Savings strategies to help you balance your budget and stretch your income
A budget is a first step to gaining some control over your financial life. Here are some tips for stretching your income and finding more money to save for your future.
Here’s a few ideas to consider:
- Commit to a certain amount you can stop spending in a week.
- Review your bills and see what you can trim.
- Reevaluate your subscriptions and memberships.
- Save your change. Ask your family to empty their pockets or see if your bank offers a service.
- Commit to a no spend challenge...whether it’s one week per month, or an entire month out of the year.
- If you have extra money coming in, commit at least half towards savings.
As you go through these ideas, be sure to think critically about the things that matter to you and what you can do without. Remember that small changes can add up over time. Commit to yourself…your goals are worth it!