Savings Strategies That Work
Putting a little money aside every month can be hard. This is especially true if you are already on a tight budget. But, with a little discipline, you can quickly accumulate a nest egg that will be there for you in the case of an emergency. The peace of mind you gain by cutting back here and there in order to save is well worth the effort.
Some savings strategies that are tried and true, and actually work, are:
- The $5.00 Plan: this strategy requires you to save every $5.00 bill you receive. Whether it is change for a purchase, or a gift from grandma, put it aside. In about a year’s time you can save close to $2,000.00 with this strategy.
- Save every week: on the first week of this plan, save $1.00, on the second week put aside $2.00, and so on. By doing this, you are able to set small amounts of money aside, but those amounts quickly add up to significant savings.
- Go to trade schools for dinners out, haircuts, and other professional services. Many schools offer discounted or free services, because they are performed by students. This is a win/win situation, you get to save money and the students get to learn.
The key is to pick a plan that works for you. If you are unable to commit to saving every $5.00 bill you receive, try something else. You can also combine more than one method of savings. The benefit to having a savings is that when something unexpected comes up, you do not have to resort to credit or go to family and friends to borrow money. For more information on savings, budgets, and how to take control of your finances, call our office. We are here to help you reach your financial goals, and can offer legal solutions when you have exhausted other remedies.
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