Saving is a challenge for many people today, especially when you feel that there just isn't enough money to go around. Ironically, savings is just what people with limited funds need to be diligent about doing. And really savings isn't dictated by how much you make but how smart you wish to be with the finances that you have. Saving money doesn’t have to be hard.
You can still have an enjoyable lifestyle when you’re putting money away. In this series we're going to discuss five steps to take the pain out of your bank account's gain. So let's begin at the beginning with Step 1.
Step 1: Take Control
Track your Habits
The immediate benefit of tracking your spending
habits is to identify recurring expenses that you could easily avoid.
You could save from $3 to $15 a day, depending on
your habits:
- Do you pick up coffee? Make coffee at home and buy a travel mug to save $3 or $4 a day.
- Do you have news subscriptions? Look up the free versions of your favorite.
- Do you eat lunch out? Save $10 to $15 a day by buying groceries and cooking meals in advance instead of eating fast food for lunch every day.
- Do you have a Candy Crush fascination? Toughing out the puzzles can save you anywhere from $2.99 or more when you purchase boosters.
Establish a Budget
•
The key to creating a budget that works
for you is to find a method you like using.
•
Try a popular budgeting app, like:
•
You Need A Budget (YNAB)
•
Pocket Expense
•
Budget Simple
•
Good Budget
•
Mvelopes
Sticking to Your Budget
•
Assess how much you need to cover all
your recurring expenses.
•
The money that is left after you cover
all your expenses is not for splurging!
•
Apps, like Level Money, can help
you keep your spending under control on a daily basis.
This week is a great time to begin gaining control of your finances. Tomorrow we'll be discussing ways to cut finance charges at your banking institutions. You won't want to miss it!
- Dave Ramsey
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