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Finance Tip of the Day

3 Tips for Becoming a Patient, Long-Term Saver

  • 2015 8 Dec
  • COMMENTS
3 Tips for Becoming a Patient, Long-Term Saver

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3 Tips for Becoming a Patient, Long-Term Saver

“Steady plodding brings prosperity; hasty speculation brings poverty” – Proverb

Where are you wasting money? Every one of us has one category, or a few, where we know we overspend on regular basis. In order to find your personal waste areas, track your spending for 30 days. It will be very telling!  After evaluating your spending habits I’m sure you’ll find extra $25-$50 each month that could be reassigned from waste to savings. Many of our Mvelopes budgeting software users recover up to 10% of their income just by finding waste areas.

What can you pay less for? All of us use services on daily basis. Whether it’s cell phone, cable, car insurance, home insurance, life insurance, etc. Get in a habit of reviewing your services every 6 months. There is so much competition in the market that just by re-evaluating your range of services on regular basis you’re bound to find $25-$50 monthly savings if not more! Use those extra funds to increase your savings amount.

Waiting rule. If habitual overspending is your main issue, institute a 30-day waiting rule on purchases. Any new item will go on a 30-day waiting list. This will help you develop patience, will give you the time to consider “Do I really need it?” and will give you room to compare prices and look for bargains or sales.  Impulsive buying is one of the main causes of debt, so break free from it once and for all!

Today's tip brought to you by Mvelopes and Money4Life Coaching.


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