Saving While On A Tight Budget
How can those who currently aren’t saving afford to save money?
And how can those saving only a little save more?
*** SPECIAL NOTE *** – If your credit cards, personal loans, or medical debts have become unmanageable and you owe over $20,000… then go here for debt relief. We can help!
9 Tips For Saving While On A Tight Budget
Find small savings that add up to big savings over time
Keep a careful record of all of your spending for a month.
You may be surprised to learn how much you are spending on dining out or impulse purchases.
One method is to save all your bills and receipts over the month and stack them into categories like “utilities” and “groceries.”
Comparison shop to find the lowest prices
When you compare prices at different stores before making a purchase (can do so on-line or looking at ads in the paper), you can often find lower prices for necessary purchases — such as food, transportation, and insurance— leaving you more money to save.
Bonus tip: Take a list with you to the grocery store and stick to it. This will help you from buying items you don’t need.
Limit spending on gifts
Limit spending for birthdays and holidays.
Friends and family are more likely to appreciate a few well-chosen gifts than a more costly pile of gifts chosen thoughtlessly in a shopping mall spree.
Put all your loose change in a jar or “piggy bank”
For many people, that could add up to well over $200 a year.
And if it is more, then consider treating yourself to something nice from this savings instead of your bank account!
Ask your bank or credit union to automatically transfer funds each month from your checking to your savings account
The easiest and most effective way to save is automatically.
Even as little as $50 or $100 a month helps.
After all, that’s $600 or $1,200 a year.
Build an emergency fund to avoid having to take out loans to pay for unexpected purchases
Emergency savings are usually best kept in a savings or share account, despite the low interest rates these accounts pay, because they are easy to access when you need it.
Remember, if possible, keep a high enough balance in the account to avoid monthly fees.
Avoid using high-interest credit card and payday loans
Payday loans typically charge interest rates of 500 percent, and the interest rate on credit card debts can run 25 percent.
You can save hundreds, perhaps thousands, of dollars a year by paying off these high-cost debts.
Participate in a local Investment Development Account (IDA) program
In return for attending financial education sessions and agreeing to save for a home, education, or business, you typically receive $2 for every $1 you save through an IDA program.
So, saving $25 each month could end up as $900 at the end of a year.
Take advantage of any matches to retirement savings contributions that your employer offers
Some employers match up to 100 percent of your contributions. If you’re not contributing up to their match, you’re leaving money on the table.
At Americor, we understand the unique financial challenges people are facing today.
As America’s trusted source for debt relief solutions, we aim to empower you with financial knowledge that can lead to informed decisions, whether it’s about savings, investments, or managing debt.
If your debt has become unmanageable and you have difficulty making your debt payments each month, then you should consider a FREE consultation call with one of our certified Debt Consultants, who can provide personalized debt relief advice tailored to your specific needs.
By taking proactive steps today, you can put an end to your financial stress and work towards a brighter financial future.
Remember, there is always hope for debt relief, and our team of experienced professionals are ready to guide you on your journey to regaining control of your finances.
For more information on Americor’s debt relief services, contact us today to see how we can help you eliminate your debts, and get on the fast-track to becoming completely debt-free!