New Years Resolution: Save More, Spend Less
January 13, 2009
By Kevin Cafferty
A popular New Year's Resolution, besides "exercise more", is to save more money and to spend less. With the economy currently in flux, it's an excellent time to start on a savings habit if you haven't already.
But where to begin? It's very easy to throw out a blanket generalization like "Save More, Spend Less" but it's the details of the saving and spending - the little expenses that add up over time - where you'll see a difference.
Every individual probably has different expenses that could be trimmed, so I'm just going to throw out some examples. If you have some examples of your own, I'd love to hear them.
Bottled Water - If you stop buying bottled water and invest in a reusable plastic bottle (an initial cost of, say, $20) you'll make that savings up tenfold over time.
Coffee - I know, the convenience of stopping at Starbucks over brewing your own cannot be overstated. All I'm asking you to do is calculate how much per month you're spending on those venti money-suckers and then weigh that against the time it would take to brew some up in the coffee maker.
ATM Fees - This is an obvious one, yes. But again, it's the little conveniences which add up over time. "It's only $1.50", you may say at the time. If you plan ahead, however, you can avoid these fees on multiple occasions - which can really add up.
I'll have more ways to save in 2009 (and beyond!) in the days and weeks ahead. Happy saving, all.
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Comments
On
Sunday, January 18, 2009
Anonymous
wrote:
This is excellent advice. Just remember: Anything you save with coupons or negotiation should be taken from your checking to your savings. We must focus on building savings. Cash is king.
Thank you for these great tips. I hope people take advantage of it.
Loyd Ford
www.STICKYASSET.com/blog
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