We hear all the time how important it is to save. When people tell us to save, however, do they think of how hard it is to actually save? Some people live paycheck to paycheck, which does not allow them to actually save for the future.
If this applies to you, you may be asking yourself, "How am I supposed to get started on saving with no extra cash?", but there are a few solutions. They may be small, but in the long run, they'll make a big difference. Here are ways to save at least $100 dollars each month.
One of the main reasons that people overspend is due to not putting a limit on their spending. Deciding exactly how much you will spend on specific things and watching where your money goes will help you figure out how to start your savings.
Take a look at exactly where the bulk of your pay is going. If it's not going towards necessity expenses, try to make some serious cuts in your budget.
Do you have a gym membership that you never use? Maybe you even have a monthly subscription like Hulu or Netflix. If you're serious about your saving, you may want to cancel some of the unused subscriptions. This doesn't mean you cannot have any at all, but if there are some that are collecting dust, cancel them until you’re back on your feet.
Many of us get lazy and do not like to pack a lunch for work. We spend hundreds of dollars each month on eating out. By packing a lunch and cutting back on take-out, you can make some serious savings throughout the month.
Of course, at times, it is nice to go out to eat with coworkers and friends. You can still go out and enjoy yourself, however, try to place a limit on how often you do so, and try to use gift cards to offset your costs.
Many people do not leave the house without their magic plastic: their credit card. The more you spend on your card through the month, the higher your payment will be at the end of the month. By limiting the amount you spend on the card, you'll have less to pay back each month and pay off your card much sooner.
Do you run the water while you brush your teeth? Do you turn on the shower 10 minutes before you actually get inside? These things seem trivial but tend to add up at the end of the month. Save energy by shutting off your lights when you're not home, limiting water use, and keeping off the heat as long as you can; you'll slowly see a decline in your monthly utilities expenses.
Many ATMs charge at least $3.00 to take out cash. If you think about it, this can seriously add up by the end of the month. By using your own bank’s ATM, you eliminate the surcharge. Try to take your money out for the week when you are already at the bank. You'll notice some big savings from doing so.
If you need to open a credit card, look into one that offers incentives. Many credit card companies offer cash back for gas, dining out, and grocery shopping. Although you will not see a huge lump sum of money back, it will make a difference through the years.
If you find that these tips are not making a big enough difference in your monthly savings, you have another option. You can always do a google search for, “payday loans.”
This will show loans available in your area that can maybe help to get your back on your feet. You can use your new loan to pay off some old, outstanding bills, and proactively pay for upcoming bills as well.