Many people find it difficult to save. When economic times are tough, it is more important than ever to develop strategies to save money. Saving money allows you to not only secure your future but to enjoy the present.
Save first
Saving money should be the first thing that you do every week. Check with your employer to see if they offer a 401K, 403B or any other type of tax exempt savings.This not only helps you save but it lowers your taxable income. If not, you should set up a Roth IRA yourself. It doesn’t have to be much, start with $5 if that is all you can afford. That is over $250 at the end of the year and you will never miss it. Some employers will match what you save, that doubles you savings.
Learn to budget
Create a budget for yourself. This is the most important thing that you can do. You need to see what you have coming in and where it is going. Often, more money is spent on frivolous things than is imagined. There are certain expenses that are fixed such as your rent or car payments but if it is flexible, then it can be lowered.
Health-care savings accounts
Ask your employer if they offer a health-care savings account. This allows you to put money into an account to help pay medical bills that are not covered by insurance. This will also be tax exempt. Make sure that you are not being taxed on any payments that you are making through your employer for medical insurance. This will save you a lot of money on your tax bill.
Look for insurance discounts
Read your auto insurance and homeowners insurance policies. Know what coverage you are paying for. Be sure that you have them with the same company and are getting all the discounts that you are entitled to. Comparison shop online to make sure that you are getting the best possible rate.
Bargain hunt
Become a bargain hunter. There are many ways to find bargains on almost anything you buy. Look online for coupons, use AAA, buy an Entertainment book and never pay full price for anything. Especially when it comes to big ticket items, use the Internet to comparison shop.
Plan ahead
Plan your vacation in advance.This is the best way not to get stuck paying last minute prices. Check out all the discount sites, again use the AAA or senior discount if you are eligible. Travel off season if you can. If you have children and must travel during school vacations, consider going the opposite direction of everyone else. You want to go to the less popular places or to the popular places at a less popular time.
Enjoy saving
Don’t make saving money a chore. Enjoy saving. If you decide to brown bag it make your lunches more interesting than anything you might buy. Make shopping the discount racks a game that you are determined to win. Saving money is a challenge but a challenge that will in the long run reap security and help you to reach your goals.This can be to retire early, to buy a home or just to be independent.
Your future is in your own hands and with some serious effort, you can make it a financially secure one. All it takes is a little planning and saving today, to reap long term benefits for tomorrow.