Saving money is something that we all try to do, but some are more successful than others. Without a savings plan in place, we can run into urgent situations where we need emergency cash, which isn’t always so easy to find. Of course, there are always reduced interest title loans available for anyone, or bad credit loans, but the best plan is to save money so that when the need arises, you have the instant cash that you need.
Here are some of the favorite tips that professional finance officers give their clients to teach them to save money.
Hide the Money from Yourself
The simplest way to save money is to hide it from yourself. That could mean an envelope under your mattress with the excess cash from your last paycheck, but it more likely means that you ask your employer for help. Your employer can automatically deduct a certain amount (or percentage) of each paycheck and dump it directly into an interest bearing account for you. Another option is for you to have a standing order with your bank. Ask your banker to automatically take a certain amount of money from your checking account each week and drop it into an interest bearing savings account. Close the savings account for long periods so you can get the highest rate available on interest.
Find the Holes in Your Bucket
Look at your current lifestyle to see other areas where you can cut back and save money. Find the holes in your bucket and then close them to have more extra cash to save. Start in the morning and travel with yourself throughout the day and make notes about the money you spend on a daily basis. Begin with your morning coffee. No one wants to deprive you of a good cup of java to get you going, but can you save money by making it yourself at home? You can buy a thermal cup that doesn’t spill and take your coffee with you straight from home. Think that won’t save you money? Think again! If you’ve been buying your coffee out every day, multiply that money by the number of days you work each week and come up with a weekly total. Multiply that by 52 and get how much you spend a year only on your morning coffee. If you buy your coffee out, there’s a good chance you’ll buy some sort of goodie to go with your coffee. All of these things add up to a considerable sum of money when you look at annual totals. Let’s not pick on coffee habits, but let’s do look at ways we can save by taking things from home. Whether it’s coffee, cold drinks, lunches or snacks, you can save a lot of money when you don’t buy them outside.
When you do need to make a purchase, do some comparison shopping to make sure you’re getting the best price. This is easiest to do on the internet, but you can also scan the weekend newspapers for specials on items you need. If there are coupons, clip them and put them in your wallet. When you start saving money on everyday items, you will have extra cash to put into an interest bearing savings account.
When opening a savings account, be sure to compare rates. There can be large differences from one bank to another in interest rates. If you don’t have enough cash, another option is to apply for a car title loan and get instant cash. If you don’t need it for emergencies, you can save it in your bank account.
