You can become a money savings expert and invest your extra savings toward paying off debt fast. I’m not referring to bargain basement shopping and clipping coupons or haggling for the best price – no one really likes to do that. I’m referring to making smart financial decisions when budgeting your finances and purchasing essential items that are made to last. Shop, save and invest with these money savings tips in mind and you’ll start to be able to pay off your debt faster.
Fact: When you budget your finances, you eliminate wasteful spending and free up more income to save and pay off debt. Setting a household budget is key to managing household spending. Be strict with adhering to your budget but adjust and re-evaluate it continually to ensure it always works with your evolving needs. Click here to read my blog on how to set up a household budget.
Weekly menu planning: Spoiled food equals wasted money and if you don’t already have an idea of what you can make for dinner tonight, you might be tempted to just order in or eat out. Food is often one of the biggest spending categories when you review your purchases for the month. Pull up your spending reports for the last few months and analyze all of your food purchases. Based on these previous spending habits, you can easily create a savings plan to spend 15%-30% less this month by creating a weekly menu plan and adhering to a set budget for eating out.
Build a classic wardrobe: Do you look in your closet and see lots of clothes but feel you have nothing to wear? Re-evaluating your closet on a semi-annual basis is actually a great way to earn extra cash and to save money by selling what you don’t wear and by not purchasing trend pieces or poorly made clothing. Every city has stores who will buy your used clothing and you can donate what you can’t sell for a tax write off each year. Invest in classic, quality clothing items that you can wear today that will still look great 10 years from now. Repair minor damages and tailor clothes to fit your body so you continually look great without having to purchase a new wardrobe each season. And when you do shop for new clothes, know exactly what you need and shop for those items only. By creating a money savings plan for your wardrobe, you can save 30%-50% of your clothing budget this year and you’ll look even better with a well thought out wardrobe.
Becoming a money savings expert comes down to your everyday choices and is directly tied to budgeting your finances and making smart spending decisions. If you create a plan and stick to it, you will see results and could save up to 30% of your monthly finances just by eliminating wasteful spending. As a finance coach, I’ve helped many clients create money savings plans that are tailored to their lifestyle and unique financial situation. If you need help creating a household budget and money savings plan, then call Coach Melissa’s team of money savings experts today at 1-877-477-6450.
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