5 Easy-Peasy Tips for Women to Start Saving Big
Finances are a headache for most people, which is understandable. Money doesn't grow on trees, and that could be one factor contributing to your headache. It is estimated that around one out of three Americans do not have retirement savings, and most Americans cannot deal with a $500 surprise bill without going in debt. In other words, it is vital that you figure out a way to be the odd woman out, and start saving some cash for the future with the following five tips.
- Use Phone Application
Many phone applications can help you manage your money. These phone applications can link to your bank and warn you when you spend above your quota for the week or month. This is a good way to keep tabs on your spending. Some applications simply keep track of all your expenses so that you can figure out what cuts you need to make.
- Cash-Only Strategy
Cards are convenient. There is no doubt about that, but they can also be dangerous for a person who has trouble saving. Yes, it has probably been a long time since you carried cash in your pocket or purse, but it might be time to start reintroducing a little cash to your life. What you want to do is calculate the amount of money that you want to use in a week before the week starts. Take out this cash, and put it inside your house. Allow yourself to only rely on this little bit of money for all your needs. You should automatically budget as if that is all the money you have, and this may help you save.
- Lookout for Discounts
It is a good idea to start looking for discounts wherever possible. There are coupons offered online, but there are other cuts that you can make like your car insurance. This a premium that you have to deal with every month, and it probably hurts every time you have to pay it. You should consider switching to find a cheap car insurance online. You want to find a better price and opportunities to lower your premiums afterwards. Some insurance companies offer discounts if you take defensive driving courses or if you start to drive your car a lot less. You need to ask the companies you are considering to see who can offer you the best deal.
- Out of Reach is Good
A good idea is to begin a cycle of money transferring. What you want to start doing is sending a specific amount of money to a savings account or an account that you do not use often. Send money there, and leave it alone. This should start to build up over time, and you will be able to accomplish your financial goals before you know it. Stick to a minimum amount every paycheck that must be transferred, and do your best to transfer more throughout the week. What you want to do is remove any excess money from your main card to keep yourself under control.
- Lifestyle Changes
You want to start adopting lifestyle changes that will help you save money in the long-run. Look at the way you spend money to see if it's hurting your opportunities to save. For example, do you go on a weekend shopping spree as a way to relax? This is not a good thing, either window shop or find another way to relax on the weekend. You might also want to stop eating out all the time. A typical meal at a relatively inexpensive fast food restaurant could be around eight dollars, which is enough to buy a few pounds of potatoes, fruit, and flour at a store. You could get a lot more food out of those eight dollars if you save them.
These are just some ideas though there are other things that you can do to save money. There is no need for you not to be prepared for life's unexpected moments or expenses. You can be a better woman by simply being more prepared, and there is nothing wrong with that.