Do you find yourself thinking that you don't make enough to be saving? In my mind, saving is simple: 'You spend less than what you earn, and put the rest away for a rainy day'. Okay, maybe that is too simplistic, but it is a good starting point to get yourself thinking about saving.
One thing I try to do is always ask the 'Want vs. Need' question whenever I get an impulse to buy something. Do I really need this thing I am about to buy, or do I just want it. A lot of times, in fact most of the time, I end up putting it back on the shelf, or closing the browser window before I 'Click here to Submit your order'.
Kiplinger has listed 20 tips on how to save, no matter how much you make.
1. Give yourself a raise and bank it. Boost your take-home pay by adjusting your tax-withholding and have the difference in pay automatically transferred to an online savings account. Kiplinger's tax-withholding calculator can help you revise your W-4.
2. Open a 401(k). If your employee offers a 50-cent match for every dollar you contribute, even adding $60 a month will net you over a grand a year. Plus, you defer paying taxes on your contributions, giving you a bigger paycheck now. See how even small amounts can add up.
3. Raise your car insurance deductible. Upping your out-of-pocket outlay from $250 to $1,000 can save you 15% or more off your premium. Learn more about how to save money on your car insurance.
4. Pay off your credit card. Carrying a $1,000 balance at 18% blows $180 every year on interest that you could put to better use elsewhere. See Climb Out of Debt Faster for help.
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