7 WAYS TO SAVE MONEY You can save money from what you earn from your job by using the following guidelines from wikihow. 1. Simply calculating how much you spend each month on your debts will illustrate that eliminating debt is the fastest way to free up money. Once the money is freed from debt payment, it can easily be re-purposed to savings. Plus, the sooner you pay off debt, the less interest you’ll pay, and that money can be saved instead. 2. Set savings goals. Have short-term goals (e.g. to buy a video game) and long-term ones (e.g. retirement—although you might be only in your 20s). 3. Keep a record of your expenses. Be as detailed as possible, and try not to leave out small purchases. Keep a small notebook with you at all times. 4. Trim your expenses. Think about your priorities, and make cuts you can live with. Calculate how much those cuts will save you per year, and you’ll be much more motivated to pinch pennies. 5. Make a budget. Once you’ve managed to balance your earnings with your savings goals and spending, write down a budget so you’ll know each month or each paycheck how much you can spend on any given thing or category of things. 6. Stop using credit cards. Pay for everything with cash or money orders. Don’t even use checks. Use credit card only for emergencies. 7. Open an interest-bearing savings account. It’s a lot easier to keep track of your savings if you have them separate from your spending money.
Posted on: Mon, 19 Aug 2013 01:35:54 +0000
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