Money Saving Tips
You and your spouse have come to an agreement on the family budget. Part of that budget and part of your goal as a family is to have a regular savings program and save for high-priced items. The plan sounds great but how you go about implementing the plan is another issue altogether. The task seems quite difficult and overwhelming. The key to remember to help you get started saving is to start small. Take small steps to start getting in the habit of savings.
Think of this: if you were to just put aside one dollar a day you would have $365 at the end of the year to put into savings. Just two dollars a day would double that. Think about it carefully. Some of us spend two dollars a day just buying coffee at the coffee shop when we could maybe cut back and find another more economical way to get our coffee, such as have our coffee fix in the morning right before leaving for work. We could start at the one dollar a day and over time increase it to $5 a day or $150 a month. $150 a month is $1,800 a year in savings. It adds up very fast.
Some experts suggest that a family should set aside 10% of their income for savings. However, if a family studies their budget and realizes that they cannot save 10% then it would be wise to save whatever they can. It would be better to save 1% than to not save any money at all. The key is to start small, as the overall task won’t look so overwhelming. Just look around and carefully analyze where you spend your money on a daily basis. Look at the small things like those two sodas you buy from the vending machine everyday. You could buy a week’s worth of soda at the grocery store at a much cheaper price and put it in the refrigerator at work for usually a lot less and save the difference.