Sometimes the hardest thing about saving money is just getting started. It’s not easy to start saving, because most of us are stubborn, and we have trouble changing our spending habits.
But don’t fret, because you’ve already taken the first step to ending the month in the black by searching for some solutions. The good news is that there are a variety of easy, simple ways to save money, and the even better news is that you can start right now!
Follow these lucky 7 tips to start saving huge amounts of cash each month.
Record Your Expenses
The most important step to start saving money today is figuring out just how much you’ve been spending, especially on nonessential items.
For one entire month, keep a record of everything you’ve spent. That includes EVERYTHING – every coffee, every newspaper, and every break-time snack you purchase, for the entire month.
Map it all out on an Excel spreadsheet (or something similar), tracking what you spent on essential items like Food and Groceries, Mortgage or Rent, Bills and Transportation, but also figure out how much you’ve blown on Luxury Items like Gifts, Clothes, Entertainment and other nonessential expenses.
You might be shocked at just how much you wasted on things you didn’t need! Many people find out that simply figuring out what they’ve been spending creates enough of a wake-up call to start culling their spending habits, and saving some serious coin.
Make a Budget
Now that you’ve got an idea of what you’re spending, it’s time to build a budget so that you’ve got a plan, and a way to limit over-spending next time around. There’s no better way to start socking money away for a rainy day than by limiting yourself to a tight budget, and sticking to it.
Remember to include regular expenses that don’t occur every month, like paying for your car insurance, registration, oil changes and other maintenance issues, or you’ll find yourself creating something totally unrealistic that can’t possibly be stuck to.
Be a realist, don’t expect that you won’t be able to spend a single cent on entertainment, but limit yourself to some reasonable number that works for your income level.
Learn How to Coupon
Find out how to save money with coupons, then start doing it right away!
Did you know that clipping just a couple coupons a week could end up saving you hundreds of dollars a year? Get into extreme couponing and you might be able to keep thousands of dollars in your bank account.
Coupons traditionally come from newspapers, magazines and other print materials, but these days you can also find excellent offers far more easily by taking your search online, and looking for things via Google.
Check out the big coupon websites dedicated to providing free offers to their fans and followers, sign up for some email newsletters that announce new deals, and start saving today!
Biking and Carpooling
In many areas, this won’t work, as virtually all suburbs require a car, but in some places you might be able to get away with a significantly cheaper alternative – your bike!
Where biking isn’t an option, try carpooling. Think about how much you could stand to save by reducing those expensive gas bills each month – for most Americans it’s a couple hundred dollars per month, at minimum.
Just because you’ve got a car, and even if you need it for work, doesn’t mean you can’t start biking locally either! Whenever the opportunity presents itself, try riding your bike or hitching a ride with a colleague, spouse or friend so you can save some cash, and the planet while you’re at it.
Consolidate and Pay off Debt
If you’re carrying any debt, the first step to getting your finances in order is to get rid of it by paying it off quickly.
The longer you’re in debt, the more it ends up costing you in the long-run, as interest charges will quickly eat into your account.
Consolidate high-interest rate debts into lower interest rate loans, then pay them down with whatever disposable income you’ve got at the end of each month.
Remember that any money paid in interest is essentially money you could have spent on investments, so don’t waste your hard-earned cash making other people rich, unless you’ve got absolutely no other choice than to carry that debt.
Entertain at Home
Almost every activity at home is less expensive than going out.
Skip the club or the bar and invite your friends over for a cocktail party, cookout or potluck meal instead, then play some cards and enjoy your massive savings!
Some people have forgotten how much fun it can be to stay in, but one great party and everyone will be back on track to finishing the month in the black.
Costs are low, and once you’ve played entertainer, your friends are likely to reciprocate with an invitation of their own at some point in the near future as well.
For family entertainment options don’t forget that most children, and especially young ones, can be entertained quite cheaply at home.
Chuckie Cheese isn’t necessary when you’ve got arts and crafts supplies that let their creativity run wild!
Make a game out of ordinary stuff around the house, like tossing pennies into a jar, or just playing cards or an old board game, and soon you’ll realize that what your children want most from you isn’t money, but time and attention.
This isn’t just a cheaper way to live, it’s a more fulfilling, more interesting, and more loving way to do it as well, so don’t neglect this simple, yet powerful money saving tip!
Unplug
Don’t forget to unplug appliances when they aren’t in use.
Stop wasting power (and money) on the TV, computer, toaster and cell phone chargers which suck energy whether they’re in use or not.
Turn off the lights when you leave a room, switch to LED lightbulbs, install dimmer switches, and keep that thermostat at a reasonable temperature.
You’d be surprised just how much of a difference these simple solutions can make!
It’s an easy thing to forget thanks to the mad dash that modern life has become, but keeping utility costs in check is an immediate way to both saving money and reducing our carbon footprint at the same time.
Car Capital Financial
Whether you end up incorporating some of these ideas, or all of them, you should have no trouble seeing your bank account start to grow in no time at all.
However, if an unfortunate incident should arise and you need emergency cash assistance, then keep in mind that you can always give Car Capital Financial a call to get a low-interest, secured personal loan.
We deliver car and other vehicle title loans within minutes of receiving your call, providing you with cold, hard cash, and requiring nothing more than temporary possession of your vehicle’s title. Title loans are issued based on the borrower’s ability to repay the loan.
Call us at 1-888-500-9887 to find out if one of our safe, reliable and affordable auto title loans would be a good fit for your financial needs.