10 Money-Saving Hints and Advice

 

Although you might not be able to control the economy, you do have some say over the choices you make and the actions you take. Here, courtesy of BALANCE, are many different ways to get a handle on your personal finances.

If you ever have the feeling that it doesn't matter how hard you try, you just can't seem to find a way to cut costs or save money? You have good intentions and make an effort to reduce your spending, but there is always an unexpected expense. When life gets in the way — the car needs new tyres, the adolescent needs braces, and the house needs a new roof — saving money gets pushed to the back burner. Does this ring a bell?

The good news is that there are a lot of straightforward ways to save money and give your budget a breath of fresh air (and fresh cash).

• Maintain an accurate record of your spending. It will be much simpler for you to make adjustments if necessary if you are aware of how your money is being spent. Spend a week or two figuring out where your money is going by using the Fritter Finder form that's available on BALANCE's website.
• Keep your needs and wants separate. Do you really need that flat-screen television with a 42-inch screen? When there is a limited amount of funds available, those funds should not be spent unless it is completely necessary to do so.
• Try to avoid paying your bills with credit if at all possible. Utilizing credit may make things simpler in the here and now, but it will only result in higher monthly payments in the future.
• Put away money frequently. You could have a portion of your paycheck automatically deposited into your savings account, or you could set up a monthly transfer from your checking account to your savings account. Both options are available.
• Verify that your insurance policies are up to date. Examine the coverage provided by each of your plans. You might have too much, in which case you'd be wasting money, or you might have too little, in which case you wouldn't be adequately covered. You can find the best possible coverage at the best possible price with the assistance of Virginia CU Insurance Services.
• Be very careful not to blow a significant portion of your budget on sporadic purchases like vacations and gifts. You might have a positive experience while you are spending the money, but you might come to wish that you had it later.
• When you get paid, have money transferred automatically from your checking account to your savings account. Do not shortchange yourself out of an effective strategy for saving money over the long term, whether it's $50 every two weeks or $500.
• Stop Smoking.No, quitting smoking is not an easy task by any stretch of the imagination; however, if you smoke a pack and a half every day, you could save close to $3,000 annually if you were able to kick the habit. For the first time at least since the middle of the 1960s, the percentage of people in the United States who smoke cigarettes has dropped below 20 percent, as reported by the Centers for Disease Control and Prevention (CDC) — welcome to the club!
•  Consider going on a "Staycation."Even though the expression is currently popular, the concept that underpins it is sound: rather than spending several thousand dollars on airline tickets to go to another country, look in your own backyard for fun vacations that are close to home. If you can't travel the distance by car, look into low-cost airlines that service your area.
• Reduce or downgrade the quality of your services. Do you have the option of purchasing a more affordable cable package or going without cable entirely? If you have a cell phone, you might want to think about getting rid of your land line.
• Make an effort to reduce your monthly energy costs. When you aren't using an appliance or the lights, make sure to turn them off. Invest in light bulbs with a low energy consumption. Use a fan instead of the air conditioning when you can, and put on a sweater when you want to warm up instead of turning the thermostat up.
• Think about registering for an online bill payment service. You will not only save money on postage, but you will also be able to ensure that your payments are received on time. Members do not incur any fees when using VACU's online Bill Pay service.
• Reduce the number of times you order takeout. Even if the meal is not particularly pricey on its own, eating out on a regular basis can really add up. If you eat out once a week and spend $10 on pizza, you will spend more than $600 in a year.

With a goal in mind for the near future, one should "Start Small but Think Big." The fact of the matter is that people are more successful at saving money when they have a short-term goal in mind. For example, setting a goal to save $20 once a week or once a month for a period of six months is much more attainable than setting a goal to save $500 a month for a period of one year. When you reach your short-term objective, you will have successfully established a habit of saving money of which you can be very proud. You'll be able to keep going strong once you set your sights on a new objective.

The fact of the matter is that you don't have to wait for everything to miraculously fall into place before you can start saving money. Warning: you are setting yourself up for disappointment if you wait for the "right time" to arrive before taking action. Right now is the best time to begin your savings plan.

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