Finding Money To Save - When Your Budget Is Tight
Sometimes it seems impossible to put a little money away for a rainy day when you barely have enough to cover the bills
. Chances are you can find a place in your budget to squeeze a bit tighter. As Benjamin Franklin said "a penny saved is a penny earned". Even if it is only a small amount, it is better to save a little and watch it grow than nothing at all. Discipline is important when it comes to squeezing your budget. Examine your expenditures for things you could possibly do without. Find ways to decrease what you do spend. Lastly, put that hard saved money somewhere where you will not be tempted to use it for frivolous things.
The line between needs and wants can get fuzzy sometimes. Really think about your standard of living and the reasons you spend what you do. If shopping is therapeutic for you, it is time to find a new stress reliever. Don't completely cut fun out of your budget. But you can decrease the amount you spend on fun by going to the matinee instead of an evening showing at the movie theater. Check out your local library for entertainment. Pack a lunch for work instead of going out. Finding money to save is easy if you look carefully.
Finding money to save on your needs is easily done as well. Make a menu and shop for only the groceries you need. Eat before you go or you will be tempted to buy costly snacks. Shopping for clothing and other non-food items at garage sales or thrift stores saves a bundle. Take care of your car so that it will perform efficiently, or take public transportation. Review bills for unneeded services and cancel them. Cut down on subscriptions to magazines and newspapers. Clip coupons to save on items you buy. Search the internet for deals and savings. Refinance your mortgage or relocate to a less expensive apartment.
When you begin finding money to save, make sure that you have specific goals in mind. Dedicate an account to saving for a house, car, or other worthy goal. Don't be tempted to use the money for something else. Emergencies arise, but don't sacrifice your pinched pennies. Creatively find another way to take care of emergencies. Putting your savings into interest earning accounts helps your money to grow. Many higher yielding accounts make it harder for you to withdraw, adding a safety margin to temptation.
by: Joe M Caterisano
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