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Saving more now, for more later


Photo by - Alex Le source;
The holidays are fast approaching and that means more money out of pockets and into the hands of retailers. Learning to stretch a dollar can not only come in handy but can help teach one how to be conservative for future events. There is an old say that seems to come true, "When it rains, it pores (and sometimes in sets of three)".

To help save some money now, for future rainy days or even just to help out Santa, here are some tips.

Cooking from scratch is not only healthier, but beneficial. Food that is prepared by hand, is usually about half the price of restaurant and fast food. Buy items in bulk, planting a garden, avoiding snack foods, partially prepared foods and instant foods, can help increase your savings.

Cutting back on activities outside of the home, will not only save money but gas and time. Colorado Springs is a beautiful city. Instead of increasing your electric bill by walking on the treadmill, get outside and take a walk. There are many trails or even just take a walk around the neighborhood. While activities keep us busy, they can also drown us. Too many activities may not only hurt the budget, but can wear you out more. It is also great to keep kids busy; but while trying to help the budget, teach them about financial sacrifices. Maybe they can pay for half of what they want to do, like paying for their car insurance or gas to drive or getting some of those clothes that come along with school activities. It can not only help them prepare for their future, but help them understand how to handle money wisely. Children can benefit, from learning to save at an early age.

Bargains and budgets can help keep you on track. If you know you need something, head to the clearance sections of the store first. Who knows, maybe you can find those jeans on sale that you’ve been dying to get. Head to bargain stores like Ross, Steinmart, TJ Maxx and etc, they have clearance racks too. If you can get into the habit of heading to the lowest price section of the store first, you may not be tempted to spend more in the main sections. Try secondhand stores like Goodwill and Arc. Sometimes you may just need something to get by, until the right priced item comes along. You can get name brand items, some hardly used, while keep some extra jingle in your pocket. Maybe you will like them so much, that you can save by not going and getting the higher priced item somewhere else at a later date.

And last but not least, credit cards. While it’s good to have credit; over using it and extending yourself beyond your means, can not only hurt your credit but cost more. Even if you pay the minimum on a maxed out $500 credit card at 19.9% interest rate, which may only be a payment of $25 a month, it will take four years and two months to pay it off at a total of $693.92. You almost spend half of the credit card limit; just to pay it off and with a lot of extra time spent writing out checks and balancing the budget.

No matter how you trim your budget, it not only leaves you with more money for future storms that may hit but can help keep you healthy and fit while financially sound. Save more now, for more later.