Four Proven Methods To Help You Save Cash

You cannot stop hearing about saving in today’s society. The more you hear of it the more you get sick of the concept altogether. However, if you were to lose your job tomorrow, and you did not have any money saved at all, how could you survive if your next job offer did not come around any time soon? If you don’t have a good answer to that, then you better start listening to all the chatter.

Many people do not understand the importance of saving until they are hit with circumstances they cannot handle. Many people live on limited sources of income, so saving might sound like a luxury. But you can still save money every month, regardless of your circumstance. Here are four methods you can implement so help you save money and be prepared for the future.

Budget

Most people assume that they can just go and spend money as they please. After all, that’s what money is for. You go to work, bring home a paycheck, then spend it. Then repeat the process all over again. But that’s not the proper way to manage your money. The right way to do it is to have a family budget. Don’t be put off by the word “budget” because it’s really simple to create one. You simply jot down all of your monthly expenses and get a tally of the damage. Then you get a total of how much you all make per month. The difference between these two numbers is what’s left. This money is what you should be putting away into your emergency savings account every month.

Pay Yourself First

If you’re having a hard time trying to put money away each month, I have a little trick for you. When you first get your paycheck, put away 10% of it straight into your savings account. Whatever money is left is yours to spend on bills, food, clothes or whatever else you want. Think of it as a friendly tax you’re leveling on yourself. Another added advantage of using this method is that you’re going to become more conscious about what you use your money for since you’ll have less of it to spend freely.

Entertainment

Life isn’t all about sitting at home bored and saving all your money (contrary to what you may hear on other personal finance blogs). Everybody needs to get out of the house every now and then. But your entertainment costs don’t have to cost you an arm and a leg so to speak. Cut down on how often you go out. That way, the times you do go out are more fulfilling. Cutting down your outings by just a little bit tends to add up over time. When you do go out, schedule inexpensive outings. Sometimes there are free community events at the park you can go to with the whole family. To properly control your entertainment expenses, set aside 10% of your paycheck for your personal expenses like entertainment and shopping.

Phone / Cable Services

It’s surprising how much money you can save on your phone and cable services. Here’s a few tips to help you out. If you have a home phone and a cell phone, cancel your home phone. If you carry your cell phone with you around everywhere, you won’t miss a call. If you want to lower your cell phone bill just call customer service and ask them if you’re on the right plan based on your past usage. There’s a good chance they can save you money by removing unused features you’re paying for or taking you down to a smaller plan. As far as cable services go, think about whether you truly need cable television. How often are you home to even watch tv? And is it cable you’re watching or regular over the air tv shows? Some television networks even add full episodes online so you can watch them without needing cable altogether. Other options cheaper than cable TV are Hulu, Redbox and Netflix.