Many people assume that to create wealth you have to find additional sources of income. While another job or winning the lottery is certain to boost your bank account balance, there are simple little things that anyone can do to help increase the amount of money they have at the end of the month.
By using as many of these simple strategies as you can you will have more money to put into savings accounts and investments each day. Over time these few dollars a day will add up to some substantial savings and investment possibilities.
Changes to consider in your spending habits include:
• Putting 10% of your paycheck into a savings account without a debit or credit card associated with the account. This limits impulse buying and also gets you started on an emergency fund.
• Changing from buying a coffee a day at a café to bringing a cup from home. This can save as much as $3-$5 dollars a day or, with about 250 working days per year, a savings of $750 to $1225 annually.
• Making your own lunch. This is the same as above in real cost savings. This doesn’t mean you can’t splurge now and then but eating out every day can add up to as much as $2500 per year or more.
• Use promotional coupons and offers for food, entertainment and those special items. You can save hundreds of dollars on most of your regular bills such as food, entertainment and even vehicle maintenance by shopping using coupons and special offers.
• Leaving credit and debit cards at home when you shop. Instead, bring cash and pay with cash. This limits the chance of those impulse shopping sprees that often over extends a budget with just a few items.
The key is to determine what areas of your life you want to change. Saving small amounts on a continual basis doesn’t have to mean doing without the things you like, but it does mean carefully considering your choices and not simply acting out of habit and routine.