With taxes due soon, money might be on your mind. While many people like to file early in the year and have already submitted their taxes (and maybe even received refunds!), it’s never a bad time to think about your finances. While it can be stressful to talk about money related topics, it can also be helpful. Take a few moments to consider these ways you could save more money this year.
Making a budget can be intimidating, but having a financial plan can help you save big. Creating a budget doesn’t have to be overwhelming. You basically need to list your income and expenses and compare the two lists. Even if you don’t stick to a strict plan every month, it is worth it to periodically look at your spending to see if there are any unnecessary costs you could cut. Having a budget will help you see where your money is going; you might be surprised once you see everything on paper in front of you.
Choose a goal.
Saving is easier if you have a goal in mind. What would motivate you to set money aside? Is there something in particular that you need to save for? Maybe you’d like to go on a vacation or you have a project you want to save for. Or, maybe you need more money for something more critical, like a car payment, a medical bill, or an emergency fund. Whatever it is, keep this goal in mind throughout each month. Saving money will be easier with a tangible goal.
Make a plan.
Once you have created a budget and have a goal in mind, make a plan to save. For some, this means designating a certain dollar amount or percent of your income to put in your savings. For others, this could be something less predictable, like setting aside money from birthday or holiday gifts. Regardless of what your plan is, if you have thought about it in advance, you will be more likely to save money. It can be easy to spend money without thinking about where it is going; having a plan gives you an opportunity to make thoughtful choices about how you are using your money.
As with anything, you should always feel comfortable asking for help. Talk to friends and family who are responsible savers and find out what works for them. Your bank might have tools and resources that will help you save, too. Or, if you find yourself needing a new job or some extra income, contact your local Penmac Staffing office!