Save the Day: 5 Tips to Build Your Savings

Tuesday, September 3, 2019, 6:00 AM | Leave Comment

Regardless of age, saving money is something everyone needs to do. In fact, the younger you start, the better off you will be.

Unfortunately, building a nest egg is sometimes easier said than done. In between student loan debt and ever-increasing cost of living, it might seem like a losing battle.

If this feeling is all too familiar, below are 5 ways to start saving for your future.

Save the Day: 5 Tips to Build Your Savings

  1. Every Penny Counts

    Even if you only have a few extra bucks, you need to start saving it instead of spending it. It’s tempting to say that you’ll do it next time, but when the next time comes and you’re still not saving even $10 dollars a week, it’s not a good sign. When it comes to building a nest egg for retirement, every penny counts.

  2. Take a Look at Your Budget

    You’d be surprised how many people pay for subscription services that they never even use. For example, if you rarely watch television but you’re dropping $100 a month just in case you want to watch a show or two, you should disconnect. Today, you can watch everything from local news to box office smashes on your computer, for a fraction of the cost. Hulu and Netflix are two great options if you want to keep your entertainment while reducing your monthly cable bill.

  3. Follow the Snowball Method

    Credit card debt adds up fast, so if you’re saddled with high-interest rate cards, you need to tackle them one at a time. Pay off the cards with the highest balances and then move onto the next. You’ll be surprised how quickly you can pay off your debt when you have a strategy. Then, you can put the money that you aren’t paying in interest into your savings account. If you’re overextended and can’t get a handle on things, debt settlement services can help you get your financial situation under better control.

  4. Plan for Your Future

    It’s never too early or too late to start saving. If you’re under 30, now’s the time to save as much as you can. While this might mean missing a Sunday brunch or two, it’ll worth in the long run. Having money in the bank, in addition to being debt-free, is far better than a meal you could probably make at home anyways.

  5. Be a Discount Hunter

    Long gone are the days of when using coupons or Groupon is frowned upon. Nowadays, it’s the best way to save money while still doing things you like to do. If you love eating out, Groupon offers a myriad of places where you can literally eat two for one. If you enjoy grocery shopping but just can’t afford it, sign up for bonus bucks at your local market. You can also clip coupons that you find in the Sunday paper.

When it comes down to it, there are tons of ways you can save money and still be able to do things you enjoy. All it takes is a little financial planning and maybe one less latte here and there to secure your financial future.

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