When you think about money does it feel like you’re not able to save enough? Saving money isn’t about who is the luckiest. It’s about who has goals and a plan. Whether you’re saving for an emergency fund, vacation, or retirement, you need a working relationship with your money.
Most people don’t like to talk about money. It’s emotional and uncomfortable but I have good news. You might have more money than you think.
Stop looking for your lucky four leaf clover and make a plan for your financial future.
Begin by not be afraid of money. At Heritage Financial Strategies, we make money fun beginning with an understanding of your current financial situation. Then we can create a financial future that makes sense for you and your family.
I spent THAT much on coffee, lunch, groceries, date night?!?!
Know your income and expenses. If you don’t know how much money you’re making and spending, it’s likely you’re spending too much. The most common overspending is on groceries, dining out, and credit or debit cards.
Be honest about income and spending by accounting for all bank, investment, retirement, and credit card accounts.
Once you have an understanding, you see where you can make changes.
Bring your lunch to work. Savings $2400+ per year
If you’re spending $10 a day on lunch, you’re spending $50 a week or $200 a month.
Over the course of a year you’re spending a minimum of $2400 just on lunch!
Instead of spending every day, take your lunch to work. Go out only on special days like Friday, pay day, or a birthday or anniversary.
Free (or almost free) date night. Savings $4800+ per year
We all love a night on the town but your weekly date night could be costing you.
At a conservative $100 per week, that’s $400 per month or $4800 per year just on dates!
Try spending an evening at home making dinner and watching a movie.
Cash is your friend. Savings 10-20% of spending
Many of us rarely carry cash but we should.
Cash makes us think.
When we use credit or debit cards, we spend 10-20% more on items like magazines at the grocery store or an extra pair of shoes that’s on sale.
We’re not really thinking about what we’re spending when we use a card so we tend to spend more than we would if we used cash.
Treat your savings account like a bill that you pay each month and automate savings.
$100 a month adds up to $1200 a year. Over time it creates a nest egg of savings and you hardly know the money is gone.
Taking time to understand your income and expenses, will help you make small changes that add up to big savings. Dining out less or using cash more are effective steps to help you see you’ve got more money left at the end of the month
It’s not luck that allows you to save. It’s about putting goals and a plan into action.
Not sure where to start? Make an appointment at Heritage Financial Strategies today!