Use these 5 money-saving tips to fatten your wallet and make smart moves like paying down debt and investing for your future. If you need to save money fast, these tips can help.
For many people, the recession was a loud wake-up call to tighten their belts, cut back on unnecessary expenses, and save more. But now that the economy is slowly regaining strength, consumer spending is steadily rising and savings rates are dwindling.
While there’s nothing wrong with spending when you can afford it, don’t backslide and neglect your long-term financial goals, like building an emergency fund and saving for retirement.
Here are 5 money-saving tips to free up extra cash and help you save money fast.
Tip #1: Create a Financial Routine
Having a financial routine is one of the best ways to master your money and avoid unnecessary expenses like bank overdraft fees and late charges on bills and loan payments. Most people don’t intend to make late payments or overdraw their bank account, but basic money management can fall through the cracks when you get busy or lose focus.
The solution for staying on top of your finances and never getting hit with expensive late fees is to follow a money management system. Establish a Personal Finance Day where each week, without fail, you accomplish tasks like reviewing expenses, verifying credit and debit card receipts, reconciling bank accounts, and setting up bill payments. In my book, Money Girl’s Smart Moves to Grow Rich, I give you the details on the easy system that I use.
Sticking with a routine will help you accomplish more in your financial life, like monitoring a budget, keeping an eye on your investments, and saving more money. It’s also a smart way to catch a would-be identity thief who could wreck your finances.