Finance Tips For Those Who Struggle To Save Money

Do you find it difficult to save money? You are not alone. In a recent survey, 62 percent of Americans have less than one thousand dollars in savings and 21 percent do not even own a savings account. Well-known financial radio host, Dave Ramsey, stresses the importance of building up a one thousand dollar savings account. Does that sound overwhelming? It isn’t. If you want to save money, there are easy and rather painless ways to do so. Here are some examples of how to cut your expenses so you can build a savings account.

How often do you eat out?
If you are like most Americans you eat a prepared meal four to five times per week. Over the course of a month, that adds up to an average of 18 meals per month. Rather than spending money on eating out, make a commitment to eat all (or at least most) of your meals at home. You will definitely save money doing so.

Do you have items in your home you no longer use or need? Hold a garage sale or put them for sale online at Ebay or Craigslist. Take the funds from those sales and put them in your savings account.

Do you have the opportunity for overtime at work? Even a few hours a week adds up. Take that extra cash and stash it in your savings account. If that is not an option, take a look at your skills and see if there are ways you can earn a little extra cash per month. Do you like dogs? Believe it or not, dog walkers charge 20 dollars and more per hour for dog walking services. That can really add to your bottom line in your savings account

Don’t feel like working extra hours after work? Look at your current expenses and see if you can find ways to reduce them. Some people choose to cancel their cable service and sign up for services such as Netflix and Hulu. Using these services can save a pretty penny every month. If you do not want to give up your cable, consider bundling your phone, Internet, and cable services with one of your providers. Many companies offer discounts for bundling these services. You will not only save money, but you will have the convenience of paying only one bill for these services. Just remember to stash the money you saved in you find in your savings account.

Have you reviewed your car and house insurance lately? It is wise to review your coverage and premiums on an annual basis. Get multiple quotes each year to find the lowest cost. Also, as your needs in life change, you may find you do not need as much coverage now. Furthermore, if you raise your deductibles, you will lower your premiums. All of these methods will help you save money to build up your savings account.

There are many ways you can do little things to reduce your expenses and increase your savings. All you need to do is track what you are spending and see where you might be able to cut back without it adversely affecting your lifestyle. For example, are you paying for multiple gigabytes of data on your cell phone plan but don’t come close to using that amount? Cut back on the data plan and reduce your cost. Take that savings and stash it away. Before you know it, you will have saved $1,000 or more in your savings account. You will be happy you did.

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Kyle Burton
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Kyle is a contributing author who works for a number of financial portals in the online lending space. He has been covering the consumer loans and finance markets since 2006, his focus is to uncover topics that help borrowers get out of debt and save money daily. You can connect with him on Twitter, LinkedIN and Google+