More Tips To Save Money
Whether times are good or bad, most everyone could use some tips to save money. Most would agree however, times are more bad than good and now more than ever is a great time to learn everything you can about saving money.
Extreme times call for extreme measures, here are some things I’ve done to stem the tide.
1. Track your expenses-Unless every single one of your bills is already known precisely down to the dollar, you have to figure out a way to determine where your money is going. Surprisingly few people even have a clue where most of their money goes. Take thirty to sixty days and write down every single dollar you spend on paper. No matter what the money is spent on, write it down. This will be a little cumbersome at first but in a week or two you should have it down.
2. Budget- I know, the b word, but like I said, desperate times call for desperate measures and to be honest you should be doing a budget anyway. I prefer a zero balance budget which is a budget that has you giving a name to every single dollar, every single month, before you even get paid. In other words you spend your money on paper before you spend it in real life. The benefit of this budget is even when you earn extra money it still belongs in a certain category helping you to eliminate compulsive spending. Using a percentage of your income, say ten percent for example, for savings stays the same no matter how much you make.
3. Analyze- Once you get the hang of budgeting, it may take a few months, now it is time to analyze your weaknesses. At this point it will be painfully obvious where your money is being drained from. If you notice some serious expenditures on your entertainment budget then it will be obvious where to make the first cuts. Continue to analyze until you reach a zero balance on your budget sheet, no negatives.
Here are some final tips to save money.
Consider moving closer to your job.
Eat out less or not at all.
Rent movies instead of going out to the movies.
Eliminate your car payments by selling your car and buying an older one.
There are endless tips to save money out there if you are willing to do a little research, and I bet in the long run it will be more than worth it.
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