An old wise saying goes “A penny saved is a penny earned” and every penny counts nowadays. Bills, food, and transportation all cost something and it would be nice to be able to go out on occasion as well. But how can we better save our change and dollars to live the life we desire in the future? Or save up for things that we desire? There are a few simple changes that we can make in our lives to improve our financial well-being.
Reduce Your Daily Spending
Small spending habits may not seem impressionable on a daily level, but these costs can quickly add up over time. Coffee, meals, drinks, and other items taste just as good at home, and friends can still gather in free spaces to enjoy each other’s presence. While it is always fun to get out and support our wonderful Birmingham establishments, sometimes we have to buckle down.
Set Savings Goals
Having clear, written out goals is good for anything we wish to accomplish, and doubly so for savings! Don’t believe us? Try setting short (1-3 months), medium (6 months to a year), and long-term saving goals to help yourself map out your path to saving success. Put aside a small percentage of each check as possible to help yourself see the progress you are making.
Pay Off High-Interest Debts First
As we said earlier, everything seems to be expensive nowadays. But some costs can make us pay more over time. Credit cards are a great example of costs that continue to make us pay an exuberant amount after we’ve paid the initial fee. Pay these costs off as quickly as possible and work on depending less on these convenient finance destroyers.
Compromise On Celebrations
If the pandemic taught us one thing, it was that we need to live our best lives on this Earth while we can. Who knows when you will suddenly be locked inside watching Tiger King, playing chess, and drinking PBRs for weeks at a time so enjoy the time we have now. That is a good philosophy to take away, but we can still save while trying new things. Birmingham has plenty of great destinations that are a day trip away and can lead to a cheaper change of scenery. At-home movie nights, game nights, and more are other great ways to have fun while spending less.
Keep The Change
Pennies add up, and keeping track of our loose change over the months can turn into some serious dollars. There are even apps that allow you to round up debit card purchases to the nearest dollar with the additional amount “spent” going to a savings account. These are little positives that can create a large difference over time. The best part is it takes very little effort to start seeing the difference build-up.
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