Tips for Saving Money

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As the end of December comes around and the beginning of January nears, people in general start re-evaluating their budget.  A popular new years resolution is “saving money”.  So if this is a common goal why is it so hard to accomplish?

Due to the economic recession many households are making less then before, making it hard to bank extra money.  We also live in a society that thrives on promoting or advertising what you must have!  The line between need and want often become crossed and we end up overspending for the month.

So how can we save?  The answer lies in each one of us.   We don’t have to strive for the moon – to overshoot and miss all together.  If we take baby steps we can be successful, and if one month you fall down, don’t let it stop you!  Get up and start over again.  Here are a few money saving tips that can help you get started:

  1. Set up a separate savings account and actually use it to save money.
  2. Split your direct deposit so that $25.00 out of each paycheck goes into your savings account.  (out of sight out of mind)
  3. Save any change that you receive after making a cash purchase. (you will be surprised how fast this adds up)
  4. Plan a monthly budget, start with you needs first i.e. Rent/mortgage, electricity, car payments etc. and then budget in an allotted dollar amount for wants and stick to it.
  5. Write out your grocery list before you go shopping and only get what is on the list

If you start implementing even a couple of these suggestion you will be surprised by what you can save!

Happy Savings!

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