In these current economic times, it seems that everyone is looking for new ways to make a little extra money and save what they already have. Does this sound like you? Having money in the bank for an emergency is important, but having money stashed away in case of a layoff is equally important.
With bills to pay and things you want to buy, saving might be something you tend to push to the back burner. Or maybe you don’t know where to start when it comes to saving and you just feel overwhelmed. But, there is good news! Saving doesn’t have to be difficult or a burden. To help you develop or re-develop your own savings plan, here are 12 easy tips you can start using today to help build your emergency fund and feel good about your finances.
- Rent or borrow movies from friends instead of going out to the movies.
- Cook at home and take your lunch to work rather than eating out.
- Limit yourself to only going to the mall once a month.
- Limit how many purchases you make with your credit cards.
- Give yourself a “pocket money” limit. Put your cash and loose change in an envelope and use it only for items you want but don’t really need. When that money is gone, you will have to wait until next month’s budget to make additional purchases.
- Make shopping lists and stick to them.
- Wait 30 days before making a big dollar purchase to think it over and make sure you really need the item.
- Go to the library to check out books, DVDs, and CDs.
- Make gifts for others on birthdays, anniversaries, etc.
- Turn off lights and unplug electronics when you leave a room to help lower your electricity bill.
- Carpool to work.
- Cancel expensive gym memberships if you aren’t going frequently.
These are just a few examples of ways you can cut spending costs. You should also open up a savings account at your bank and deposit the money you’re saving in there. With your money in the bank, it will gain interest each month, helping you save more in a shorter amount of time.
Developing and sticking to a savings plan may take a little time, but it is something that you can definitely do. Start using these tips today and see how much money you can save in one month. Happy saving!
What do you think? Let us know some other tips that we can add to this savings list. We look forward to hearing from you.