Money Saving Schedules: 6 Tips For Getting Money In The Bank
There are many reasons why we save money. At times, we save money because we are planning for a big trip. Sometimes we save because our homes need repairs. Other times are savings goals are more long-term in nature. Whatever the in goal is, the steps that we need in order to get there are the same. The following are 6 steps that a person looking to save money can use:
Take Money from Entertainment and Put It in the Bank
Every single year American spend thousands of dollars on entertainment. For many, their cable bill alone is more than $1000 annually. Add to that the money spent on a gym membership they do not use, magazine subscriptions that they do not read, and a DVD subscriptions that they never use and it is clear to see how money spent on entertainment goes to waste. Why not take the money you’re paying for entertainment that you do not use and put it into your savings account or into a five-year CD. You will be surprised at the results.
Do You Really Need to Go to the Mechanic?
One of the biggest expenses that people have is their vehicle. For some things a trip to the mechanic is unavoidable. However, for other things a simple search on Google or a YouTube video can show you how to do them yourself. Take the money that you would have paid in labor and pay it to yourself by depositing it into your savings account.
Do Not to Buy New When Used Will Do
This principle applies to many things, but it especially applies to purchasing automobiles. New cars lose almost 40 percent of their value in the first two years. This means that if you buy a vehicle that is just two years old it will still have low miles and you will be able to save up to 40 percent on its cost. Just think what putting that much money into your savings account could do for you.
Check Your Credit Score
The lower your credit score, the higher the interest rate are going to pay on every single loan you take out. Periodically checking your credit score will help you to see if there any negative marks against your credit that are unwarranted. If you need help repairing your credit and thereby lowering the amount you pay in interest every single month, you can visit CreditRepair.com. There are many resources online that offer great solutions to raise your own credit score.
To Eat out or Not to Eat out, That Is the Question
If you spend just six dollars a day eating out, this means that over the course of the year you will spend approximately $800 just eating out for lunch. If your husband or wife does the same thing, were talking about $1600 spent just on eating out. Why not save money by bringing your lunch to work? In just a few years time you will have saved enough money to go on that dream vacation.
Quit Smoking
With the average pack of cigarettes costing more than six dollars per pack, a person who decides to quit smoking can theoretically save themselves in excess of $1000 every single year. In addition to the money saved by not purchasing cigarettes, they will also save themselves money that they will have to pay out in the future because of the medical expenses associated with smoking.
At first, taking steps to save money may seem like it requires you to make huge sacrifices. However,when you start to see the money accumulate in your savings account and you are able to achieve some of your short-term and long-term goals, you realize that every single one of the sacrifices is worth it.
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Category: Family Finances
