$ave Until it Hurts

Give yourself a reason to save, set goals and when they are met shoot for bigger ones. Challenge yourself each month, if you start with $50 one month the next month aim for $100 don’t worry your system will adjust to it. It’s nice to go out to eat but at the same time it’s a money grabber because one night out can cost you 2 weeks of groceries.

From experience the more you save the more you will want to save. Imagine if you could pay your phone bills from the interest from your saving. Start with little things and if you keep it up you’ll end up paying your electricity, water and fuel your car with interest from your savings while your capital is still sitting there.

If you doing this instead of saving $50 you will be able save $100 because you won’t have to worry about paying certain bills anymore. Start small, don’t get discouraged because no matter how small the saving it over time it will multiply if you stick to it, things like that doesn’t happen over night.

I can assure you it will grows and your bank account will thank you for your hard work. To know where to go and what to do check my previous topic which is all about the banks that pay a decent interest.

Once your saving start reaching around $25000 you will see the fruit of the loom which will encourage you to save more. Save until it hurts save from the pennies to the dollars spare changes do adds up.


Unnecessary $pending

Saving is easier said than done, it’s been proven that by cutting your spending you can increase your saving account. The best way to start the saving process is by cutting a lot of unnecessary spending in your budgets. I know you probably already asking yourself what’s consider as unnecessary spending?

Here is a few: The first one, I call bring your lunch to work. Ordering daily lunch can take a toll on your paycheck spending anywhere from $10 to $15 a day, I know that amount on lunch might not seems much but that’s about $75 a week and that accumulate to $3900 a year. There is an easy solution to that bring your leftovers from last night dinner to work for lunch. It’s always cheaper to cook your own meals.

By doing that you can put away an $1300.
Second: stop buying coffee every morning, a cup of coffee can cost you anywhere between $2.00 a cup, times that by 5 days a week times 52 weeks give you an extra $520. Instead how about you make your own coffee, I know it takes more time but if you think about it that extra gallon of gas it will take you to get to that coffee shop whatever you don’t spend goes straight to your savings.

Third: when you go grocery shopping make a list before you leave the house. And most people said not to make that list while you are hungry. Most importantly when you get to the store stick to the list everything else can wait. Don’t buy stuff you don’t need to stock at home only to expired instead put that extra cash to work to collect what I call honey from the bee = compounds interest.

Don’t spend without planning before buying something do the math when you get pay hourly everything you buy cost you time if you making $15 an hour and you finally found that dress or that pants you been looking for but the downside is it cost $90 now don’t get me wrong you sure can afford it but is it worth 6 hours?

When buying things it’s easier to swipe the multiple cards in your pocket book or wallet, instead try paying with cash, and try not to carry too much cash because it becomes harder to spend specially when you are buying stuff that’s over $100.


$aving: Duo Or Solitaire?

Saving as an individual or as a couple?
Individual saving is really easy, where you set your own goals and manage your expenses. In the other hand saving as a couple can be really hard specially when the two partners don’t have the same income, don’t spend together, and do not have common goals.

In most relationships there is a spender and a saver. It’s always beneficial when the wife is the saver. As she will run a really tight budget. While living comfortably below their means.

Everybody can consider themselves financially independent on their own terms. Being able to save $150 a month almost have the same effect as someone is is putting away 3 times of that. As they don’t have the same expensiveness. It’s all depends on what you saving for what are your expenses and the type of lifestyle you living.

Putting away $150 a month while your your mortgage it’s $1200 means in two months you save a quarter of your mortgage. While the person saving more than you have different lifestyle and bigger mortgage. It doesn’t matter how much you put away monthly as long as you try to increase it as much as you can, it calls saving for a reason it’s a process you build little by little.