Five Tips to Help You Save More Money

Though it is recommended to have an emergency fund, the truth is that many Americans don’t. Instead, they struggle every month to pay their bills, let alone have anything left over to save. When something comes up, they have to reach for their small savings or even a credit card to get everything paid. They understand that it helps to have money in savings, for these things, but they just can’t figure out how to get started.

Feeling the same way? Here are some tips to help you save more money.

Get out of debt. You can’t save money when you are putting all of your extra money toward paying off your debt. So, the first thing that you need to do is to get out of debt, so you can start using your money wisely. You may want to pick up some extra shifts or a second job to help you get this done faster.

Do it automatically. If the thought of saving money overwhelms you, you may want to set up a way to do it automatically. You can have a certain amount of money transferred to your savings account with every paycheck. Even if you only put a few dollars away a week, you will notice a difference. Every little bit adds up over time.

Start a budget. It also helps to come up with a budget. Allot a certain amount of money toward your home, car, and groceries. Divvy up the money for your phone and cable bill. You could also put some money toward savings in your budget every month. When you do this, you don’t have to stress about the bills that come your way, because you already have that money set aside, just for that purpose.

Make your home more energy-efficient. Most Americans spend too much money on their electric bill. A few small changes can really decrease your monthly bill. If you simply use less water and wash your clothes in cold water, you will save money. Turning off the lights when you aren’t in a room is another simple way to cut back on your energy consumption. It also helps to make sure that you clean the filters in your air conditioning unit. Dirty filters make the unit work harder and use more electricity.

You may also want to think about buying more energy-efficient appliances. If you are able to change out one appliance at a time, you will be amazed at the difference you will see in your electric bill. These savings will make the appliances well worth the cost in the long run.

Take a break from spending. You may want to make a commitment to not buy anything that isn’t essential for a week or even a month. You can cut back on your grocery bill by making meals with food that you already have in your freezer. Stop going to shops where you always overspend. If you go to Walmart or Target for one item and come home with ten, stay away for a few weeks, and you will be amazed at the difference. You may want to use a pickup or delivery option. You won’t buy food just because it looks good. Not only that, but you will only buy what is on your list!

If you want to save as much money as possible, it is important that you get out of debt. Only then can you start to build up your savings account, so you have money for a rainy day (or a splurge)! Budgeting will also help to get you on the right path. While you are divvying money up for your groceries, television, and phones, allot a certain amount of money to go into your savings account each month.

If you are really serious, you may want to make some small changes in your home. Your electric bill can decrease by using less water, fixing leaky pipes, and buying more energy-efficient appliances. You may also want to take a break from spending. Don’t buy anything that isn’t essential, and you will be amazed at how much money you were spending that you didn’t need to!

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Previously published on Medium and/or Newsbreak.