Nine Habits of Effective Savers

Saving money is easier for some people than others because they know how to pinch a penny until it screams. You don’t have to be a miser to have an emergency store of cash in the bank though. All it takes is copying a few of the habits of highly effective savers. Read on for nine of them that work wonders for building up savings accounts.

  1. Involve the Kids

Getting your kids involved in the process of saving money helps curb demands for expensive, unnecessary items each time that you head to the store. Give them a small allowance for chores done around the house, and encourage them to save their own money up for things that they want.

  1. Treat Savings Like a Bill

Though it might seem like a burden at the time, always consistently contribute to your savings account. Even if all you can afford is a few dollars, be sure to set back this amount as if you are paying a bill.

  1. Don’t Wait

Never wait until an emergency financial situation has come up to begin a savings account. There is never a guarantee that the money that you will need for an emergency situation will be there in the form of a loan or bail-out from a friend or family member. Hard times hit everyone, so always set aside a fund just for emergencies far in advance.

  1. Prioritize Your Spending

Make a list of all of your current expenses. Be sure to include everything, including the items that are very minimal in cost. Then, decide which of them that you need and which are not as important. This exercise forces people to make tough decisions about their spending, so they can see how much they have been wasting on frivolous items.

  1. Determine Your Triggers

Each time that you spend money, make a conscious effort to analyze why you are choosing to make a purchase. Is it because you are lonely or bored? Do you feel depressed or anxious? Many times people attempt to cover up their feelings through buying things that they don’t need. Smart spenders habitually stop and put unneeded items down before they reach the check-out counter if the items are being purchased because of an emotional trigger.

  1. Increase Your Income

If the reason that a person can’t save is because they simply don’t have enough income coming in, then it might be time for a second job. Effective savers always look for ways to bring in extra money that they can put back for later.

  1. Get Organized

It is difficult to save if you don’t know what bills are due or how much you even have in debt or expected expenses. So, put your bills and income receipts in file folders instead of piling them up in a shoe box. Also, make your own payment and income schedules, and keep careful watch over them. Staying organized in these ways will help you notice when expenses are increasing, so you can find ways to trim them back.

  1. Find Frugal Friends

It is hard to save money if you have friends who are big spenders. So, try to spend time with those who will support your efforts to limit entertainment to ways that are free. Fellow savers can give you great advice and teach you ways to to save more money too.

  1. Fix Your Credit

Poor credit will make getting a loan at a good interest rate next to impossible, which means you will end up spending a fortune more than you would have to. Skyblue credit repair can help to remove negative items that could be lowering your score.

Christmas Shopping with Online Catalogs – How to Control your Spending!

When it comes to holiday shopping, online catlogues are a great way to save. Not only do they offer lower prices, and allow customers to pay the full purchase price off over a period of time, they also offer great holiday gifts for everyone on the list. So, how can you avoid overspending, when the holiday season rolls around? These are a few tips to help keep you within budget, when the busy holiday shopping season kicks in.

Choose a select few –
By choosing two to three catalogues, you will limit yourself on purchases being made. With hundreds of online catalogues, many shoppers will feel overwhelmed. By limiting the number of online catalogues you visit, you will limit the number of items you buy, and total being spent on purchases. Visitchristmas gifts for a list of the most popular catalogues.

Make a specified list –
If you are shopping for great deals on cutlery, only visit these holiday catalogues. If you are buying clothing or toys for the kids, only visit these catalogues. By making exact lists, rather than a generalized list of items to buy, you will help control the items you browse through, and purchase during this holiday season.

Don’t shop on impulse –
If you can’t sleep at 2 AM, don’t get online; find other ways to put your mind at ease. You want to avoid impulse shopping, and potential situations where you click the “buy it now” button. So, make time schedules for shopping, and don’t allow yourself to visit the catalogues or online retailer sites, during off hours.

Make the budget –
This is possibly the most important on the list. You have to set a budget and stick to it. So, start with the most important items at the top of your shopping list and work your way down. Cross off purchased items, and once the budget is exhausted, don’t spend any more. With limits on the holiday shopping, you are not only going to avoid overspending, but also potentially purchasing items you don’t need at all.

It is easy to overspend during the holidays in no time. These simple tips can help keep you within budget, and still purchase all the gifts for friends and family on your list.