Is it just me or do
paychecks seem to be spent as soon as we get
them? Then you look around and wonder where
the money went. We have probably all had
that problem at one time or another. Here
are five ways to help you save more and
spend less each month.
1. Have a financial plan. We all need one. Plan to save or you won’t save
anything at all. Before you spend a dime on anything else, put aside ten
percent of your paycheck at least once a month. It would be ideal to do it
with each paycheck that you earn in a month, but sometimes that is not
possible. Start with a goal of one paycheck and work your way up. To keep
from forgetting, you can have the money deducted from your check and sent to
a savings account each pay period. That way, you don’t even have to think
about it. It is done before the rest of the money is deposited in your
checking account.
2. Grocery shop with a shopping list. Have you ever gone to the store for
one or two items and come out with a cart full of stuff? Me, too. A list is
like a blinder. It requires you to locate the things written there and
ignore everything else. When creating the list, look in each cabinet and
cupboard to see what you need. If you’re absent-minded like me, attach a
magnetic grocery pad to the refrigerator and record when you run out of
something. Your list will create itself.
3. Clip coupons. Coupons are generated mostly for the grocery store, but
department stores have store coupons that offer a percentage or a specific
dollar amount off of your purchases. Get that sweater at the end of the
season when the store marks clothing down forty percent and offers
additional coupon savings. Don’t shop at a store just because it has a
coupon. Chances are the price has been marked up before the coupon is
applied to make you think that you are getting a deal. Only use coupons for
items and stores that you frequent. Stores that offer free discount cards
also have weekly specials that, when combined with a coupon, could save you
even more money.
4. Don’t impulse buy. Rule of thumb: Don’t purchase anything the first time
you see it. This rule goes for big ticket items like cars, furniture,
appliances, and electronics. Give yourself time to comparison shop to find
the best deal. All the stores of the world won’t sell out of DVD players
overnight. Waiting may show that the item you wanted to buy was a want and
not a need. In that case, after clearing your head, you might not go back
and buy it anyway.
5. Reward yourself. Spending money on something that you want can be thought
of as a reward and a privilege earned. Make a list of your “wants”.
Prioritize them and save until you can afford to get it. In the meantime,
you will have added to your savings account and the discretionary fund for
the item you dream of buying. Knowing that there is a pot of gold at the end
of the financial rainbow can be a good deterrent to overspending.
Saving money is a good practice. Not only does it make your finances more
stable, but there is also money for a rainy day.
Recommended Reading
Debt Free
In Three
Thanks to this guide complete with
worksheet and personal coaching, my family
and I will be complete debt free in 42
months (including paying our house mortgage
in full). The principles taught in this
program are simple, yet incredibly powerful.
See for yourself.
Click here to get Debt Free in 3 to 5 years. |
