5 Ways to Keep More of Your Money

1. Cut Expenses

If your current spending is not sustainable then it may be time to start cutting back. Start reviewing your list of categories to find opportunities to save. Try to eliminate recurring monthly expenses such as subscriptions or fees. Perhaps, it’s time to shop around for more affordable car insurance, cell phone plans or carriers. Lastly, groceries are a huge expense too. Therefore, look for ways to reduce your bill with coupons, in-store discounts or shopping in bulk where it makes sense.

2. Decline Events/Gatherings:

We’ve all been there where you are trying to either pay off debt or build up your savings and then BAM….a last-minute family or friend event/social gathering gets planned. And it requires travel and a hotel stay! It’s perfectly okay to decline things when the travel squeezes your budget just a little too tight. There will be another time to gather, and that time will be more conducive to your wallet.

3. Live Within Your Means:

Living below your means is a personal finance concept which means to spend less money than you make each month. The benefit of doing this helps you to manage your expenses and improve your overall financial well-being. In addition, it puts you in a position to live debt free as you don’t need to solely rely on loans but cash to make purchases. Lastly, it affords you the opportunity to build up your savings faster.

4. Rainy Day Stash Away:

Begin setting aside an automatic deposit into your savings account each time you get paid and be amazed at how much you saved! For example, a person who is paid biweekly is paid a total of 26 pays a year. If they were to save $50 per pay that equals $1,300 at the end of the year! Not bad for starting out a rainy-day savings and keeping some of that hard earned income!

5. Employer’s Office Perks & Discounts:

The most obvious benefit when it comes to employee discount programs is the access to hundreds of exclusive financial savings. I have worked for companies that gave discounts on gym memberships, auto insurance, movie tickets etc. If your company offers this, don’t miss out on the chance to save on big brand items and essential purchases.

Keep that money!

Also, if you need a way to jump start tracking your income and expenses, then click here to download the Budget Per Month or the Budget Per Paycheck tracking sheets.

And while you are here, scroll to the bottom of this page and subscribe to the email list. Be the first to know about free resources and upcoming new products/services to help you better manage your money.

Disclaimer: For informational purposes only. Does not substitute for professional financial advice. Please consult with a professional financial advisor.