If you’re finding that you’re not saving as much as you’d like or want to save more money, there are a few, simple things you can do to keep the money you have. By changing a few habits and practicing self-control, you can easily build upon your savings account.
The first (and probably hardest) way to save money is by getting out of debt. If you have debt, it is important to quickly get out of it so that there is one less bill you will have to pay. Chances are, you already have bills to pay that include a car or mortgage payment, utilities or gas for your car, food and taxes. By eliminating your debt, you will have more of cushion after paying the rest of your bills.
Save every penny that you can. When receiving extra money from tax refunds or gifts, be sure to put at least half of the money away before spending it. You can get thousands of dollars every year if you make minimum wage and have children through the Earned income Tax Credit. Put some of the money away for an emergency fund and use the rest to pay off any debt you may have.
Don’t let any of your change go to waste. Start a change jar and put whatever coins you have into it. At the end of every month, you can put that change into your savings account and begin to see your savings. It may not be a lot of money but even $10 a month can give you some comfort in your savings.
It may also be helpful to your health and your wallet if you skip the processed foods. Doing away with canned, boxed and frozen foods may be able to keep you healthier so you won’t have to spend money on doctor or hospital bills.
Your car is probably one of your biggest expenses in one way or another. You are spending a lot of money on your car with insurance and registration, let alone gas to get you from place to place, and possibly even a car payment each month. If getting rid of your car is not a possibility, at least try to use it less so you can save more money without buying gas. You can use public transportation, sell a car if you have more than one, sell your car for a cheaper one if you have a lot of time left on a loan, carpool and split costs, and combine errands and appointments in order to save on gas.
Reconsidering your options for child care can be of a great advantage to you. It may be helpful if one parent can stays home with the kids in order to not only cut back on childcare costs, but also on gas and work related expenses.
Look at what you own and determine what you can sell. You can hold a yard or garage sale to sell unused clothes, toys, furniture, TV’s and more!
If your rent is too high, you may want to consider getting a roommate or rent out a room if you own a house. That way, you will get a break on your monthly payments, along with utilities. If you don’t know of anyone who is looking to have a roommate, check roommates.com, easyroomate.com, craigslist or take out an ad in a newspaper. If a roommate isn’t an option, you may want to consider moving somewhere that will be inexpensive to live.
If none of this works, it may be time to look for ways to make more money. Analyze your skills and determine what services you have to offer.
Look for different ways to save yourself some money. Cut in the areas that need to be cut and determine what else you can do to bring in some extra cash.