It’s tough enough saving up to move out on your own, so to put money aside every month is not easy. If you are lucky enough to have any money left after you put down your security deposit, first month’s rent and buy furniture for your new place – you’re ready to start saving!
We’re all about making things easy for you here at WilliamPaid.com and we’ve come up with a few tips on how you can cut corners in your everyday spending. The following are some basic, but important tips to keep in mind as you work on achieving financial security.
1. Pay your bills on time! Improving your creditworthiness is very important if you ever apply for any kind of loan. Sites like WilliamPaid.com, allow you to pay your rent online and on time, and they will even report your payment each month to a reputable credit bureau if you want them to.
2. Make a realistic budget so you know where your money is going. Look hard for possible cash savings in each category of spending. Eating out, going to the movies, hanging with friends, going to the grocery store. Make a budget for each area of your spending e.g. shopping, utilities and aim to stick to it every month.
3. Spend your hard earned cash on essentials first like rent, water, electricity, gas, food etc. Then you can decide what to do with any money that is left. It’s a drag, but worth the time to look at switching grocery stores, dry cleaners, cable companies, revising your mobile phone contract, even moving to a less expensive apartment can make a difference.
4. Write down EVERYTHING you buy or spend money on. Do you often wonder where all that cash you took out of the ATM on Friday night went? Keep track of everything you spend this month. You may be surprised at what you have spent your money on and how much. Do you want to keep the same spending pattern going forward? This might also help you find savings.
5. Are you getting the best deals on your landline? Mobile package? Digital TV? Internet/ broadband? Shop around to find the best deal for you, but make sure you are allowed to change and that your current contract can be cancelled at any time.
6. Maximize your savings. If you have any money left after you’ve paid your priority bills, think about setting some money aside for savings. Find a savings account with the best interest rates. Can you set up a direct deposit to your savings account every month? Interest rates can be compared online. Think about saving with a Credit Union.
7. Avoid unnecessary debt. Easier said than done. However, If possible, pay for items in cash so as not to rack up your credit card too high. Oh, you should only have ONE credit card.
