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10 Simple Saving Tips
Motivating yourself to save money for a long-term goal such as a retirement is difficult. It is even harder to motivate yourself for unexpected events such as job loss or a medical bill. (Most people think that they never get ill or will never loose their job.) It is much easier to put some money aside for a short-term goal such as a summer vacation or new clothes. It is however vital that you have a financial cushion. Most financial experts recommend that you set aside a minimum of three months worth of living expenses.
However for most people it is a challenging task to find money in their budget that can be used for saving instead of other things. Here are a few ideas that will help you to find some money in your budget or that will help you motivate to put some money aside:
Try to conserve energy and save money on the gas or electric bill. Start by doing an energy check on your house. Renew the weather stripping, use energy saving light bulbs, etc.
401(k) or 403(b)
Try to participate in a 401(k) or 403(b) plan. If your employer doesn’t offer these plans, then you could start saving in a tax-advantaged IRA account.
Find something that you spend money on each day. Maybe you buy a cup of coffee at Starbucks each morning. You can save money by replacing this deluxe coffee by a normal cup at home.
Use public transportation
Check if it is cheaper to use public transportation instead of your car. If you have two cars, maybe you can sell one and take the bus.
Plan a treat
To motivate you and your family, you should plan a treat when you reach your emergency savings goal. (Of course it should not be something very expensive!).
It is easier for children to get involved if they understand why they must give up pizza night (or at least cut down the number of toppings.) It is also a great financial lesson for your children.
Think before you charge something on your credit card. If you don’t pay you’re credit card bill in full each month, don’t use them. Instead you should use cash! It is much easier to keep track on you spending habits.
Tax refund or raise
If you get a tax refund or a raise at work, consider directing half (or all) of that money to you’re savings account.
Consider your monthly savings amount as a bill that has to be paid. Try to transfer the money automatically from your checking account or pay cheque to your savings account. Try to do this at least every month.
So get motivated and start saving. Make sure you build a financial cushion for you’re family and yourself.
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