Not all of us are lucky enough to be born with an unlimited money supply. So when we’re trying to save up for a big purchase, one of the best ways to boost your nest egg is to cut your spending.
Since there might not be an obvious way to do that, we often need to think outside the box to add as much as possible to our bottom line.
Since smart financial planning is kinda my thing, I’ve scoured the ends of the internet for you in search of some of the best tips to deliver right to your inbox.
- Review all of your accounts and determine where your money is going first. After all, you can’t truly know where you can reduce your spending if you don’t take this step.
- Cut the money you’re spending on entertainment by checking out your local community listings for low cost or even free events.
- Subscriptions can be a colossal money-drainer. Review all of the subscriptions that you’re paying for currently, decide which ones you need, and get rid of the ones you don’t. If you haven’t used that Amazon Prime account since Christmas – axe it!
- Look at how much you’re spending on eating out. If you’re going out to eat once per week, reduce it to once or twice a month. Make it worth spending money on by getting something a little nicer to eat when you do order food.
- Cool it when you’re tempted to buy something non-essential. If there’s something awesome on Amazon that’s screaming your name, hold off on buying it for a few days. You might find that your impulse has gone away, which will lead to a boost in your bank account.
Here’s a bonus tip that’ll put your savings game over the top – take whatever money you’ve saved from the above tips and throw it right into your savings account.
Obviously, hundreds of great tips are out there if you really want to dig your heels in. These were just the easiest to implement right away so that you can start seeing some results fast.
There’s plenty more where that came from. We’d love to have a chat with you – we’ll not only help you with your savings, but your entire financial roadmap. Give us a call at 513-563-PLAN (7526) or go online to book a call with us, and let’s get started.
Nikki Earley, CFP®