I don’t know about you, but saving money is one of my biggest struggles. It used to be even more difficult though. Each month, I would tell myself that that month would be the month that I would finally put some money in my savings account, and each month it simply wouldn’t happen.
Luckily, I’ve learned from my mistakes and I’m now beginning to build myself some savings to fall back on. According to most financial experts, most people need to have an average of 8 months of living expenses ready to fall back on in case they need it. We never know when we’re going to lose a job, have an accident, or need to move home to support a parent.
I’ve come a long way with my savings goals, so today I want to talk about a few ways you too can take control of your money this year:
There’s a reason why so many people still clip coupons- they save big money. Luckily, for those of us who don’t have the time to hunt down numerous coupons every day, it’s a lot easier to find some great savings. You’ve probably already heard of Groupon, but did you know the company now has coupons for some of the biggest and most popular stores around? I personally love online shopping, and you can even use Groupon vouchers at Amazon, and get your new items delivered straight to your door.
These coupons work best when you use them on items you were going to purchase anyway- so you’re really saving money. Luckily, you can use them everywhere from Home Depot to Kohls, so be sure to take a look at some of the many great stores that have Groupon coupons available.
Pay yourself first
You’ve probably already heard this advice, but what does it really mean? Basically, you need to add up how much of your pay needs to go on living expenses like rent, insurance, car repayments etc. Once you have this number, you subtract it from how much you have to spend each month from your pay.
Next, set a savings goal, and that amount of money will be automatically transferred into your savings account (or you can do it the same day you get paid). Anything left over is for going out, new clothes, entertainment, and having fun.
Often, we’ve been with our utility and internet providers for years, but can often get a better deal elsewhere (or through the same company). Here’s how it works: Take a few hours one afternoon, and look at some of your utility companies’ competitors. Give them a call and see what they can offer you if you switch to them today. If you find an amazing deal and want to switch, great. But you can also tell your current company that you’re thinking of switching, and they’ll often offer you a better deal to stay.
What are your money saving tips? Leave a comment below and let me know!