Back to Basics: Small Steps Yield Big Results
Better Ways to Save Community: Helping you, help yourself, so you can help others
Now more than ever it’s time to take control of our personal finances by getting back to basics. I’m introducing you to my little rescue dog Puccini here so you can take a breath and know that managing your finances doesn’t have to feel impossible. We’ve got this!
Better Ways to Save Rule #1: Live within your means, don’t spend more than you earn. My dad lived by this rule— he owned a home, raised five kids, and retired very comfortably in the SF Bay Area without ever earning more than $45,000. a year. Living within you means might seem impossible, especially if you are out of work, but let’s make it happen with small steps that will yield big results. Start at the very beginning:
• Add up your monthly income
• Take stock of all monthly expenses, write them down using a notebook or spreadsheet. Don’t forget expenses that are quarterly or annually
• Check your automatic payments for subscriptions you might have forgotten. Cancel any that you don’t use or can’t afford now
• Create a new monthly spending plan using a notebook, spreadsheet or free online app like Mint.com.
Some of your fixed expenses like mortgages, rents and car payments won’t change. But you probably some places you can cut back in other places.
• Try to bundle services like insurance or internet plans. I recently saved HALF the cost of a subscription service just by calling to ask for a break
• Call your credit card company to see if you can get your rate lowered.
• Save on groceries by using coupons. Sign up for loyalty programs. Check store and product websites for discounts.
Any money you save by doing these simple things is extra money in your pocket.
We want to hear your money saving and budgeting tips, please share them!