Tightening the Purse Strings - [website] Published: 16th of Aug 2011 by: Miss Knowitall
As the economy moans and groans it’s way back to stability, as more and more people are forced out of work and as inflation pushes prices higher and higher...
... there has never been a better time to save than right now.
We cling to our jobs with uncertainty and relish every paycheck, but how many of us are actually saving and are we saving as much as we can?
The answer is probably not many, and no, we aren’t saving as much as we could. But many of us find it difficult to save – there are payments to be made every month, food to buy, clothes for the kids, school fees – and as a result we live from month to month praying for payday to hurry itself up.
If you find saving difficult try out some of the following saving tips, and watch your money grow:
1. Keep a jar for spare change. It seems small, but collecting the change from the bottom of your purse every day instead of spending it can amount to quite a sum at the end of the year.
2. Automate your savings. Set up a direct deposit so that a fixed amount is transferred to a savings account every month instead of you deciding what to save later on. This way you can budget with the amount you’ve got left and are disinclined to make withdrawals as the charges go up.
3. Budget properly, and stick to the budget! Make sure you factor in a few fun things though; saving doesn’t have to mean utter boredom.
4. Contribute to a retirement plan. Many companies have schemes whereby both parties make a contribution to a retirement fund – find out about these.
5. If you’ve reached the point where you’re ready to start selling some old things for spare cash, consider doing it online. This way you reach a much broader audience (than say, your front yard) and are more likely to find people who truly appreciate the things you are selling.
6. Cancel subscriptions that no longer appeal to you in the same way they used to. Who hasn’t, when they were a bit more flush (and carefree), decided to do something that never took hold? Whether it’s Gardener’s Weekly, House and Home or Gnomes Galore, ditch the old subscriptions and save the money instead.
7. Eat in. Instead of going out for a meal, cook at home a bit more often.
8. Lastly, avoid being ripped off – whether this is at the movies or a too-pricey restaurant – rather find out when these places have specials. Many cinemas have a specific day when it’s cheaper to go, or rent the movie at watch it at home.
Apart from this, just watch what you spend! After all, it’s not what you earn that matters but how you spend it.
