Building Your Savings

Building Your Savings

WAYS TO BUILD YOUR SAVINGS

holiday written in the sand at the sea shoreHaving some savings is great if you decide to indulge yourself with a trip, but it is also a necessity in case of an emergency. With so many expenses, it may feel like building your savings will not be possible in the near future, but that is not the case.

Here is a list of easy steps that will help you build your savings without big sacrifices.

FOLLOW YOUR OWN FINANCIAL PATH
Do a research of techniques to build your savings, but you must understand that what works for others may not work for you. Create a realistic plan that goes with your actual income and takes in consideration any debt you are holding.

FOREGO THE EXPENSIVE COFFEE
If you are addicted to the lattes from the franchise around the corner, it is probably time to say goodbye. Making your own coffee will helpcup of cappuccino you save money, if you do not feel like making it, perhaps find a shop with a cheaper option and a less pretty barista.

BROWN-BAG YOUR LUNCH
Pack your lunch, it will save you not only money but time because you will have your lunch available at any moment. It is also a healthier way to eat as opposed to giving in to fast food.

DO AWAY WITH IMPULSE PURCHASES
Apply the 72-hour rule, if in 72 hours in will not matter, then you do not need it. Do not subscribe to any service if you know you do not have the time to enjoy it, do not buy the same t-shirt in five different colors, you do not need it.

LOSE THE LAND LINE
If it has been months since the last time someone other than a telemarketer called you, then it is time to get rid of it.

COMBINE ERRANDS
Plan your errands so you can do many things in one day, you will save money on gas and also time.

REDUCE YOUR ENERGY BILLS
Unplug the chargers, do not let the AC on during the day and turn off the lights every time you leave a room. If it’s cold, put on more clothes.

PLAN YOUR MEALS
Planning leaves no room for improvisation, the source of all impulsive purchases. Plan ahead and make a list of your meals for the whole week.

GROCERY SHOP WITH A LIST
With a list and a plan of your meals you will be able to know how much and what to buy.

CUT THE CORD WITH YOUR CABLE COMPANY
When was the last time you turned on the TV? If you use an online streaming service frequently, it is probably a good idea to cancel your cable subscription.

RE-DISCOVER THE LOCAL LIBRARY
photo of a modern library building lit up at early eveningBefore buying those books that you probably will not read, consider visiting the library and borrowing one or two.

TAKE ADVANTAGE OF FREE ENTERTAINMENT
Look for options around you, perhaps the local theatre has a play or they are offering free yoga classes on the park nearby.

KEEP UP WITH YOUR BANK ACCOUNT BALANCE
Checking your bank account constantly will help you know how much you spend, how much you saved and how much you can use to treat yourself.

BUY A NOTEBOOK
Everyday write in your new notebook all of your expenses and review what you’ve written daily so you become conscious of what you’re really spending your money on. Once you’re really conscious of what you’re spending your money on start assessing what you can cut out and what you can find cheaper alternatives for.

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