Frugal Tips: Little Steps to Saving Money

Everyone is looking for ways to save a little money here and there. Even if you feel like you aren’t able to save due to a tight budget, there are many painless ways for you to save a few bucks and before you know it- you’ll be on your way to building your savings.

Here are some unusual and easy ways to save a few bucks:

1. Change your habits – If you have a bad habit that’s costing you money, then maybe it’s time to consider quitting or cutting back. Smoking and/or drinking can be an expensive habit and once you calculate how much money you spend a year, you’ll realize that good health and a healthy savings account will be worth it. In lieu of spending money for cigarettes or a couple of drinks – deposit the money you would have spent into your savings account.

2. Start a “Money Challenge” – Make a game out of your savings habit and attempt to do any of the money challenges that you may have heard of. An easy one includes the “One Dollar Challenge,” where you take all the dollar bills that you have in your wallet at the end of the day and put it in your money jar. You can even challenge yourself even more by using your five dollar bills and watch your savings quickly build up.

3.Round up your payments – If you’re paying the cable bill or phone bill, round up your payments and then put the differences in savings. This is especially easy to do if you are still using checks and/or balancing your checking account. For example, if you’re paying  $88.54 for your phone bill, round it up to $89. The difference between the actual and rounded cost, and similar to tossing all your spare coins into a jar, you can start to see a good amount of money accumulate in your savings.

4. Don’t let impulse get the best of you – Ever had an impulse buy and just immediately regretted it? Sometimes these purchases can just get the best of us and our wallets. Talk yourself out of the frivolous purchase and pocket the money into your savings. So, instead of spending money on something you would regret, the money you save could go into something more important and worthwhile, like a vacation or a rainy day fund.

These little tricks can be used to help making savings seem less of a chore and have fun while reaching your financial goals.. If you are a homeowner over the age of 62 and you are finding that money is a little tight, you could turn to a reverse mortgage to gain the extra cash flow so that you may live more comfortably. If you are interested in a reverse mortgage, speak with a Senior Advisor today at 1-888-808-8486.

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