can say is no, and with that you will know your next step.