Oct
15

What Steps Can I Take To Save Money Each Month?

By Mommy

My set bills are rent, gas, electric, daughters pre-schol, cell phone, car and renters insurance.
Other bills are credit card, cable, DSL, and food costs.
What are some steps I can take to save a little money each month?

Categories : At Home

4 Comments

1

Priorities and discipline are the two main keys.
1st. take care of necessities: food shelter clothing lights…
2nd. make sure that everything you do in a month is written down in a budget and everything is on purpose (even budgeting money to blow on fun stuff)
3rd. don’t make purchases unless you get the cash in hand.
4th make purchases with cash…it hurts more to get rid of it that way than cards.
5th don’t use credit cards. pay off the ones you got.
6th begin to build wealth: get an emergency fund, invest in 401K, save 6 months of expenses for long term stuff
good luck there are a lot of good books out there to help….i recommend financial peace by Dave Ramsey or rich dad/poor dad (can’t remember the author)

2

spend less? (lay off the dirty movies they just run up the cable bill.)

3

Create a budget to see where you’re spending your money and what specific expenses are eating up the majority of your income. There are a lot of free budgeting tools out there, like the budget application at http://finfo.com/budget .
Once you’ve created a budget, add an expense labeled “savings”. This should be about 10% of your income. If your budget shows you that you’re spending more than your making, start hammering away at your expenses. By allocating a set amount to save first, you’ll know exactly how much you need to reduce your expenses by.
If 10% is too much, start with a lower percentage.
Also, don’t place your savings in your checking account. It’s too easy to use it for “emergencies”. Instead, use a money market account like the ones offered by ING Direct. They’re federally insured and pay you a decent interest rate.
Best of luck!

4

Well, you can save money using this free Rewards card. Here is the link for more info. https://www.clubshop.com/cgi-bin/members…
Also, pay yourself first (save). The minimum anyone should have saved is the total of 3 months of your total income just in case you loose any of your income.
Hope this helps!
Rachel

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