Top 10 Personal Saving Tips for Your Budget.
Your budget is the key to your financial success. It’s your best friend and your worst enemy. Your budget can be your saving grace, but it can also lead you down the path of financial peril. Here are 10 important tips that will help you strengthen your budgeting skills and save money on a regular basis.
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. Set a realistic budget and stick to it
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One of the most important things to do is set a realistic budget and stick to it. This will prevent you from overspending and help you stay on track. If you don't set a budget, you're not giving yourself guidelines to follow.
Keep track of your spending. If you know where your money is going it will be easier to make changes if you need to. Try using BALANCE's Fritter Finder form for a week or two to find out where your money is going.
Separate wants from needs. Do you really need that 42-inch flat-screen television? When money is tight it should not be spent unless absolutely necessary.
Avoid using credit to pay your bills. While it may make things easier now, using credit only increases your monthly payments in the future.
Save regularly. Have some of your paycheck directly deposited into your savings account or set up an automatic transfer each month from your checking to your savings account.
Check your insurance policies. Review the coverage for all your plans. You may have too much and be wasting money or too little and not be adequately covered. Virginia CU Insurance Services can help you find the best coverage at the best price.
Be careful about spending a significant amount of money on periodic purchases, like gifts and vacations. While you may feel good while you are spending the money, you may wish you had the money later.
Cut or downgrade your services. Can you get a cheaper cable package or have no cable at all? If you have a cell phone consider cutting your landline.
Try lowering your energy bill. Turn off appliances and lights when they are not needed. Purchase energy-efficient light bulbs. When you can, use a fan instead of air conditioning or put on a sweater instead of turning on the heat.
Consider signing up for online bill payment. Not only will you save on stamps, but you can make sure your payments are received on time. VACU's online Bill Pay is free for members.
Cut down on take-out ordering. Even if the meal is not expensive, doing it frequently can really add up. A $10 pizza once a week will cost you over $500 a year!