If you feel like you are barely living from pay check to pay check, it might be time to start thinking more about your financial future and setting some goals for savings. It is easy to spend every dollar we earn and still end up wishing we had more. It is also easy to fall into the trap of ‘buy now, pay later’ when it comes to credit cards.
The cost of debt has been shown to be a high one. Here are some success strategies for saving money that can help you save $25 or more per week on average, to end the cycle of debt and help you put money aside for a rainy day or large planned purchases. It’s amazing how much you can save once your money is no longer being nibbled away at by all sorts of little things that don’t seem like much, but can all add up.
Here are just a few of the best ways to save:
*Pay all your bills on time.
Did you know that credit card companies make more money from late fees than they do from interest? Paying your bills a few days earlier can make a huge difference to both your wallet and your credit score.
And if you want to boost your credit score, pay early, and then make additional payments until the bills are paid off. It doesn’t have to be a lot, but even an extra $20 applied to pay off your debts each month can add up to a lot of savings in the long run. Just remember to avoid temptation when they decide to boost your credit line in the hopes that you will start to splurge with it.
*Drink more water.
Bottled beverages are very expensive while water (from the tap) is practically free. If you are concerned about drinking tap water, get a Brita pitcher that filters the tap water, and some non-BPA reusable water bottles for you and your family. It may cost about $25 for the pitcher and about $5 or so per bottle, but it can save you $100 a month on bottled water. You will also be helping the environment at the same time and not having to worry about bottle deposits.
Drinking more water helps keep you hydrated and makes you feel full. You can cut down on what you eat and look slimmer and trimmer without having to spend a lot on diet pills and foods.
*Buy frozen vegetables.
During the times when your garden is not producing, consider buying frozen rather than fresh vegetables, particularly if they are on sale. This may seem like an extravagance, but frozen has many advantages.
The first is that many of the frozen food companies process them right where they grow, so you are getting the pick of the crop. They also throw away all of the parts that are not edible, so pound for pound, you are getting good value. Another advantage is that you can use as much or as little as you like. You will save money on food by not throwing away any wilted or spoiled vegetables.
One other reason is that some frozen veggies are better than the fresh. Frozen broccoli, for instance, is a lot easier to eat and use than the tree-like fresh kind. Another reason is that the price of these products remains fairly steady throughout the year, and you will often find sales in the store and coupons too. The frozen vegetable and fruit prices are not subject to the same seasonal fluctuations as the fresh food.
They work well in soups, stews, homemade pot pies or wraps, and of course make excellent side dishes to stretch a meal and make it look like a great feast. You can easily save $25 each week by eating more vegetables and less meat, and buying vegetables which do not have any waste on them.
Even frozen fruit can be cost effective depending on the variety. Microwave it for a minute to defrost and put into smoothies or desserts. Or, make a frozen dessert treat by microwaving them until they just start to thaw, for a frosty treat similar to a sorbet. It tastes great and has only a fraction of the calories of ice cream, and no fat. It will also be a lot cheaper than many desserts.
Fresh fruit and vegetables are great in season, but when the cold weather starts to arrive, consider stocking up on the frozen varieties for super savings and no waste.
Saving money sounds about as much fun as going on a diet. In this case, you will be on a debt diet, and by cutting the fat in your budget and spending habits, you can transform your family finances from bloated and crushing you under the heavy weight of debt, to nimble, flexible and free to make all sorts of choices because you have money in the bank. Saving an extra $25 a week can all add up to the kind of financial freedom you’ve been dreaming of. Get started today, for a better tomorrow.
Further Reading:
Smart Spending Strategies
Your Recession Survival Guide: How to Save Money and Even Boost Your Income in This Recession
