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Because one budgeting plan doesn’t fit everyone, we’re here to help you think of ways to rev up your savings. The purpose of planning how you spend your money is to make sure you’re spending wisely and to identify opportunities to save more. Take some time to look at your spending and you might be amazed at the financial leaks you can spot and correct with some small adjustments.
Look for areas where you can make compromises rather than cuts. Are you spending $25 a week on gourmet coffee? Try factoring your coffee break into your budget a couple of times a week instead of trying to eliminate it entirely. By finding an extra $7 a day and investing it at a hypothetical growth rate of 10% per year, you could have over $1.3 million in 42 years.* Be creative, but ensure that each item that you identify as a way to save is a solution you can maintain.
Look at your purchases and ask if you “need” it or do you “want” it? Really think about how all those little things add up to money that you could be saving. Getting your hair cut every five weeks instead of four will save you two haircuts a year. Is there an opportunity to reduce your dry cleaning expenses?
Ask for an insurance quote with higher deductibles to see what you could save over a few years. Consider dropping the towing coverage in your auto insurance policy—it often costs more in increased premiums over time than you’ll pay to the tow truck operator.
Don’t let the government use your money interest-free when you could be investing it. Adjust your withholding to eliminate a large return. Allocate the extra money to your IRA or 401(k).
If you’re in the 28% tax bracket—and most of us are—one dollar out of every four dollars you put into a pre-tax retirement account is paid for by reduced taxes rather than reduced take-home pay. Take advantage of your employer’s retirement match program. Never turn down free money.
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