We all want to spend less and get more. I covered ways to save money for your company in an installment a couple of weeks ago and now it's time to discuss saving money in an even more important arena. On the home front.
If you haven't had the chance to read that first installment I recommend that you do so now. You can find it here: http://www.chicagonow.com/own-your-legacy/2013/06/saving-dollars-begins-with-saving-pennies-saving-money-at-work/
Long term many of us have financial goals. We want to retire by a certain age (the sooner the better), pay for our kids to all the necessary tools to be successful, live in a home that we always have dreamed of, and loads of other things specific to our individual lives.
The way to start achieving these things to admit that you need to begin saving. In a perfect world this would be easy. That would be the case but sometimes admitting that we need to improve takes some time. Make that time now.
Once you've made the decision to save I believe that starting small is important. For the first week or two (or three if necessary) start with a dollar a day. If even that's too daunting try beginning with your spare change each night.
As this process progresses it is vital that you examine ways to cut spending. Can you do with out all of the premium channels for you TV? If so there is some money off the top. Can you buy your favorite products in bulk or even wait to buy certain things only when they're on sale? If so, these are simpler, painless ways to help create more money to save.
By now, you're ready to create an actual baseline budget. This can be time consuming and require you to be very honest with yourself. Once you do it, you will be better for it.
After you're saving money, cutting spending, and have established a baseline budget it is time to begin saving your money off the top of your paycheck. When I first began doing this I thought that it make my life miserable. I was wrong. I actually found this to be an easy experience because it takes away from the angst I felt when I put my money into savings at the end of the month.
My final recommendation for beginning to save money on the home front is to see a professional financial planner. This recommendation requires you to open yourself up to constructive criticism but the risk/reward is out of this world. Do a little research and find someone who has positive reviews and take the leap.
Have you learned anything throughout your journey about saving pennies at home? If so take a minute to put it in the comment box below. We'll all appreciate it.
Until next time, own your legacy...
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