We all like to have money on hand for the proverbial rainy day. However, it seems like it’s getting more and more difficult to put money aside. Here are some tips that will help you to save at least a little extra cash each month:
- Adjust your spending habits. This is the most basic one and yet, it is also an area where most of us fall short. Keep track of what you buy every week and then study the list. What can you do without? What can you spend less money on? What do you buy every day that you can cut back on (e.g. coffee)? The amount you have left over can go right into savings.
- Set savings goals. If you have something specific in mind for the money you save, that can act as real motivation to add to that savings account. For example, say you want to go to Hawaii by next winter and you need $5000. Thinking about the wonderful experience you will have on that trip can help you to spend less money on things that merely provide fleeting distractions.
- Get professional help. No, we don’t mean find a therapist, but seek out a financial planner. These men and women make it their job to find ways to help clients grow their money, so they will have a number of ideas on investments that will be within your price range, while also helping to meet your savings goals.
- Consider a second job. Most people are reluctant to do this because of the added stress. The key is to find something that you already enjoy doing. Do you have a hobby that can be financially leveraged? Doing what you like as a back-up job could prove so successful that you end up shedding the primary job that is far less fulfilling for you.