7 Tips for Saving More

Most people know how important it is to “save for a rainy day.” Yet when it comes to saving, many fall short.

The fact is, good intentions are great. But if you don’t take action, and stick to your intentions, your savings will be minimal.

So what’s a well-meaning person to do, who knows they need to do a better job of saving?

Just follow these 7 Tips for Saving More, and before you know it you will start to see real progress.

Saving Tip #1: Delay impulse purchases.
When you get that urge, it seems like nothing to walk into a store and pick up a brand new $2,000 TV. Yet when you get in the habit of “thinking about it” for 24 hours, in most cases you’ll realize you really don’t need that new TV right now.

Saving Tip #2: Match the cash you spend.
When you do decide to go out and make a purchase, get in the habit of matching the price of that item. Then put your matched funds in your savings account. This way, every time you buy something you want, you are actually saving at the same time.

Saving Tip #3: Short-term goal instead of long-term.
When you set a goal to save $10,000 in one year, you may never really start saving, because the goal seems out of reach. When you set a goal to save $833.33 per month (which is 1/12th of $10,000), it gives you a more attainable goal in the short term.

Saving Tip #4: Buy in bulk when you can.
Instead of buying paper products, soft drinks, cleaning products and other things you use frequently one at a time, consider joining a membership club and buy in bulk. If you have the storage space, you stand to save big bucks buying things you know you’ll need anyway, in quantity.

Saving Tip #5: Get your family to make a pledge.
When you and your family make “a pledge” to save money every month, everyone is responsible for saving, and everyone is accountable. This way the element of “peer pressure” comes in, where you don’t want to be the one to break the pledge.

Saving Tip #6: Take care of your body and your teeth.
It’s a fact that people who don’t take care of themselves pay for it through mountain-size insurance, dental and medical bills. Get your family to get in shape, eat right, and make dental care a part of their daily regimen. And you’ll keep more of your cash in the bank.

Saving Tip #7: Keep track of what you spend.
If you asked most people how much they spent on “buying things” each month, they would probably not be able to answer you. Living like that is a recipe for bankruptcy.

Instead, either use a debit card or credit card to see exactly what you’ve spent over the last month (as long as you pay the credit card off in full quickly, that is).

Or save the receipts for each cash purchase and put them in a box. Then at the end of the month add them all up to see how much you’ve spent. If the number is much higher than you thought, this will make you want to start saving immediately, and control your spending.

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