People get overwhelmed with savings, retirement, capturing income and turning it into money that works for themselves and their family. However, we try to encourage those reading our blog to focus on percentages and regular strategy to save….regularly.
You can build regular savings on your existing pay and with your existing bills. The key is becoming committed to the idea and being creative about how you get there.
As you know if you have been reading this blog for any time, we believe you should build an emergency savings fund of 15 to 18 months of expenses. Without this, you may end up unemployed for 12 months or more and then not be able to replace your income after that for an extended time….or ever.
Here are some areas where you can look at “trimming the sails” on expenses as you begin to build a strategic savings plan for regular savings from each paycheck.
1. Look at your bills over the last three (3) months. Separate your expenses into bills you must pay anyway, things you simply spent on that you could have done without and fees.
2. Work to consolidate any bills or at least call each of the companies that send you each bill and negotiate to reduce each bill by 10 – 15%. If they give you any percentage, take that amount off the top and put it in savings as if you paid the “normal” amount. Be open to their suggestions. It does not matter how you get to the reduction. Just use the savings for….savings.
3. Negotiate on every single thing you purchase. Remember: You can buy it elsewhere. We live in a consumer based economy with lots of competition.
4. Reduce your “spending” (on things that are not bills) by 10 – 15% and take that amount and put it in regular savings each month.
5. Use coupons and coupon codes to reduce the cost of the YOUR REGULAR spending for things YOU NEED. Take the money you “save” using the coupons and coupon codes and push it out of checking and into savings. *If you need help in this area, check out the free Facebook group “Coupons & Coupon Codes.”
If you begin to constantly look for savings and unique ways to save, you will find additional ways to save savings will just “come to you.”
Remember to add up the amounts you save and make them a new “bill” you pay before you pay anything else each time you get paid.
Save more and regularly = live a better life.
HELPING YOUR KIDS GET AHEAD
If you think I was born saving money, you are wrong. My family is filled with hillbillies from Louisiana. There are members of my family that don’t believe in 401ks or IRAs. I was not brought up to save and invest regularly and I have made every mistake you can think about when it comes to money. I have had to learn the absolute hard way how to get savings on track and make it a part of your life without killing your lifestyle. I have had to learn the hard way how companies mislead with marketing. It is my mission to share what I have learned about regularly saving with my own children and also share it with you. That’s why we have a lot of “free” (blogs like http://www.boostmywealth.wordpress.com and http://www.stickyasset.com/blog and groups on Facebook like “Coupons & Coupon Codes”)!
In this country we don’t do enough to teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!
Connect with us on Facebook with these free groups:
“Coupons & Coupon Codes”
“Live The Lifestyle Your Family Deserves”