You probably have no problem knowing what you would
do with a little more cash in your pocket. For many it would be a dream come
true! However it seems that everything is getting more expensive all the time
(think food, utilities, gasoline, mortgages, insurance and the list goes on)
and that means finding that extra little bit of cash is becoming more and more
challenging.
In order to maximize your savings and find that
extra little bit of money here are some things you can do to help yourself:
Map
Out Your Money: If
you really have no idea where your money goes after you earn it then it is time
to turn things around. You need to start mapping your money forthwith! No, it
is not particularly pleasurable to do this but it is a requirement of
successful budgeting. Make it a habit to review your daily, weekly and monthly
spending to figure out where your money disappears to. You may be surprised to
discover what your latte habit is actually costing you!
Opt
for Cheaper Alternatives: You may not realize it but there
are cheaper alternatives available for many of the activities, products and
services that you use and enjoy on a regular basis. Try substituting some
generic grocery products for the brand name products you buy such as canned
items, aspirin, cereal and crackers. Other options are to substitute meals at
restaurants for making home cooked meals and swap nights out at the movies for
nights in with DVD rentals (or DVDs rented from the local library).
Look
for Leaks in Your Spending: Small indulgences can add up to a
great deal of money spent that might serve your purposes better if it had gone
into savings. Do you realize that purchasing a coffee or tea for $1.50 daily
can cost you almost $550 on an annual basis? That is a huge chunk of change!
You don’t need to give up all of the small indulgences
and pleasures that you have come to enjoy but what you can do is cut back on
them a bit. If you start making coffee or tea at work or bring it from home and
then only purchase it a couple times a week then this will put more money back
into your pocketbook- and give you more financial peace of mind.
Go
Green to Save Your Green: To save as much money as possible
look for ways to go green. Putting gas
into your motor vehicle and all car related costs is expensive so instead carpool,
take the bus, the subway or walk. You might even decide to ride a bicycle to
work on the days that the weather permits doing this!
Replace appliances in your home that are old or are
not up to modern standards because they can increase your utility bills tremendously.
Recycle and reuse more. Start a vegetable garden in your backyard if you own your
own home and compost if you can. Look for as many ways as possible to conserve
resources and to be greener. Not only will this make you more environmentally
conscious but it will also save you some hard earned dollars!
Image(s): FreeDigitalPhotos.net
Excellent tips and if you find you don't have any money over, then you need to look at ways to either increase your income or reduce your expenses. Budgeting is as simple as that. High Interest Savings Account
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