Lake of finances is a major source of worry for many people. Therefore, when there are not enough funds available for meeting your needs or in your savings, you’re more than likely to become anxious, Unfortunately, with most Americans having less than $1,000 stashed away as their savings, this problem is a pretty pervasive one. However, just because this is the norm doesn’t mean that it should be the same for you. With the right strategies, you can actually save more, thus lessening your worries and anxieties in the process.
Cut Down Bloated Financial Expenses
Take a critical look at your expenses and see where you can cut them down. The easiest way to do this is to start tracking every cent you spend. Do this for a month or two and see what expenses are important and those that aren’t.
Then, create a budget based on those important expenses and save the rest. You’ll find that when you limit yourself to a budget and stick to it, you can make it work, regardless of your previous spending habits.
It may not seem like a lot at first, but it does add up over time. We’ve seen families go from having less than $500 in their savings to $6,000 in savings in one year by just cutting their expenses. Interestingly, they were still quite comfortable and didn’t miss those things they cut out of their budget.
Reconsider Your Housing Situation
This is a tricky one considering that you need a place to live. But if you’re spending more than half of your paycheck on housing –whether mortgage or rent- you might want to consider downsizing to something more affordable until you can afford your ideal home and use the extra funds for something else.
For instance, some people have been known to switch to manufactured homes. If you do a quick search using the mobile homes for sale search phrase, you’ll find many affordable options that are available to you. If mobile homes aren’t an appealing option, try moving to a cheaper or smaller home. Or you can seek cheaper mortgage payments for your home.
Save Unexpected Income
Most people tend to immediately send money that they didn’t expect. Yet, when you think about it, the very fact that those funds were unexpected means that they can actually live without spending those funds.
Whether the money is in the form of a bonus, cash gifts, or extra commission, determine to put that money aside immediately it comes in. Do this a few times and you’ll soon see your savings grow.
Lower Your Energy Bills
Energy consumption and utility bills are often a sizable part of the average monthly expense. So, it makes sense that if you can cut down on how much you pay for your utilities –particularly during the summer and winter months- you could save some more money.
Some things that you can do to lower your energy bills include changing your bulbs to energy saver bulbs, using energy-efficient HVAC systems, not leaving the heater or AC on in rooms that are unoccupied, and much more.
This is a collaborative post.