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Easy Ways to Save Money Aggressively

By Edited Jul 25, 2015 0 1

If there is one thing that these trying economic times have taught us is that it is important to save money aggressively. All the financial wizards on TV and on the radio talk about saving money and be able to have a 7 month cushion to cover expenses in case something happens like losing your job. If you are like most people, you wish that you had this cushion in place but do not know where to find the money to place into the savings account. Many people live paycheck to paycheck and can not easily see how they would be able to save money aggressively to build a security account for their future. Do not fall into the trap of believing that there is no way that you can do this. You can save money aggressively and it is easy to do when you know how.
Evaluate Your Spending
The first important step to finding the money to put into a savings account is to track your spending for a few weeks to see where your money is really going. Often times, people do not realize just where their money is going every month and how their bank account is growing cobwebs instead of dollars. For the couple of weeks that you are tracking your spending you will want to keep track of every penny that you spend. This will give you the first glance of where you will find the money so that you can save money aggressively.
Cut Frivolous Spending
To make a real go at this, you will need to cut out any spending that is not one hundred percent necessary. Yes, you may only spend one dollar a day on your morning coffee on the way to work. The catch is that over the course of the month this is twenty dollars that you could have put into your savings account. Other places to cut would be going out to eat and going to the movies. If you cut this spending and use these amounts to build your safety blanket that you will be well on your way to your saving goals.
Extra Money Does Not Exist
Ok, yes if you receive extra money from some source of the course of the month, it does really exist. The key is to not thinking that it exists and just putting it into your savings account. This goes for bonuses at work or even that birthday check that your mom sent you. Any money that comes in that you do not usually have should be put into your savings account to save money aggressively.
Do Not Touch It
When you are trying to save money aggressively, it is important to make sure that you can not easily access this money. This means that you should not get a debit card for the account. Do not set the savings account up for online access. The best way to make sure the money stays where it needs to be is to force yourself to walk into the bank in order to withdraw any money. This will make you think twice about using the money for anything other then an emergency.



Jul 23, 2010 1:32pm
Setting a specific amount to save each month is definitely a huge help. If you take it away before you have it to spend, you'll still manage to survive financially...while increasing total savings!
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