Maybe you want to make an extra payment on a credit card, start an emergency fund, add to your retirement or save for a vacation. Kick start your savings by figuring out how you can save $100 toward your goal. There are ways that even on a tight budget you can reduce your expenses. For example....
- Review your cable and cell phone bills. Are you subscribed to premium services that you do not really need. My husband and I do not even have a cable or satellite package! Ask yourself, "Do I really need this?"
- Adopt a cash only system for out of pocket expenses. If you are like me then you will be more likely to spend less whenever shopping if you only spend cash rather than using a credit or debit card.
- Start packing your lunch two or three days per week. Yesterday my husband and I shared lunch together. We had a picnic in my office and enjoyed our brown bag lunches together while he was in town running errands.
- Get up 5-10 minutes earlier and make your own breakfast and coffee instead of running through the drive-thru window. Your pocketbook and waistline will thank you!
Another idea is to take the 52-Week Money Challenge for 2015. Start by saving $1 a week. Then in week 2 save $2, week 3 save $3 and so. By the end of the year you will have saved a total of $1378. That is enough cash to have a mini vacation, pay off a credit card, make a few extra mortgage payments, fund 100% of Christmas in 2015, buy new tires for your vehicle...the possibilities are endless.
If you need more help and tips on managing your money visit these Mississippi State Extension Service publications for more information or contact your local DeSoto County Extension Service.
- Managing Your Money: A Family Plan
- Manage Money Successfully
- Money Traps That Keep You Broke
- Financial Fitness Exercises To Shape Up Your Spending
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