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Making the Most of Saving Strategies

23 January 2020 No Comment

The truth is there’s no shortage of savings advice available to consumers. Articles, books, classes, and websites are devoted to the subject. The volume of tips and tricks for saving money out there can be a bit overwhelming.

The result—for many people—is a difficulty in figuring out which tips and techniques to follow and which to disregard. While we can’t guarantee you’ll succeed in catching up on bills and paying off debt, the following is a guide for making the most of the saving strategies you come across:

Keep Track

As previously mentioned, there’s a lot of advice out there for how to save money. Readers of this blog probably encounter dozens if not hundreds of savings tips every day. You like what you see—you might even bookmark it—but then you forget about it. Keep better track of ways to save money. For instance, save notes online every time you come across a seemingly great way to save money. Consult this centralized collection of money-saving tips once or twice a week. In doing so, you preserve valuable suggestions which might otherwise be lost.

Do the Math

Many so-called savings strategies sound great on paper. For example, being told to unplug charging cables when not in use, since they continue to draw power even if they aren’t connected to a device. But upon further inspection, these techniques add up to an infinitesimal amount of money being saved. It’s important to do the math when factoring the impact a money-saving strategy has on your bottom line. Otherwise, you might be going out of your way to save very little money in the long-run.

Make it Count

Let’s say you save $100 every month by shopping at Aldi instead of the local supermarket. What you do with that money matters in whether or not your efforts count. If, for example, you start spending $100 a month on eating out, the savings don’t really amount to much. Socking it away for a rainy day, on the other hand, does. Or, if you decide to introduce a new expense into your budget, it counts towards something important, like affording the cost of your child playing ice hockey

Examine the Impact

Are you making sacrifices to save money? If so, you’re not alone. However, do these sacrifices lead to a significant reduction in your quality of life? If so, examine the impact to determine whether or not the savings are worth the hassle. Saving $50 a month by cutting back on heating and cooling might not be worth it if you and your family are sweating and shivering at home.

Adjust Accordingly

There is no one-size-fits-all solution to saving money. Every situation is different. With this in mind, consider customizing a money-saving strategy to better suit your specific situation and lifestyle. As long as the bottom line continues to result in significant savings, your adjustment will prove beneficial.

Finding new ways to save money is only a Google search away for most people. Yet this information is only useful if it’s put into practice. What’s more, it needs to lead to meaningful savings! By keeping a record of these tips and techniques while also checking to see their impact and significance, would-be savers are primed to succeed.

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