Tips To Save Money - Stumble Forward

The Best Saving Money Tips To Live By

I’ve talked about saving money before but today I’m going to talk about the saving money tips that are a must. These tips are the ones you should always follow no matter what. If you don’t a life of poverty is certain.

These tips are the commandments of saving and violating them will only result in continued fear that you will always be living one paycheck away from losing everything. So read these tips and ask yourself are you following them to your fullest ability? If not, what are you doing to solve this problem?

You Always Have To Save Money

Of all the save money tips I am preaching about this is the one that I learned the most about over the last two recessions.

Why, you might ask?

Because I made the same mistake both times. After losing thousands of dollars over the last two recessions it’s finally been ingrained into my head that I have to save money no matter what I do. It’s not an either or option.

Every day you continue not save it becomes harder to free yourself from the grip of poverty and living from one income check to another.

You Have To Save More Than You Spend

How much money do you save, and how much money do you spend? If you spend more than you save it will be impossible for you to move forward.

A good example of this is when I worked in financial services and I had a client who made over $200,000 a year. Not a bad income they should be saving tons of money right? When I ran a budget on their financial situation they were in the red.

Why did this happen? They didn’t follow the principle of saving more than they spent. This also proves that you can make a lot of money but if you can’t save even a penny of it you’re always going to be broke.

Keep Saved Money Out Of Reach

Another big mistake I made over the years with saving money was the fact that I didn’t keep the money I saved out of my reach. I would always put it in easy to access places like my savings account or worse my check book.

I was always trying to rebuild my emergency fund all over again. Every time I’d save a thousand dollars I would succumb to the belief I had fixed my financial situation and before I knew what had hit me I was broke again.

So where do I keep my money? I actually don’t keep it all in one place. Some I keep in a credit union, some in an online account, and even some in certificate of deposits. Keeping all of my money in different place allows me not to take everything I have and destroy everything I’ve saved up.

So How Did You Do

So how well did you follow my tips for saving money? If you were three out of three you are right on target, but if you had two or less of the following tips to save money you have some work to do.

Take some time right now and go through some of the tips on saving money I went over and see where you could make some changes. Maybe it could be as simple as going to your bank and having them set up a draw off of your checking or savings account into CD or even an IRA, or it could be as tough as going through you budget and looking for all of the little leaks in your budget that could save you an few thousand dollars each year.

The point is that you need to change what you are doing in any case to see better results. Without that you will always continue to see the same old results.

Chris

Lately, I’ve been taking time to reflect on ways to cut down spending even in the holiday season and I’ve been looking for ways to stash more cash so I’ve come up with a list of five tips to save money. These are easy tips to save money that come from the experiences I’ve gone through to build up my savings.

These are also easy money tips to implement as well so you can get started right away with them. However I suggest you start with just a one or two of them at first and avoid doing all of them at once. Also some of these you may already be doing and if so you are already ahead of the game.

5 Tips To Saving Money

Pay Yourself First. When it comes to saving money you have to think about yourself first, not last. Often times we get caught up in paying the bills and buying stuff we don’t need that we forget about saving. Paying yourself first gives you the security to go through life without fretting every little financial hiccup that comes your way.
Keep You Money Out Of Reach. If you have any kids you know that you wouldn’t keep the cookie jar in close reach. So when you’re trying to save money of any kind you should keep it in a place where you can’t get quick access to it. Having it all stored up on your debit card is a bad idea. For me I have a separate account at a credit union that if I want the money I would have to physically get in my car and drive there to get it. That way on the drive I can think of the reasons why I need the money in the first place.
Keep Rules On Saved Money. Having rules on the money keeps it from being spent on any old thing. For example, a certain amount of money I have saved is for emergencies only. Another amount is saved specifically for our house fund to help pay for the house we are planning to build. With rules it becomes easier to hit specific goals we are trying to achieve and not falling through the cracks.
Put Your Money In The Right Place. You also have to consider where the right place to put your money is. Of all these how to money tips this one is very important. Like tip number two it must be out of reach but is it in the best possible place to help you out. For example if you trying to save for your retirement in a CD account doing 2% your retirement might be short lived, however if it were in a mutual fund it would probably help out a lot more.
Look For Savings Opportunities. When you’re saving money you also need to constantly looking for other opportunities to save money. First, start by putting a budget together. With a fully written out budget it should be pretty easy to see were you could make some improvements. Second, look for some extra ways to earn extra money. I started my own website and earn an extra $100 a month. It’s not much but everything helps.

Do You Have A Tip

Of all the tips on how to save money never forget that a dollar saved is a dollar earned. Even though it may only be a dollar here or there, when you add it all up it can make a big difference to what you can really save up in a month.

Of the tips to save money that I’ve shared with you feel free to share yours now.