How To Start Saving When You’re Feeling The Pinch

How To Start Saving When You’re Feeling The Pinch

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Money is often a tough topic to talk about. It’s something that we all tend to avoid. When you’re doing well, you don’t want to really highlight your situation or make it look as if you’re bragging. And when you’re suffering, you try to glaze over your poor financial situation to make sure that no attention is drawn to it. But it’s definitely always worse to be in the latter camp.

You know that when you aren’t doing so well with money, you don’t always want to address it. But it isn’t something that you can shy away from yourself. Because when it comes to your finances, the only way you’re going to turn it around is by taking action. If you know that you’re feeling the pinch, you don’t always know how you can start putting some money aside. But you can. So let’s figure out ways how you can start to save even though you’re feeling the pinch.

  1. Track Your Spending

You’re going to want to start out by seeing where your money goes. It’s easy to want to just dive on in and start cutting out costs, but unless you really know where the money is going, you won’t be able to do this properly. So spend a month or so keeping your receipts and tracking how much you spend and on what.

  1. Reduce Your Bills

Now that you know exactly where your money is going, you can start to reduce the costs. If you have a range of debts, bring them together with something such as Debtconsolidation.co and have one payment, not several. Think about switching your utility suppliers to get a better deal. Also think about reducing the cost of your car payment or mortgage by downgrading if you can.

  1. Cut Anything Unnecessary

The next step on from here is to work on cutting out anything that you don’t need to be paying on. You may think that you can’t do this, but you have to get tough. Because if you want to build some savings, things like Bankrate.com are going to really help you here.

  1. Allocate Those Funds To Savings

Now that you’ve managed to make some really great savings on your monthly bills, you’ll then want to allocate that money to savings. It’s tempting to see that as free money. But remember that you want to build up some savings, so that money is going to want to go right into a savings account.

  1. Save Any Extras

Now that you seem to have more control over where your money is going, and you’re not feeling the pinch as much, it can feel amazing to put that extra money you’ve saved into a savings account. But if this is just a small amount to begin with, you may think that it’s going to take you a long time to get anything substantial saved up. And that may be the case. So, what you may also want to do is to save any extra payments that you get too. And refunds that you weren’t expecting or bonuses should go right into your savings account too. That way, you won’t even miss the money!

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