You already know the importance of saving money when it comes to your financial future, but what do you do if you just do not have a lot of money available to save? There\'s no way around it; the economy is tough right now. But even if you do not have a lot of wiggle room, you can still make smart financial decisions with what you do have. Here are some top tips:
It is the little things that count. Is a $3 coffee going to put you into the poorhouse? Of course not. But a $3 coffee, five times per week, 52 weeks per year adds up... with that extra $780, you might have been able to pay a month or two ahead on your car payment, made a dent in your property tax, or put it toward your mortgage. It is not a matter of 'all work and no play'; but keep careful track of what you\'re spending your money on, and make changes accordingly.
Do what ya gotta do... for a little while. Put up with some inconvenience for a set period of time, in order to sock money away. If you aree currently renting, can you move to a smaller place, or one with a less convenient location for a year? Stockpile what you are saving in rent. Turn the thermostat up a few degrees in the summer, and down a few in the Winter. You will get used to it, and your utility bills will show the difference. Again, put that money away for a rainy day.
Make painless changes. Call your insurance companies, or get new InsuranceQuotes.org
and see if you can lower your premiums without sacrificing your insurance coverage. Switch to the generic brands of various products. If you do not like generic breakfast cereal, that is okay, but surely reusable sandwich bags or generic or homemade healthy dishwashing liquid will not cramp your style. Cut spending corners when you can, and put the money in an untouchable account.
Think of every dollar that you spend or save as an important financial decision. In time, you will have accumulated enough money to make larger decisions: what type of account should you use? What type of investments should you consider? At that point, you can talk to a financial planner
or counselor to help you get the most bang for your buck. The economy is not easy right now, but make the most of what you have at the moment, and think smart: your wallet will thank you.