5 Ways To Save On a Budget – 101 Financial

5 Ways To Save On a Budget

5 Ways To Save On a Budget

I know it’s tough for many people to establish a budget and stick with it. But when you do, your finances get better almost immediately.

However, when you’re being good and sticking to your budget, it can be even tougher to save on a regular basis.

So today I have 5 tips for you to help you save, even if you’re on a tight budget:

Tip #1:Reduce your spending and stick that money in the bank.

Look for deals before you buy anything. When you reduce your spending on many different items, you’re automatically saving money. When you take those savings and put them in the bank, instead of spending your cash on something else, you’re setting yourself up to save on a budget.

Tip #2:Avoid high-interest credit and loans.

Among the worst financial mistakes I see people make is taking out credit and loans with super high interest rates. Among the worst offenders are “payday” loans and pawn shops. Avoid these types of loans and high-interest credit, and you’ll automatically save a pile of cash, that you can put right into the bank. Again, setting yourself up to save on a budget.

Tip #3:Don’t spend your tax refund or any Earned Income Tax Credits you get.

Most people think it’s time for a shopping spree when they get their tax refund in the mail. For you to be able to save on a budget, you must be strong. And put that cash windfall in your savings account. You’ll be glad you did later on.

Tip #4:Contribute to your 401K or similar account.

Anytime you can put cash in an investment, with your employer matching that amount (or coming close), you win. It makes it easier to save on a budget, knowing the funds you contribute will grow as time goes on. And that part of your savings is coming straight out of your employer’s pocket.

Tip #5: Be smart when holidays come around.

Just because a holiday comes, does not mean it’s time to go crazy buying gifts and party supplies. I know many people who have family agreements when it’s time for a holiday where no one spends on gifts. Instead they just spend their time with the ones they love, which is better than any gift you could buy.

Follow these simple tips, and before you know it, you’ll be putting cash in your savings every week. While still being good, and sticking to that budget.

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