Are you or your family living right up to your income?
Going a bit beyond your income
to make ends meet—running up credit card debt
or dipping into savings.
If so, you are not alone.
At least 47% of U.S. households spend all of their income (or go beyond) according to a new report based on national data and prepared by the
Pew Charitable Trust.
If you find yourself in this situation—or close to it—it's time to pause and look for new ways to cut spending
and enhance saving.
If you find yourself in this situation...
...or close to it—it's time to pause and look for new ways to cut spending and enhance saving. >> Check this out >>
HAVING EVEN A SMALL EMERGENCY FUND CAN PUT YOU AND YOUR FAMILY ON A MORE SECURE FINANCIAL FOOTING.
Below are some tips to help.
Some steps you can take today, others require a little more planning.
>> Quick First Steps for Saving >>
NEXT, SAVINGS STEPS THAT TAKE A LITTLE MORE PLANNING
SAVING ON UTILITIES.
Sounds boring, maybe. But the benefits aren't!
Check out this tune... Bonus!
Put In Some More Effort!
Alright. That was fun. For us more than for you, maybe, but follow these tips below,
and you'll get your income vs. expenses under control in no time!
Make Your Meals
We Americans spend about 50% of our foods dollars on food eaten or prepared away from home. That figure includes both the meals we eat out in restaurants or prepared meals and foods we pick up.
Making meals at home can save big bucks!
Ways to ease the time required include planning meals ahead, shopping only once weekly always using a list, preparing foods ahead on weekends and some evenings, and involving the whole family.
Success also means continuing to enjoy some meals out and some take-out.
I'm sure you comparison shop when you're in the grocery store, when you're shopping for a new gadget, or new vehicle. Right?
You can also comparison shop for other services such as your TV package (cable or satellite), mobile phone service, and auto insurance.
By taking time to get quotes from providers other than the ones you currently use, you may be able to negotiate a better deal from your current providers because they don't want to lose you as a customer.
More on this in the impulse buying section!
Create a Budget
and Stick to It
This is probably the hardest step but also the most effective
for helping you cut costs and save more.
The goal is to find out where and how you are spending money and where you can spend less by creating a personal budget.
A budget typically lists your income and your living expenses such as housing, utilities, food, insurance, and transportation. It also lists loan payments such as car or student loans, as well as your credit card bills. Don’t forget to list all your app income or payments either.
Good luck creating that budget!
(Jokes, you're not completely on your own yet, check out the "more info" section below. We've got your back!)
THE BENEFITS OF
SAVING MORE MATTER!
Often when we think about saving, we think about giving up something.
But actually, making a budget or a spending plan that helps you live within your income and save some money for future needs helps you gain more.
You increase your ability to meet emergencies and to plan for purchases and activities you really want.
You also gain peace of mind.
For More Information...
FoolProof has an entire interactive module on budgeting.
If you even thing you have the slightest trouble creating or sticking to your budget, use FoolProof's tools!
Create an account and start our "Burning Money" module now.
America Saves has lots of tips and information to help increase savings in many areas.
Budgeting Tools from the Institute for Financial Literacy
Ok, now you know your
income vs. expenses.
Need a little extra cash to make ends meet?
>> Here are some ideas >>
That's it for this part.
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