3 Ways To Start Saving Money

3 Ways To Start Saving Money

by Frank Griffin

 

 

 

 

 

 

The average American has less than $1,000 in their savings account. We all know we need to save, but not that many of us are.

Let’s take a look at three definite ways you can start saving money – starting now.

#1 – Managing Debt

An important step in saving money is to manage the debt you have. One of the best strategies to do that is by consolidating all your credit card debt.

It’s an easy process. You can do it yourself by transferring the debt from all your cards – to the one card that has the best rate. If that’s not an option, there are plenty of third-party companies that specialize in debt consolidation. Shop around and find one that will give you a rate lower than what you’re paying now.

If you don’t have any credit cards – congratulations – you are one step ahead of the game.

Less debt = more savings.

#2 – Minimize Expenses

“The best thing to do when you find yourself in a hole is to stop digging.”
– Warren Buffet

The one thing that you can control is what you’re spending. Minimize a few of those things and you’re on your way to saving more money.

Not eating out as often – don’t forget the little details: the coffees, donuts, and snacks add up.

Canceling some of your subscriptions – are you really using them?

Shop Smart – only with discounts or during sales.

Whenever you get hit with the urge to spend, just remember you are delaying gratification for a more comfortable future.

#3 – Pay Yourself First!

It doesn’t matter if it’s $50 every paycheck or $500. What’s important is that you make saving a priority.

Remember that saving is just another word for you paying yourself.

You’re worth it! And your future self will thank you.