Saving Money When You Don't Think You Can
With the global economy at a plateau, many people who've been counting on its
recovery to alleviate its effects on their finances are finding it even more difficult to save money for debt payment, investments, and other things that can strengthen their finances. Seniors are one of the groups hardest hit by the economic standstill, as they no longer have the purchasing power provided by full-time jobs.
In a time when you no longer think you can find things to do to save money, there are always other ways to stretch the power of your dollar. You can strengthen your nest egg and move towards a better retirement by saving more money (even when you don't think it's possible).
Try your best to eliminate debt, or reduce it as much as you can. You'll find the effects of debt on your monthly or yearly budget by listing down how much of your cash goes to payments for interest or penalties for delinquent payment. Since credit card debt is one of the most widespread debts, you can probably cut down on how many credit cards you use to a couple, and use the few that you have for essentials.
Speaking of essentials, you can narrow down what you spend on if you cancel services or purchases that you can live without. It's not going to be comfy living without utilities such as electricity, water, or heating, but you can slash how much you spend on these necessities. Instead of draining and refilling your pool or hot tube twice a month, you can do that once a month, and get a swimming pool or Jacuzzi cover to save on water bills. You can also bundle up in cold weather so you won't have to turn up the thermostat way too high.
One of the things many people really need to manage is impulse spending. You're probably thinking that you deserve a reward from time to time for your prudent spending habits, but purchases like this can make a huge dent on your money. Postpone these purchases until you find that you've saved enough and have ample, regular income from whatever sources before you buy that new television or mobile phone.
You can always find ways to save money when you think you can't. Make savings one of your top priorities, change your spending habits, and pad your savings accounts with windfalls from an inheritance, tax refunds, or a lump-sum payout. You'll never have enough money in your savings account if you don't start saving up.
by: Carina Smith
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