Save Big With a Savings Jar

canstockphoto26074840Can a savings jar easily get you in the path of saving a lot of money? Those coins that you find under your sofa can grow significantly over time. The purpose of having a savings jar is for you to stay motivated and stick with your savings plan.

Keeping a savings jar will can help you to set short-term and long-term goals. This is an easy way to put money aside for a family vacation, home renovation projects, or to build your savings.

Here are some methods you can use to reach your financial goals:

 

1. The $5 bill savings plan. This strategy involves saving a $5 bill by placing the money in the jar each time you receive it as change from your purchases. This savings plan can easily be modified to a $10 or $20 bill.

Instead of spending your $5 bill, you should save it and allow it to slowly build up the contents of the savings jar.

If you’re unable to save even a dollar right now, you can always start out by saving your loose change.

 

2. The 52-Week Money Challenge. This method is quite popular among people that are looking for ways to reach their financial goals. This will gradually increase your savings each week of the year. Here’s how to do it:

Get started by putting $1 in your jar the first week of the month. Then add $2 the second week, $3 the third week and so on. Once you add $52 the last week of the year you’ll save $1,378 by using this simple strategy.

Keeping a print or an online calender can help you stay on track of your savings plan. Each week can be labeled at the beginning with the amount of money that you need to add in your savings jar.

 

It may be easy for you to save $1 or $2 at the beginning of the plan, but can be a challenge to save $52 at the end of the year. This savings method will encourage you to think ahead and find ways to save money.

 

3. The traditional change method. Saving your pocket change by automatically placing it in the jar is the most popular strategy among savers. This may seem like it won’t make much of a difference, but this can actually create big results!

Simply add all of your loose change in the savings jar every time you make a purchase.

 

4. The Payday Savings Plan. Consider adding a specific amount of money to your savings jar after cashing your paycheck.

The payday savings plan will also work for couples. You can add a certain amount of money along with your partner each pay period and add it to the savings jar. This always works best if you have a financial goal set in place.

Whether you are trying to save up for a family vacation or a new electronic gadget, figure out how much money you will need to save each month from your paycheck and remember to always pay cash instead of accumulating credit card debt.

 

5. The Inspirational Savings Plan. It works best if you keep a photograph of the item or a specific goal that want to achieve. It can be placed somewhere near the savings jar on the lid so you’ll see it every day. Place the savings jar in the living room or the kitchen counter so it is visible. Including the entire family will produce the best results.

You can add the inspiration photo of a new Smart TV or a romantic cruise to a frame. Simply writing the goal down on a sheet of paper can also be helpful.

 

The photo will serve as a constant reminder of why it’s important for you to stick with your savings plan.

 

6. Start a $20 Weekly Savings Plan. The $20 weekly plan is an excellent alternative to the 52 Week money plan. You can place a $20 bill in the savings jar instead of slowly building your savings throughout the year.

 

Alike the 52 Week Money Challenge, you can track your savings on a calender or chart. This will allow you to save $1,040 at the end of the year.

 

A savings jar is a great way to help you to help you reach your financial goals. Make a commitment today and watch your money grow!

canstockphoto0941498

If you’re constantly left with a few bucks or a zero balance in your savings account, the way you’re handling your finances may be the blame. Unfortunately, you’re not alone in not achieving your financial goals. According to a recent June 2014 survey conducted by Bankrate.com, 75 percent of Americans have no savings and are living paycheck to paycheck. If you are currently in this situation, there are steps you can take to get your finances back on the right track.

Use these methods to stick to your budget and achieve all of your financial goals:

1. Refrain from impulse shopping. Resist the temptation of impulse shopping if it’s your weakness. When you go shopping for an item that you’ll need, take along a shopping list or a responsible friend with you to help you stick to your budget. Only purchase items that you have on the list.

Leave your credit and debit cards at home and only carry enough cash to pay for the items that you need. This will help you to save money at the cash register and also avoid paying interest charges.

2. Find out what causes you to overspend. For example, if you find that you’re always tempted to spend more money when you’ve had a difficult day, only go shopping when you are more relaxed.

3. Recognize what specific items are hard for you to resist. For instance, if there is a particular store or even a website where you have a habit of going over your budget, find a new location to shop. You can also avoid going to certain aisles in the store.

4. Get more organized. Use a new method to organize your important documents and receipts if the bills that you forget to pay seem to pop up after the payment is due. This behavior may have you paying unnecessary money for late fees and interest charges. These expenses can add up very quickly!

Place your bills in a place where you you can easily find it like a folder or binder. Remember to always pay your bills on time.

If you have any magazine or any other subscriptions that’s not being used, cancel it before they are auto renewed. You’ll be amazed about how much money you’re going to save.

5. Shop around for better rates. If you are satisfied with the services from your current service provider, do some comparison shopping anyway. Consider reviewing your expenses and search for ways to reduce the amount that you’re paying for services such as the cable, telephone and even your car insurance. Contact the provider, and ask if you will save money by bundling the services or cut back on features that you hardly ever use. Even though you may not receive a discount, it wouldn’t hurt to ask.

6. Nip your weaknesses in the bud. Review your expenses periodically and see if you can identify areas where you tend to overspend. The most challenging categories for most people are clothing, food, housing, entertainment and transportation. Once you’ve identified which category of expenses where you exceed your budget, seek ways to make smarter spending choices when you purchase things in this particular category.

Changing your spending habits can be very challenging. For example, if your rent or mortgage is taking over your budget, the only solution may be moving to a smaller home or a less expensive location.

7. Seek advice from a professional. If you are frequently going over the budget, seek help from a professional as soon as possible. Most financial planners and accountants offer helpful advice and you will also learn how to take control of your finances. There are lots of free and low cost advice on financial planning and budgeting online. You can also find these services that are provided by churches and local chamber of commerce in your area that offer free or low cost financial planning and credit counseling for their members.

Becoming aware of your spending habits and selecting a strategy to deal with it is the first step to reaching your financial goals. Stick to your budget and you will increase your savings before you know it.

How to Save Money

canstockphoto17525264Are you looking for ways to make your money grow? You may be thinking that it’s impossible to save, especially on your salary. The good news is there are a variety of ways to Save Money even if you’re living on minimum wage. Budgeting is by far one of the best ways to build your savings. How do you create a budget on your current salary? Here are a few strategies you can use to save yourself some money:

 

Entertainment

How much are you spending on entertainment each month? Do you go to the movies every week? Are you meeting with your friends regularly at your favorite restaurants or at the mall? If so, you should try a money saving alternative that may actually be a lot more fun.

If you’re going to the movies regularly, there is a good chance that you are spending more money than you think. After you’ve spent money on your ticket and refreshments your trip to the theater may cost over $20. You can save a lot more money by joining a movie rental club like Netflix. The cost of renting movies is significantly lower than taking a trip to the movie theater. This will also save you money on gas.

 

Invite your friends over instead of dining out. You all can take turns inviting each other over for dinner. Serving home cooked meals with juice, beer or a glass of wine is a good example of how you can enjoy a meal that will cost less than $25.

 

In addition to enjoying dinner together, you can add some entertainment by playing card games, watching sports or just reminiscing. This will allow you to enjoy time with your friends while you’re saving money. You will also have more freedom to do what you in the privacy of your home rather than being in a crowded movie theater.

 

Utilities

Household expenses can be very costly. There are a few ways you can easily save money by simply cutting back. The electric bill is one of the most expensive monthly bills. You can save money by making sure all of the lights are turned off if you’re not in the room, purchasing energy saving appliances and turning on the heater or air conditioner only when you’re at home. You can also spend less time in the shower or purchase an energy saving showerhead to help reduce your water bill.

Are you struggling to pay your cell phone bill? If your monthly bill is too expensive, maybe it’s time to change your plan. You can get in contact with your cell phone service provider and ask if they have cheaper rates available. Another option is to switch to another company. Prepaid cell phone services is also a great option. There are 60, 90 and 120 minute plans. However, this is only good if you don’t talk or text a lot.

Make sure to review your contract with your current provider to avoid paying a hefty amount to cancel the service.

 

What about your cable television expenses? If you have premium channels, then you’re spending a lot of money on your monthly cable bill. There is a great chance that you aren’t watching all of the channels. You can save a significant amount of money by getting in contact with customer service and ask to change to a less expensive package.

 

Insurance

Don’t forget to review your insurance policies regularly to ensure you are getting what you need. Whether you have life, homeowner’s, rental or auto insurance there is a good chance that your circumstances have changed from when you first got coverage. Go through all of your insurance policies to make sure that it suits your needs for the amount that you are paying. Compare prices in your area or search online for better deals.

 

Pay Cash

Always pay cash money for all of your purchases instead of using credit cards. Take enough cash to pay for the items that you need and leave your credit cards at home. This will prevent paying unnecessary money on interest charges.

 

You don’t have to make a six figure salary to save money. Start where you are, use these ideas and even come up with some on your own to get you on your way to financial prosperity.

canstockphoto3162840What is the most effective, reliable and a secure means of managing your money? The answer to that million dollar question is by Opening a Bank Account. The bank is an effective means of cashing your check, managing your finances and  providing a variety of services that will help you build your savings. It is really amazing that many people think it is better to hide their money under the mattress than to put their money in the bank.

Here are 3 key reasons why you should open a bank account today.

 

Build Your Savings

You are required by most financial institutions to maintain a balance in your checking and savings account. This means that whenever you make deductions from your account, some banks will require you to save a minimum amount of money in order to continue using their services. This will lead to force saving on your part, which is a good thing.

Another benefit that’s provided by banks is the fact that you are free to continue adding money to your account as much as you would like. Your money will remain safer in the bank than hiding it under the mattress. For example, if your home is burglarized and the thief get his hands on your money, you will have to suffer the loss. You will be better off leaving it in the bank since most financial institutions are FDIC insured.

 

Build Interest on Your Savings

You are actually earning interest on your money while it’s sitting in your account. What are interest rates? These are payments that are made by the bank to your savings account for allowing your money to stay for a long period of time. Whenever you make a deposit, your bank uses a portion of it in its loan operations where it subsequently will earn interest on the loan. The income that’s receive will trickle down to your savings which is one of the ways that banks are able to make a profit.

The more money you save in your account through your deposits, you will end up receiving a higher return on your savings.

 

Build Your Nest Egg

Banks will allow you to open a high yield savings account. Certificate of Deposits (CDs) and other types of investments will require you to leave your money for a long period of time and the return on your investment will possibly be double the amount than what you would normally earn in a regular savings account.

You should take advantage of their services by speaking with a financial consultant about opening a retirement account. This will allow you to have enough money to live on when you retire from your job. Don’t put this off.

The sooner you build your nest egg, you will better prepared for emergencies and have a financially free lifestyle.

 

You have the option to open a bank account either in your local area or online. Make sure you do your homework by finding out which bank offers the highest interest rates. You also need to be aware of the amount you will need to pay for monthly fees, especially if you choose to open a  checking account. Also check out the amount that’s charged for overdraft fees in case you spend over the amount that you have available in your account.

 

Talk to an advisor at your bank about Opening a Bank Account. They offer a variety of services and your money will be in good hands. Start building your savings today and watch your money grow.

canstockphoto16950235Teen years are an important time for learning the value of money. Even though they are taught reading, math, science and history, it is unfortunate that the educational system don’t educate children when it comes to money management. How can teenagers learn the value of a dollar? For many teens, their idea of earning money is by receiving an allowance from their parents. Some parents give their children an allowance based on household chores while others don’t require their children do anything.

Getting a Summer Job is one of the best ways to teach them about hard work and  becoming responsible young adults. Below are other lessons teens can learn from securing a job during the summer.

 

1. A Summer Job will teach teenagers discipline. If your teen have a habit of staying up late and have difficulty waking up when it’s time for school or other appointments, getting a job is the best way to help them change their behavior.

The best lesson teens will learn is they are required to show up on time at their workplace. If they have a habit of tardiness, some employers will deduct their earnings or they will be terminated. This is an excellent way of learning how to balance their schedule.

An employer expects all tasks to be completed as directed, unlike parents who are forgiving if their teens’ chores aren’t done on time or correctly. Not following directions can mean they are without a job. This is a hard lesson to learn that they will never forget.

A disciplined environment can help your teen to appreciate hard work and the benefits of working in a cooperative and systematic manner. Earning a regular paycheck and gaining confidence will prepare your teen to become a responsible adult.

 

2. Hard Work Pays Off. When your teen is working in a disciplined environment, she will have a better appreciation of the value of money. She will know exactly what it took to earn her first paycheck and will less likely spend her money frivolously.

She will also learn how many hours it took of her labor to earn that money and a sense of accomplishment at being recognized for her hard work in this way.

Earning money instead of receiving it will also give her a sense of self-reliance and experience that will encourage her to take on more responsibility in the home and in the community.

 

 3. It will teach teens to balance their time. They are not adults and will need time to enjoy age-appropriate activities. Summertime is a great time for securing employment, but should be balanced with spending time with family and friends as well as enjoying their favorite hobbies.  For example, they can work a part-time job while participating in piano lessons before or after work.

 

Getting a Summer Job instead of depending on an allowance will teach teens the value of hard work and the value of a dollar. The next time your teen ask for a raise on her allowance, just say “Have you ever thought about getting a part-time job this summer?

4 Ways to Get Through a Financial Emergency

canstockphoto6226763How do you get through a Financial Emergency? Just when you think you are on top of your finances and things are going smoothly, disaster strikes. It could be something as minor as getting a flat tire on your way to work or something big such as job loss or a medical emergency. If you plan ahead, you’ll get through it, even if you are going through hard times.

The purpose of creating a budget is to save money for the unexpected. Most financial gurus agree that everyone should have an emergency fund that will cover their expenses for at least six months. Even if you are doing well with your savings, it doesn’t mean that you should stop adding money to it.

Here are some tips on how to get through a Financial Emergency whether you think you are prepared or are in deep debt:

 

Review Your Budget

Although, you may have enough money in your emergency fund to pay for car repairs, you will still need to prepare yourself in case anything else happens. What if you or your loved ones are faced with a medical emergency that your insurance company won’t cover or what would you do if you were laid off from your job today? You will need to find ways to readjust your budget.

Reducing the amount of money that you spend on your cable bill is a great way to save money. If your contract has expired with your current provider, you can ask for a smaller plan or eliminate the service all together. You can also contact your cellular phone and internet service provider and ask for cheaper plans or find another company that has better deals.

Canceling magazine or newspaper subscriptions can also save you some money. There is a good chance that there are free online newspapers and websites where you will find the same information for free.

 

Earn Extra Money

If you are currently without a job, there are still ways you can earn some extra cash. You can provide a cleaning service, wash cars or provide a dog walking service for your neighbors. If you would like to make money in your pajamas, there are easy ways you can make money online. If you have items in your home that’s no longer in use, sell it on eBay. There is a good chance that someone is looking for that item as long as it’s in good condition.

You can even use your skills to make money as a freelancer. Check out places such as taskrabbit, fiverr, eLance and oDesk.

 

What if you don’t have enough money to cover the expenses?

Negotiate the Payments

If you are faced with high credit card bills or are behind on your mortgage, contact the company as soon as possible. Ask if there is a way that you can pay a lower monthly payment until your financial situation improve. Most companies will work with you, especially if you have a good history of making your payments on time.

If you had a medical emergency that’s not covered by your health insurance company, contact the financial department of the medical facility and ask if there is a way you can pay in monthly installments until it’s paid off. However, if the payment is more than you can afford, find out if there is a way you can send a lower amount.

 

Ask for Help

If you are going through hard times, swallow your pride and ask for help. Find out if there are charities in your area that donate food and clothing. If you have a disability, visit the Social Security Administration to sign up for SSI and food stamps. This will help out with your household expenses until you are able to get back on your feet.

 

These are a few ways to get you through a Financial Emergency. It may seem impossible at first, but if you follow these tips, you will become debt free before you know it.

canstockphoto2014300You have all that Loose Change sitting at the bottom of your purse, in your pants pocket or even find them between the seats of your sofa. What do you do with all of these coins? Do you save it or toss it aside? Saving change may not seem like much. After all, it’s just a few extra pennies here and there. But if you were to collect all of the change and add it up, you might be surprised at how much money will be saved up . It could be enough to take your friend out to lunch or buy yourself something special.

It won’t feel like it cost anything since this money was just sitting and not included in your budget.

Many people often treat Loose Change like it’s not real money. After all, what difference can a few cents make? As a result, it usually end up in the hands of the kids, on the counter or you allow the cashier to keep it. Collecting your change can add up quickly and pay for some extras that aren’t included in your budget.

Think about how much change that you collect in a month, or over a year. Even a few pennies here and there can make a difference and will add up in several months. If you find a way to start saving all of your coins, you could always put some aside for something fun such as a family outing.

The downside to this is your loose change will take time to count, depending on how much you’ve accumulated and it takes up a lot of room. You can easily solve these problems by counting it on your day off from work and by creating a designated place to keep it. Get a big jar and place the change in it until there is enough money to spend on groceries or whatever purchases that you would like to make.

You are probably not the only person in your household who’s spending money and carrying loose change in your pockets. There is a good chance that your spouse and kids have it too. You can increase your savings even more by getting everyone together to participate by placing their coins in the change jar. Place the jar where everyone can find it and put their left over change in the jar each day. You can add it up altogether as a family and plan what to do with it when the jar is full.

Set aside time each week or month to roll the coins that you already have. That way it won’t become a tedious task once the jar is full. Rolling your coins will help you keep track of how much money that you’ve saved.

You will have enough to spend on fun things like going to an amusement park . On the other hand, you can save it for a trip, use it to purchase Christmas gifts or donate to your favorite charity. If your family have a big goal to save for, you should tape a photo of it on the front of the jar to remind everyone to stay on track.

What if you don’t want to spend it? You can choose to let it sit or add it to your savings. Some banks will charge you a small fee for adding pennies or will accept it in limited quantities. Contact them first to find out their policy on depositing change into your account.

Saving your Loose Change will allow you to save up enough money for family outings, vacations and make big and small purchases. The next time you see coins lying around the house, put it in the jar and watch those pennies turn into dollars in no time.

 

 

 

Money Management Lesson For Newlyweds

canstockphoto14516096Congratulations on finding that special person that you want to spend your life with. Now that the honeymoon is over, it’s time for you to learn how to adjust to your new life together. It’s time to set yourselves up for a long and successful marriage. Unfortunately, being lovey dovey isn’t enough to keep a marriage together. Having a financial plan should be your top priority when starting your lives together. After all, money problems are the number one cause of divorce for many couples. There are steps you can take to avoid financial conflicts.

Below are some Money Management Tips to get you on track:

 

Set Up a Budget

Sit down together and list all of your household bills along with your weekly expenses. This will give you an idea of where your money is going and things you will need to cut back on. You can write all of this on a sheet of paper or use budgeting software programs such as Quicken Organize Your Money and Quicken Deluxe. There are even budget planners available that will help you stay on top of your finances. If you accumulated debt prior to getting married, you may want to consolidate this debt and pay it off as quickly as possible.

 

Avoid Using Credit Cards

Many people fall into the trap of using their credit cards for nearly everything right down to their morning latte. Although, credit cards are a convenient way to pay bills and everyday purchases, it can also put you in a lot of debt if you are not careful. You should avoid using credit cards since the interest will be charged to your card each month. Keep the card with the lowest interest rate in your wallet to be used in case of an emergency.

 

Open a Savings Account

Opening a savings account should be a top priority on your to do list. This will get you both in the habit of putting money away for vacations, making large purchases and saving up for your retirement. If you are currently in debt, start placing a small amount of money in your account each pay period until it’s paid in full. This will create your nest egg, which will allow you to buy a house, start a family and to pay for activities that you enjoy as a couple. A savings account will also prevent you from accumulating credit card debt.

 

Pay For Your Purchases In Cash

Paying for your purchases in cash will do two things for you:  First, you will find out how far your money really goes. Secondly, you will more than likely avoid making unnecessary purchases. When you are out shopping, carry just enough cash in your wallet for items that you plan to purchase. The less cash you take with you, the less money you will be able to spend. This will allow you to add more to your savings and retirement account.

 

It is common to have some financial difficulties, especially in the beginning of your marriage. By having a budget plan in place and utilizing the Money Management tips above, this will avoid financial conflicts down the road. Living debt free will allow to you enjoy fun things together and grow your nest egg much sooner than you imagined.

 

 

 

canstockphoto16293157Advertisers are doing everything in their power to get consumers to think as they do. Many of them have our best interest at heart while others do not. Their ulterior motive is to separate us from our money. For this reason alone it is in our best interest to educate ourselves on how to beat them at their own game. Here are methods you can use to become a smart spender and possibly save yourself thousands of dollars on everyday purchases in the long run.

 

First let’s talk about how advertisers are getting us to spend a lot of money at the grocery store. Most supermarkets have weekly sales advertisements appear in our mailbox with buy one get one free and other offers at deep discounts. They even have coupons that are fifty cents to a dollar off the regular price of an item. Many people buy these products because they think they are getting a good deal. What they don’t realize is that they are actually wasting money if they are not consuming it in the first place.

I’m not saying not to use coupons and take advantage of weekly sales. This can actually save you a lot of money down the line if you are a smart spender. Look at the item and ask yourself is this something that you need and will use in the near future. You should use this method with all of your purchases whether or not it has a cheap price tag.

 

Many are lead to believe that popular name brands are better than the generic brand products. You may be surprised that the name brands and store brands often come from the same supplier. The only difference is that one of them is packaged in a fancier box. If you find that the ingredients are the same (after comparing the labels) the store brand is going to be sold at a lower price.

 

What About Purchasing a New Car?

You should also use this strategy if you are thinking of buying a new car. Many car dealers offer a zero percent financing for a new car with no money down. This sounds great. However, you should be really careful by reading the fine print before you sign on the dotted line. The loan that you get from the car dealership will end up costing you more of your hard earned money on the back end.

Of course, you don’t have to finance with a car dealership. You can always shop around for a new or used car within your price range (if you have enough money saved up). This will save you a lot of money down the road.

You also have the option to visit your credit union and talk over terms of a loan. Credit Unions usually have lower interest rates than banks and the car finance companies. Whenever the car dealership offer you a deal on a car, believing that you will finance with them, kindly inform them that you have secured financing elsewhere and thank them for the deal.

Shopping For New Clothes

Many of us love to shop, especially for the latest fashion. Advertisers make consumers believe that we need their products so much that we have to be the first one to get that new pair of their jeans and expensive sneakers. What we often end up with is something that is overpriced when we could have saved money by buying a non-popular brand with the same quality.

What is an average consumer to do?

It doesn’t take a rocket scientist to learn how to be a smart spender. If you are tempted to spend money on an item, there is nothing that you need to buy that can’t wait a week or so. This will give you enough time to make your decision.

You can make that decision based on reading articles and reviews. Also look for better deals and cheaper items that have equal or better quality as the original. Knowledge is power, especially when it comes to saving yourself some money.

 

You will become a smart spender by taking the time to weigh your decisions and find other ways to get what you want and need without breaking the bank. Take advantage of this method and watch your money grow in no time.

canstockphoto9752144Do you find yourself out of money before payday? You are living paycheck to paycheck and you feel like you’re working so hard with nothing to show for it. This isn’t the fact that you aren’t earning enough money. It’s because you don’t know where your money is going. If this is the case you may have a problem with emotional spending.

If you aren’t familiar with the term emotional spending, it is when you purchase things on impulse without giving it a second thought. This spending behavior will possibly get you into big financial trouble. Now this doesn’t mean that you can’t spend money on things that are fun. It just means that you will need to learn how to better manage your finances that you have left over after paying all of the necessary expenses. There are many ways you can control impulse purchases and build your savings quickly.

Some of these ways are:

 

Pay close attention to the things you are spending your money on. Do you shop out of boredom? If you find yourself throwing items in the shopping cart that you really don’t need, this is a good sign that you are an emotional spender. You can avoid this by only shopping when you need something and keep a close watch on what you purchase by writing out a good old fashion shopping list on paper or by using your smartphone.

Don’t overindulge in material things. It’s okay to take your friends and family out to an expensive dinner occasionally or to buy yourself a nice outfit every once in a while. However, if you continuously make this a habit this will become quite costly.

Beware of small purchases. Just because you find items that are cheap doesn’t necessarily mean that you are saving money. Sometimes, this is quite the opposite. If you find yourself buying items on sale but you aren’t using them, you are actually throwing away a lot of money. Whether you are buying cheap or expensive items, only buy things that you need or will use in the near future.

Pamper yourself occasionally. Even though I stated that you should treat yourself every once in a while, it isn’t limited to wining and dining. Get yourself a body massage or even buy yourself a new tech gadget to reward yourself for sticking to your budget. Make sure you plan ahead and save for these items. You will feel much better about it and this won’t mess up your financial security.

Acknowledge that you have a spending problem. Admitting these feelings is the first step to reaching your goal of financial freedom. If you notice these emotions that are making you feel that you need to buy things, you will be less likely to act on them.

Keep your priorities in mind. Focus on your most important goals. For instance, if your goal is to get out of debt, look at making senseless purchases as an obstacle. If you want to make a large purchase such as a new car or paying extra on your mortgage, take the money that you would normally spend frivolously and put it away.

Stay away from retail shops and online stores where you have a habit of overspending. If you find that you spend more money than you need to when you go to the mall or even on eBay, avoid going to those places. Try going out for a walk at the park, take up a hobby or volunteer for your favorite charity.

The strategies above are some of the ways you can build your savings quickly while getting rid of the habit of emotional spending. You can use these methods or even come up with your own solutions to reach your goal of financial freedom sooner than you think.

 

 Page 1 of 2  1  2 »