Saving money can be a difficult thing to do, but it’s a challenge that is well worth your time and effort. A lot of the things that you need to do to save money can be tricky and are not always practical for everyone to achieve. But with this in mind, here are 5 of the easiest savings challenges that will help you save over $1,000.
A Budget is the Key to All
I’m willing to bet more than I have that each of us has a rough idea of what we bring in and what we pay out in terms of our finances. Maybe on a weekly basis, maybe on a monthly basis. We have an idea, however sketchy, of our financial picture.
So the first thing to address is your budget. Get specifics. Get statements and go through them. Go through them thoroughly. Here and only here lies the secret to straightening up your financial situation.
Pay Those Bills as Soon as You Get Them
So here’s the thing… You’ve just got a hold on your debt. You’ve got it handled and it wasn’t as bad as you expected it to be. You’re doing great.
But here’s the other thing… You don’t want to be gathering more debt as you pay off the old debt. Pay your bills as they come in or better yet, set up automatic payments so you never miss one!
Smart Shopping Savings
The weekly grocery run can be a big drain on resources. Even a small family can rack up quite a bill buying food and other essentials. But the chances are that there are loads of ways you can cutback on this necessity.
Take a look around at different supermarkets and grocery stores. They are competitors and they are in competition. This means that there are bargains to be found and savings to be made. So the next time you shop, don’t just go to one place, look in the ads and find the best deals!
Last Side Note: Also make sure to stick to a list (meal planning is key here) and don’t go shopping hungry.
Plan Your meals
Try not to waste food and save your leftovers. There are clever savings to be made on this front. Use a bit of creativity and plan your meals. These savings will help you throughout the weeks and months.
Save Money for Nights Out
Nights out with your friends are fun. Going out for dinner is great. But just bear in mind that if you are spending then you’re not saving it. Moderation is the key to most things and finances are no exception.
So one of the best things you can do is set back money throughout the weeks for outings that might pop up (like a friend’s birthday or anniversary).
Careful with the Credit Card
One of the best ways to make sure that you don’t spend too much is to avoid credit cards. So in order to save more for your $1,000 goal, make sure that you’re using cash. When you use cash, you’re more conscious of how much is leaving because you’re watching it go out of your hand at the cash register.
Are You Getting the Best Deal?
You need to be making sure that you’re getting the best deals from your different plans. So whether it’s your internet bill or another monthly payment, start doing a little bit of research and seeing how much more you could be saving if you went with someone else.
These top five tips should get you well on your way to saving $1,000. It’s usually the most basic things in life that help us get ahead. So try these out and let us know how much you were able to save over the weeks and months!