Planning for the Future: Tips on Saving Money

Money woes aren’t just a breach of financial security–they can compromise your privacy, health, and overall quality of life. While they say money can’t buy happiness, it’s surely a necessary means to obtaining the basic needs with which we can sustain even a modest, comfortable, and healthy life. Fortunately, saving money doesn’t require any rigorous regimen–it’s a lifestyle. By employing some simple organizational and money-saving techniques, you’ll assuredly pave a path to financial stability.

Trim the fat

Businesses are known to eliminate dispensable employees when they’re in the red and need to begin generating revenue, so why not do the same with your personal goods and services? Assess where you’re spending money and determine what you absolutely need and what you can do without. Financial guru Suze Orman says “I challenge

you to reduce every one of your monthly utility bills by 10 percent”, which might include expensive cable packages or an unnecessary landline.1├é┬áMobile devices are all the rave, but be honest with yourself–do you need the newest smartphone and tablet with 10 GB of monthly data to stream music and movies everywhere you go? You’d be pleasantly surprised with what you’d save by reducing your spending on these devices.

Take a personal inventory

Whatever it is you’re looking for, you can’t find–so you buy a new one. A lack of personal organization doesn’t just set the stage for a frustrated and possibly frantic search, but increased spending. You name it: cleaning products, small tools, personal care items, kitchen utensils, and cell phone chargers are among many items of which people own multiples, simply because they couldn’t find the original. If you maintain a simple spreadsheet of various items you own and their whereabouts, you won’t spend excess money on buying replacements, thereby allowing you to save.

 

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