SUCCESS BLUEPRINT-MONEY SAVING STRATEGIES

LIVING WITHIN YOUR MEANS

In today’s blog, I’ll be discussing money-saving strategies. Here are the ways you can spend your hard-earned money and still save enough to maintain the quality of your family’s life:

Live within your means.
Avoid being with “big spenders”.
Look for the best value.
Have a plan. A budget.
Build a savings account.

Let me explain these in a little more detail. First, learn to live within your means. I’m not even going to try to tell you where you have to cut spending. You should probably know that. But I am going to give you some strategies you can use that have worked for other people.

Second, don’t let others dictate your spending limits. You probably have friends who are “big spenders”…You know who they are and you what you do when you’re with them. When you go out with them, you know you may be spending too much just to keep up with their lifestyles. Just find another activity to share with them that’s not so costly. If necessary, take only a little cash and no credit cards when you go out with these folks. That way, you can’t overspend. Don't try to keep up with the "Jones's".

Third, if possible, always look for the best value. Shop around. It’s often possible to find high quality and low cost in the same product else where. Paying a high price is no guarantee that you have bought a quality product. Just remember that paying more for a higher quality product can save you more in the overall long-run. But don’t forget to do your homework before you buy high-ticket items of any kind no matter the market. Check other retailers for lower prices of same product.

And lastly, always have a plan. Much of your spending is by habit rather than by conscious decision. You need to really look at what you spend and where you spend it when you are deciding where to make your cuts. Get with the family and map out a budget. Start a saving account and build on it with each pay check. I suggest you put at least 10% if not more.

Also keep in mind as you go through these strategies and you follow-up on these strategies that they are general concepts and they may not apply to all of your particular needs. Your plan can be flexable and may require change later. We’ll take a closer look at the steps and methods involved in reaching these goals in our next several blogs on this topic.

Stay focused and follow your plan!!