Many people are wondering what strategies to employ during the current economic crisis. My short answer to this is to save, save, and save some more. Financial experts suggest having 6 months worth of living expenses saved up. For many, this is a very difficult challenge. To me, saving becomes easier when you reflect on your priorities and your family’s priorities. For example, do you really need to go out to dinner every night? Or can you cook more frequently during the week and put the extra money in a savings account?
You’re probably thinking that saving comes naturally to me because of my profession. However, I too struggle from time to time with saving. After all, I am human too. To help myself overcome this hurdle, I simply ask myself one simple question. Is this purchase a want or a need? And the rest is history.
But how can you employ some simple savings strategies? My first suggestion is to ask yourself the same question that I ask myself. Is this a want or a need? If your purchase is a want, then that means that you do not need to make the purchase. Other savings strategies can be to have a fixed amount of money direct deposited into your savings account each month. Another option is to have a budget. A budget not only allows you to save, but I believe it also encourages discipline. Yet another savings strategy is to shop with coupons. These days shopping with coupons have never been easier. You can print coupons directly from your computer. One of my favorite sites is couponmom.com. If you’re still not convinced about the many benefits of saving and of how easy it can be, sing up for a savings mailing group. These groups offer simple yet effective methods to help make your dollar go further. One of my favorites is dollarstretcher.com.
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