When it comes to building up savings, it can be difficult to determine exactly what you need and what you can do without. You don’t want to deprive yourself of all of life’s luxuries, but there comes a time when you have to decide what’s more important: today’s treats or your financial future. Let’s go over a few ways to boost savings.
Boost Savings By Cutting Back
Think about all of the “extras” that you pay for. It might be premium cable channels, unlimited data for your mobile device, a gym membership, magazine subscriptions, or restaurants. Making a conscious effort to minimize extra spending can have a large impact on your savings. Even if it’s temporary, it’ll still make an impact to help boost savings.
So, try it out! Try going without cable for a few months. Try dedicating yourself to homemade meals instead of take-out for a while. Cancel your magazines. Workout at home. At the very least, you’ll find out if those services were worth it to you, and you can go back if you feel they are valuable.
For some more ideas, check out ACCC’s Save By Cutting Back PDF.
To speak with a certified counselor about budgeting and debt management solutions, call American Consumer Credit Counseling at 800-769-3571.