Save Money

There are two ways you can start getting out of debt – make more money or save money.  Let’s start by saving money as it could go a long way towards helping your budget.

Cut back on coffee drinks. If you put into savings four dollars a day you would have spent on a latte at Starbucks, the money would grow in thirty years at five percent interest to $100,000. If you do just have to have something to drink, purchase a bottle of juice: It’s better for you and less expensive.

Pack your lunch instead of eating out. Spending five to ten dollars a day going out to lunch will quickly add up to a heap of money.

Whenever you purchase anything ask yourself three times “do I truly need to have this?” Chances are your quality of life would be better without it or at least the same.

Understand the might of compounding interest. Essentially, saving when you are in your youth will put time on your side. When you are ready to retire from working in 20 to 30 years, your money will be earning some serious interest.

Spend your money on individuals, not things.

Make sure you Live just below your means. You don’t have to be live like a poor man to save money, just go one step below what you could get by with. Rather than a BMW, buy a less expensive car. Rather than a two week vacation, go for a ten day vacation. Save the rest in the bank!

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