How To Save Money Long Term | Helpful Tips & Tricks
Need some easy ways to save money?
Here are some tips that are “Little Steps” that end up being “Big Steps” in your financial journey. Start small and think big!
Long-Term Ideas Money-Saving Tips:
$1,000 to start an Emergency Fund
In-case you get into an accident, need to pay an unexpected bill, medical bill or whatever it may be - this is the best way to deal with those emergency expenses.
The best ways to get a $1,000 emergency fund is to add funds in month by month. Pick an amount $10,$20,$50 or whatever you’re comfortable with in order to start growing that fund + earn interest on your funds
Get serious about a budget
Many people have different ways to budget money because every budget has to fit someone’s personal lifestyle. Many recommend the 50/30/20 budget where you devote 50% of your income to “necessities” such as rent, food, gas, etc., 30% to “wants” such as entertainment, eating out, new outfits, etc., and 20% to “savings” where your money starts to get interest by just sitting there. Remember budgets are a long-term resolution to financial stability and takes time to refine and execute. If one of your allocations exceeds these percentages, make some adjustments to fit the formula.
An aspect of budgeting is designing your ‘debt snowball.’
Do you have a plan to help yourself get out of debt? Take time to find out which debts you’re going to pay off as a priority and in what order. Having a plan goes a long way toward putting that plan into action, and paying off debts early is one of the easiest ways to put money in your pocket over the long run.
Many experts recommend setting aside 5% of your income to consolidate and pay off your debt. This would mean from the 20% you’re putting into savings 5% of that would go toward paying off debt.