For those who work and know how it feels when a paycheck gets eaten up by monthly bills all in a few days, the long march to the next month’s pay period can sometimes seem like walking through a desert. So trying to figure out how to save money for long-term needs may feel like an even harder challenge under the same circumstances. Online money loans from a money loan lender can seem tempting. However, there are practical ways to build up savings over time, just by taking little steps on a daily or regular basis.
Coupons and Discounts
One of the biggest expenses people have month-to-month is food and personal spending. However, it is also one of the cost areas where business provide the most consistent discounts in the form of coupons and advertised savings. That said, consumers need to work for those savings. Coupons need to be used regularly and in a smart manner. People need to anticipate what they will buy and compare that with the grocery store savings offered. Doing this a on a regular basis can save anywhere from $20 to $40 per visit on average when manufacturer coupons and store-specific coupons or sales are combined.
Round Up and Shaving Off
Most people have a checking account and a savings account in the bank. Most people also balance their checkbook on a regular basis. Two small tools that save money over time involve “rounding up” and “shaving off.” Rounding up requires a person to basically round up an expense on his checkbook to the nearest whole dollar. The difference, although anywhere from 10 to 90 cents, gets left in the checking account in the meantime. Doing this a on a regular basis can create buffer of a couple hundred dollars after a while, free and clear of commitment. The shaving off part then comes by moving some portion of that savings to the savings account. As the process is continued month after month $10 becomes $25 which becomes $100 and so on. Soon enough, each transaction adds to a bigger and bigger pot of savings of real cash, while a person still goes about regular business.
Part-time Second Income
Many times when people worry about having enough to save, they are trying to fill all their bills and living expenses into one paycheck. However, if a person is willing to commit a few evening hours or weekend hours on a second job or odd tasks, it can produce extra income. The best part about this approach is that the extra money has no commitments tied to it, so the extra monies earned can go right into savings. After a few months the savings balance can become considerable, depending on how much someone works on the side.
Sometimes, Emergencies Happen
Ideally you should have extra money stashed in your savings account for emergency situations. If things are so stressed, however, sometimes it does make good sense to consider an emergency loan. Try and only resort to this option when there is an immediate problem that was completely unexpected, such as a medical situation or a car break down.