Saving Tips

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Southeast Rural Community Assistance Project's Savings Tips

·        Save your loosechange. Putting aside fifty cents a day over the course of a year will allowyou to save nearly 40% of a $500 emergency fund.

·        Keep track ofyour spending. At least once a month, use credit card, checking, and otherrecords to review what you’ve purchased. Then, ask yourself if it makes senseto reallocate some of this spending to an emergency savings account.
·        Never purchaseexpensive items on impulse. Think over each expensive purchase for at least 24hours. Acting on this principle will mean you have far fewer regrets aboutimpulse purchases, and far more money for emergency savings.
·        Use debit andcredit cards prudently. To minimize interest charges, try to limit credit cardpurchases to those you can pay off in full at the end of the month. If you usea debit card, don’t rely on an overdraft feature to spend money you don’t have.With either approach, you’ll have more money available for emergency savings.

·        Are you lookingfor an effective way to establish a budget? Beginning on the first day of a newmonth, get a receipt for everything you purchase. Stack and review receipts atthe end of the month, and you will clearly be able to see where your money isgoing.

·        It pays topractice preventative dental care, since a good cleaning routine helps preventfillings, root canals, and dental crowns, which are expensive and no fun.
·        Most people don’ttrack what they spend and may not realize when expenses add up to more thantheir budget can handle. To keep track of what I spend, I put what I think I shouldspend for the month on transportation, food, entertainment, etc., intoenvelopes. This helps me avoid buying things I don’t need, and what’s left overgoes into saving.
·        Take advantage ofdiscounts and/or incentive programs provided through your employer. Forexample, the company I work for offers discounted rates for computers, fitnesscenter memberships, movie tickets and passes to summer festivals. Check yourcorporate intranet or talk to your human resources representative. And don’tforget the best deal of all – investing in your 401 (k)!
·        One way toestablish a savings discipline is to “save” an amount equal to whatever isspent on nonessential indulgences. Put a matching amount in a cookie jar forexpenditures for beer, wine, cigarettes, designer coffee, etc. If you can’tafford to save the matching amount, you can’t afford the $4 super almondlow-fat latte.
·        Take the amountthe item costs and divide it into your hourly wage. If it’s a $50 pair of shoesand you make $10 an hour, ask yourself, are those shoes really worth five longhours of work? It helps keep things in perspective.
·        Aim forshort-term savings goals, such as setting aside $20 a week or month rather thanlong term savings goals, such as $200 over a year. People save more successfullywhen they keep the short-term goal in sight.
·        Save money bybuying items online, in bulk. Some companies even offer free shipping on largeorders. Clearance items are sometimes available, and good savings can be foundon non-perishable groceries and diapers. This saves time and money!
Courtesy of Southeast Rural Community Assistance Project, Inc.