Business & Finance Finance

Saving Money Is Hard - How to Make It Easier

Saving money is one of the most challenging responsibilities for most of us.
The reasons of saving money may either be for a big investment, for retirement, education for your children, or for contingency purposes.
However, the present economic situation poses some blunders for this intention.
This situation will gauge our capabilities to focus more on the goal of saving by taking some measures like cutting on some of our daily expenses.
Be conscious on the items that we buy and the need to prioritize expenses that you are obliged to pay.
The following tips may effectively improve your lifestyle to achieve your goal in saving cash: Pay all debts first.
Scheme and calculate your monthly expenses when paying debts.
There is no better way out than to free up money the fastest way than killing your debts.
Paying in amount you can afford is better than never to pay them at all.
Save.
This is an excellent method for short term goals.
For instance, if you want to purchase a laptop, make a good canvass first; or if you want to buy a car, it is wise to determine how much you should need for a down payment.
Retirement is a long term goal.
Plan a lot and figure out how you can live comfortably for the rest of your retirement years.
For you to be able to achieve these goals, it is also important to consider just how much investment you will need.
Pay in cash.
An average consumer who pays in cash usually saves around 16% compared to when credit cards is used.
This is because you tend to spend less when using cash when shopping.
With credit cards, it is easy to justify other extra items you bought that aren't really necessary.
Moreover, if you have an existing credit card, try to call your credit card company and let them know of your purpose.
Try to be creative and inform them that you wish to transfer your credit card balance to another credit card company.
That way, you might be able to convince them to cut the interest rates.
Cut down expenses.
Maintain a weekly or monthly record of all your expenses.
This will depend on how much you need to save.
Make a list of all your priorities and set a rule to purchase only those that you really need.
For instance, instead of purchasing expensive items, look for stores with seasonal clearances, discounts and consignment shops.
You will be amazed of the great deals you can get.
Bank Savings.
When saving money in the bank, look for banks that impose no fees on checking accounts and open an interest bearing account instead.
When using your ATMs, withdraw from bank branches and not from other banks, or you will be charged $2 to $4 for service fee on withdrawing your own money.
Amortizations.
Pay your amortizations ahead of time.
When the mortgage company offers a rebate on amortizations settled on time, avail of this.
Rebates are as much as 10% of your total monthly amortization which will give you a lot of savings.
Bargain with your present loan company, if any, for interest rates, surcharges and penalties.
Most of these companies can get flexible in their terms and conditions.
Dine at Home.
As much as possible, avoid eating out frequently.
Have you meals prepared at home, instead.
This will save you a lot of money since the food you cook is shared with the whole family rather than ordering individually.
Simple procedures such as switching off unnecessary lights and taking the public transportation once in a while can greatly contribute to the savings that you want In these tight times when the economy is in turmoil, saving a little can actually make a big difference.
You just need to take an extra mile of discipline and determination to achieve this goal.

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