The famous humorist, Will Rogers, once said, “Too many people spend money they earned…to buy things they don’t want…to impress people that they don’t like.”
It is a timeless quote that characterizes so many of us, both personally and professionally. We buy too much, get into debt and find our lives spiraling out of control as our income can no longer support our lifestyle or business.
But this is a New Year. And there is hope. 2017 is here and whatever happened or failed to happen last year is history. You can truly start anew with better financial habits.
So, here are Ten Quick Smart Ways to Save Money in 2017:
- Pay off Debts: This is the most important one of all. Pay off your debts, maybe starting from the lowest to the largest, as quickly as you can. It may mean fewer meals out or holding off on doing vacation this year, but meet with a financial expert and create pay plans to pay them off. Once this is done, you may be surprised at how your life will improve.
- Use Coupons: Just about every grocery store has coupons, most are now in their apps, for their customers. Make a grocery list and use the coupons (or their MVP or preferred customer card) when you buy.
- Brew coffee at home: The fufu coffee beverages at $4.00 and more, add up quickly on a weekly basis. Buy several pounds of coffee and brew it at home before you leave for work. Treat yourself on Friday with one Starbucks drink or other similar coffee shop. You may save $500 a year just doing this!
- Fill up your car: Gas is expensive, especially in the metropolitan areas. If you can fill up your car instead of getting a few dollars’ worth, you can save quite a bit of money in the long run.
- Buy movies online: Going to see a movie can be $15 per person or higher. Plus, the popcorn and candy adds to the outrageous price. Instead, load Amazon Prime or Netflix to your devices and TV. The yearly price may be less than you pay for one or two movies with the family.
- Combine errands: We travel so much around the Washington, D.C. Beltway! It may take several hours to just run an errand or two because of the traffic. So, save time and money by combining your errands (grocery, gas, appointments, visits, etc.) if possible. Less stress and expense!
- Compare Fees on mobile phone plans: There are many different phone plans now. You may have completed your 2-year contract so look around. There are several vendors which charge only a monthly fee for unlimited usage.
- Eat Out Less: This is a tough one and I can understand the reluctance. Eating out is fun at your favorite restaurants. But this can cost hundreds even thousands of dollars a year. So, eat out maybe once a week as a treat. Save up that money for paying off debts, children’s education or home improvements, etc.
- Keep a Spending Journal: Record your expenses for several months and see where your hard-earned income is going. This is a proven way to cool the spending jets and get on track for smarter spending.
- Volunteer: This may sound kind of weird but hear me out. When you are volunteering and helping the underprivileged in your community it does three things: Makes you appreciate what you do have, gives you an opportunity to share your skills with an agency that is assisting others and, lastly, when you are volunteering you are not out spending. Everyone gains from helping others.
I hope this has been a help to you. Get this year off to the right track by saving your hard-earned money and improving your life and others.
If you need personal or professional financial counseling, from tax planning, to payroll to choice of Business/Financial Entity planning and many other services, A. K. Burton, PC, can meet all your private and business accounting needs. Call us at (301) 365-1974 for more information.