- When making a spending plan, know exactly what you are spending
- Look back over past credit card and bank statements.
- Try to save 10 percent each month.
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- Make savings goals specific instead of vague
- Set both a dollar amount and date
- Post your goals as a reminder
- 39 percent of Americans cannot cover a $1,000 expense
- You should have three to six months of household expenses saved
- Make small goals and celebrate when you reach them. Then, build on that success.
- Saving money can be a mouse click away.
- Online banking at many credit unions and banks allow you to automatically transfer money from your checking account to your savings.
- You can also let your boss do the work for you by having your employer do it on payday.
- Americans are exposed to 362 ads per day.
- Avoid temptation to spend by unsubscribing to marketing emails.
- If you shop online, add items to your cart, then walk away for a couple of days to see if you still need it.
- Americans have more than $1 trillion in credit card debt.
- When shopping, look at your savings at the bottom of your receipt. Use that money to pay down debt.
- Also use yard sale proceeds, tax refunds or money saved by canceling subscriptions.
- Use the envelope system to limit discretionary spending.
- Once a month or on payday, put money in envelopes for eating out, clothing, entertainment, etc.
- Once the money runs out, the spending stops.
- A 401(k) is one of the biggest ways to save for retirement.
- Make sure you contribute at least enough to get the full match from your employer.
- Contributions of $5,500 can be made to an IRA.
#9 Review subscription services
- Review subscription services to see if you still use or need the service. If not, cancel it.
- See if there is a smaller, cheaper plan you can switch to.
- Try to negotiate a lower price or get a promotion rate for services.
#10 Paying off credit card debt
- The average American has $3,000 in credit card debt.
- If the interest rate on your cards are about the same, pay off the one with the lowest balance first, then the next lowest.
- If one card has a much higher rate, pay it off first to save interest expenses.