How to start saving money
Savemoneyhound.com finds some easy ways for you to start saving money now!
If you have been thinking about saving money whether it be to save a deposit on a house, to buy a car, or to go on that special holiday, now is the time to start saving money.
First of all, set yourself a goal and decide how much you need to save. Once you have got a figure in mind, decide when you want to save this money by.
Look at your goal. Is it realistic? Is it achievable? Are you feeling motivated to save that money?
How badly do you want to save money for that deposit on a house, for that new car or for that special holiday?
Break down your savings into chunks.
Get a calendar out and mark the date when you aim to save that money by. Mark with say five gold stars your target date when you will have saved that magic figure. Look forward to a celebration if you achieve that magic figure. This will be your happy day when you reach your goal.
Work out what you would need to save every week to reach your goal.
Brainstorm and make a list of ways that you can save money and put a rough dollar figure against each item in terms of how much you think you can save.
Review the items that you have listed. Are these items places where you can save money?
Your list could look something like this:
Buy coffee twice a week rather than 5 times a week.
Buy takeaway food once a week rather than 3 times a week.
Catch public transport instead of driving. Save gas bills.
Buy clothes only when they need replacing.
Do not buy the latest CD or DVD when it comes out.
Cut down on your grocery bill for the week.
Place a dollar item against each of the items.
You may wish to place the money you have saved in a special account that earns reasonable interest so that you can have the satisfaction of watching your savings grow.
After a month see how much you have saved. Are you on track with your savings plan? Do you need to save more money?
Have a look at the ways you are saving money. Are you saving as much money as you thought? If not, review your list again and see whether there are any other ways that you can identify to save money.
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