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The Ultimate Cheat Sheet on Saving

The Ultimate Cheat Sheet on Saving

By Amy Braun-Bostich

Saving money is one of the most important things that you can do to protect yourself in the event of an emergency or loss of employment. Unfortunately due to growing costs of monthly bills, saving often gets put on the back burner. If you find yourself having difficulty putting away money for when you need it most, or to save for your future goals, try the tips listed below.

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Set Up Your Savings Account

You may be less inclined to save without having an established savings account. Many banks will now allow a low balance to maintain a savings account so get one started even if you don’t have much to put in.

Schedule Automatic Deposits to Your Account

Putting money away before you have access to it is the easiest way to facilitate savings. Set a specific amount of your paycheck to deposit directly into your savings account even if you can only part with a small portion each week.

Budget Wisely

Savings is very difficult if you don’t have a proper budget. Create a budget that includes all your expenses as well as the amount you want to put away into savings each month and stick to it no matter what.

Find Ways to Cut Costs

There are numerous ways to cut costs in your home and during the course of your daily life. Make sure to conserve energy when you can by unplugging unnecessary electronics and reduce your energy costs by practicing energy conservation techniques.

Ditch Unnecessary Memberships

Think a gym membership will pay for itself? Think again. Seemingly unnecessary memberships like this can add up to a significant amount of money throughout the year. While there are many free ways to get the exercise you need, for the amount you spend annually on memberships you could afford to purchase a piece of exercise equipment to get you through the winter months when outdoor activities may be prohibitive.

Do It Yourself When You Can

Many of the minor home and vehicle repairs you may encounter can be easy to do yourself. Research fixes that are easy and safe for you to do and take care of these minor issues on your own which can save hundreds of dollars in maintenance calls and repair charges.

Budget Shop

Don’t be afraid to look for a bargain. When shopping for items like clothes you will find that you can get up to five times the amount of pieces for the same price as one outfit by shopping at garage sales and thrift stores. The added benefit is that if your clothes become damaged, you will not be upset about the loss of money.

Take Advantage of Reward Plans

There are reward plans available for almost any type of shopping. Gas stations, grocery stores, online shopping and clothing shops almost always offer some free reward program just for signing up. While these savings can seem minimal at first, they can add up over time.

Put Away Your Loose Change

Often loose change is forgotten or discarded due to its low value. But if you sit down and think about how many times you get a few cents here and there, you may realize those pennies can add up to a lot over time. Designate a place for your change and once it is filled bring it straight to your savings account.

Plan Your Meals

Planning your meals can help you save money in a number of ways. First, you will be able to reduce the number of trips you make to the grocery store and secondly you will be able to buy more items in bulk which will account for a lower per piece price. Another added benefit of meals is you are less likely to spend money on take-out when you can’t think of what to have for dinner.

Grab hold of your savings destiny by trying some of the tips above to help grow your savings to prepare you for an emergency, a loss of wages, or just provide you with savings to start planning for your future.

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Braun-Bostich & Associates Inc. a registered investment advisor. This information is being provided only as a general source of information and is not intended to be used as a primary basis for investment decisions, nor should it be construed as advice designed to meet the particular needs of an individual investor. Please seek the advice of your advisor regarding your particular financial concerns. While the information is believed to be accurate, distribution of this material should not be considered an endorsement of any particular investment strategy, product or service described therein.


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