Saving money is more important than ever in these uncertain times. 

With the right amount of savings, we all can live more secure, prosperous and responsible lives. Saving money should be everyone’s goal, and we all should be looking for tips on how to do so. We hope to provide you with the information needed to make the best saving decisions related to money.

Our ability to save and store things is what gives us the freedom to look past day-by-day living and gives our lives the safety and security our ancestors never knew. Unfortunately, from government to individuals, much of modern society has forgotten how to live within its means and properly save for the future. In these tips we hope to help give you the motivation, information and tools to think more about saving money again.

 Tip 1: Spend Less. This is not over simplifying the best way to save money! It is essential if you are serious about being a long term money saver and being able to save money every day. Review what you spend and look at ways you can save money.

 Tip 2: Establish a personal budget. This is essential for families and individuals and can be the fastest way to save money. You will instantly see your incomings and outgoings once you create your budget. You will not be able to save money unless you know how much money you have coming in, and how much money you have going out.

 Tip 3: Buy used. Sure, we all like to buy new. But there are huge money savings to be made in buying used. Typically cars lose one-third of their value in the first 24 months from new.  Look for ways to buy “as good as new” items and save money. 

 Tip 4: Eat in rather than out. This is a huge area where you can save money. A cup of coffee taken out could easily cost you TWENTY times (or more) what it would cost you to make it at home. Fast food restaurants are counting on you eating food that you perhaps don’t really need at that time but buy just because it is quick.

 Tip 5: Don’t carry excessive debt. Some debt in our lives may be essential. We may need a mortgage to purchase a home, we may need to use our credit card to make purchases until pay-day, but your aim to save money should be to have as little debt as possible. Credit Card debt is typically the most expensive debt we may carry. You will be able to save money every month if you make it an absolute rule to pay off your outstanding balance every month.

Why not start today in making sure you have money to maintain your current standard of living in your retirement years or when the unexpected happens. 

Call SIABC if you have questions about these tips, are in need of financial counseling or would like to help others get on the right path to financial independence.  

Contact Executive Director Whitney Bishop at 812 206 7514.