13 May 09 Money Saving Techniques 2009: Modern Tricks that Can Make You Rich
Saving has always been a way of life for people who believed on its power. These people know that they have to save more money in order to create a more established future.
However, as time goes by, more and more people find it hard to save money. They contend that saving is no longer a way of life but a resolution that they have to strictly adhere to just to salt away some amount of money.
Some people even insist that it is no longer possible for a person to save more money because most of them are already living paycheck to paycheck. With all the high-prices of commodities these days, saving more money is no longer workable.
But the point is that people can indeed save more.
How? Here is a list of some modern ways that will let you save more money:
1. Save some percentage from your salary
Most money-savers automatically take at least 30% from their salary and save them into their savings account. The basic concept here is that most of us spend whatever amount we have on our paycheck, and maybe even more. If you are able to limit that amount, your expenses will unexplainably get smaller.
2. Pay everything in cash
Credit cards had always been a way of life for most consumers. The problem is that they become so comfortable with it that they tend to spend everything on credit. In fact, statistics show that the average family has an average outstanding balance on their credit cards amounting to $7,000. And they even pay almost $1,000 in each year just on the interest charges alone.
Hence, because of this comfortable shopping, they forget to keep track of their expenses and accumulate more payables than what they can afford to pay.
3. Set goals
Create goals that you really want and not be fickle-minded about it. If there’s a certain amount involved, be specific with the amount, like saying “I will save $5,000 in a year and not around $5,000.”
Try to set your goals based on your priorities. Have a period for every goal.
4. Check your company’s retirement plan
With your employer plan such as the 401(k) or the 403(b), you can definitely save more money for the future. Here, your company will deduct a percentage of your salary from each paycheck and invest the amount in your choice of instruments-mainly mutual funds.
The bottom line is that saving is not just a way of life or a resolution. It’s the ultimate gratification that you get as a fruit of your labor.
If you enjoyed this post, make sure you subscribe to my RSS feed!Tags: budget, money saving
Reader's Comments
Leave a Comment
You have to have an idea on how to save money and on how to spend them frugally. It is important that you have enough left for you and your family that’s why you should start budgeting your money now.
saving money is extremely important topic for me. I’m trying to save as much as I can…
Tracking your expenses and following your budget is the best way to stop yourself from running out of money each month. Although these activities can be tedious and time consuming they are essential to help you gain control of your finances.
Saving money and being rich is not the same, i think.
But it depends on how much you’re saving
Just another example is saving money on clothes, ’cause buying clothes these days is always a choice between the designer-made outfit or those cheap but quality items that you could pull together and express your personality in many different ways.
Most experts contend that clothes can definitely make or break a person. They say that your personality is usually reflected on how you dress up. But it does not necessarily mean that good fashion would absolutely mean expensive clothes.
Hence, you can still make a remarkable fashion statement without having to spend hundreds or even thousands of dollars just for your clothes.