70% of Americans are in debt. What an unbelievable staggering percent! Many people have too high of a debt-to-income ratio. This means people owe more money on the things they have then the income they receive, commonly referred to as being upside down. Several other people live beyond their means, fully knowing they do not have the money to pay for the things they buy. I know saving money is a hard thing to accomplish, but I feel I must implement a strategy into my life to be able to save money. I have found some very interesting tips on how to save money and I hope these tips will be beneficial to me as well as anyone else who has the same need for saving money.
First, the most crucial strategy for me would be to take my lunch to work every day, rather than eating at a fast-food restaurant. Eating out for lunch every day adds up very quickly. I feel eating out is very convenient, but it is also very expensive. Just think, if one eats out every day spending a minimum amount of seven dollars, it would add up to thirty-five dollars a week spent just on meals for lunch. Since I get paid on a bi-weekly schedule, eating out would add up to a total of seventy dollars every paycheck spent only on dining out at lunch. In this situation, I feel it is smarter to buy more groceries to accommodate lunches, than to eat out for lunch. Yes, buying more groceries can result in spending more money on groceries, but it does not make up for the money spent on a daily basis to eat out. I can implement this strategy into my lifestyle by packing my lunch each night before I go to bed. Also, since I would like to eat a healthier meal at lunch, I can pack a better choice of food than the choices that fast-food restaurants offer. As a result of taking my lunch every day, I would save more money and eat healthier at the same time.
Next, another important tip would be to avoid impulse buying. Impulse buying is making unplanned, spur of the moment purchases on something that interests a person. Whenever I go into a shop, I have a bad habit of buying merchandise that I absolutely do not need. I always tell myself “that item would be nice to have” to excuse the purchases I make on the stuff I do not need. If I stopped and thought about the item I was planning on buying, I would possibly make a better decision. I would recommend thinking about whether one wants or needs the item they plan on buying. Eliminate the want factor and I guarantee it will help you save money.
Last, but not least, create a visual reminder of your debt. Create a tracking sheet of all of your debt. Then, every time a payment is made, take off the payment amount from the actual balance owed until it ends at zero. This method creates a daily reminder to know where one’s money is actually going and what money is being spent on other things. I, personally, keep a bill book that lists the date of every paycheck I receive and what bills must be paid with that paycheck. My bill book helps me by keeping track of weekly or monthly bills and until all bills for that paycheck have been paid, I try not to spend any money. I believe this strategy would greatly help anyone who has a problem with money managing or saving money.
In conclusion, I want to save money! Even though saving money is hard, there are many strategies to use when trying to save money. When times are tough and money is tight, saving money is crucial. I am determined to implement one of these strategies into my life. I have chosen to take my lunch to work rather than to eat out. I am going to track the results of this strategy for two weeks and report back in another blog. I hope everyone can use at least one of these strategies to help them save more money.
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