A lot of people talk about saving but few people actually do it. It takes discipline to save for anything you might want or even need. The hardest part about saving is putting off something you might want now for something even better in the future. Our society today has caused this notice of must having what we want now and not putting off until tomorrow.
This has cause many people to get into debt and hurt their financial future and that of their kids as well, because when you fail to save you are putting you and your family at risk. If there were to be an emergency that you didn’t have the money to cover then you will most likely have to put that expense on credit, borrow the money, or do without which can be even worse depending on the emergency. Below we will discuss five strategies for saving for the future.
1. Develop a budget – To start you have to develop a budget for yourself and your family and stick to it at all cost. You can not spend everything you make every month or you will be living paycheck to paycheck. You should always have enough money to last you six months if you lost your job today. So set a budget based on the budgeting post we discussed and stick to it.
2. Minimize credit card use – Credit cards should be only used in an emergency or used on purchases that you know you can pay off in a month. If you can not pay off the balance in one month then you will be paying double the purchase price if not more in finance charges. So think long and hard before you use that credit card if that purchase is worth it and if you can not pay it off in a month leave it there.
3. Do your research – Before purchasing anything large you need to do your research and due diligence to make sure you are getting the best price. Also you need to check to make sure this is something you really need at the time of purchase or if you can wait and save more money to be in a better position to buy it. Browse the internet to see if you can find a better deal and see if you can possibly negotiate the deal down to something more manageable.
4. Buy in bulk – Oftentimes when you buy in bulk you save more money then buying items one at a time over a longer period of time. So when you have must have items like paper towels, toilet tissue, etc. it is usually better to buy in bulk so you can save more over the long run.
5. Take out money – One of the best ways to make sure you stay within your budget and spending limits is to take out the exact amount of money you need for expenses right at the beginning of the month or when you get paid so you do not see the extra money. If you put the rest of the money away in a savings account or other money market account then it is not easily accessible and you might be more inclined not to spend that money.
These are just a few strategies to help you save more money and be a better steward over your finances. In future post we will get into more strategies to help you become more financially secure. If you have any questions about this or any other post you can leave your comments below the post or contact us through email and we will be sure to get back with you.