Let’s face it – we all want to save money for one reason or another. Maybe we want to build up a nest egg, save for that dream vacation abroad, purchase a new car, or simply work toward living a debt-free life. We all have good intentions, but sometimes we get distracted and buy things we don’t need, which may temporarily put our financial goals on a backburner.
Fortunately, there is one really easy way you can spend less money: keep your goals right in front of you – literally.
Think about it. When you’re spending money, it can be difficult to remember your long-term financial goals, especially if you’re paying with plastic. So here’s what we suggest: print out a photo of your future vacay or that sleek coupe you’ve been eyeing, and put it in your wallet. Better yet, wrap it around your credit or debit card with a rubber band so you can see it every single time. This will help you really reconsider your purchases, especially those frivolous buys!
For those of you who have more abstract goals (say, becoming debt-free or building toward retirement), try this: write down your ambitions or how it would feel to reach your goals on an index card or a sticky note and place it in your wallet. This physical reminder will help you stay the course!
Of course, sometimes our motivation isn’t always as strong as we want it to be. If you find yourself struggling some days or need more concrete ideas to help you curtail your spending, try these few easy tips:
- Plan and cook your own meals. Dining out can add up quickly. Whenever you do go out, opt for water to save a few additional dollars!
- Bring your lunch to work.
- Use a refillable bottle instead of constantly purchasing bottled water.
- Get crafty and make your friends and family gifts instead of buying them.
- Get your book and movie fix at your local library!
- When you go shopping, make a list and stick to it.
- Make a solid budget to help you track your monthly expenses.
Don’t forget that your friends at Central Federal can help you reach your financial goals. Stop by to chat with us or visit us at www.centralfederal.com to learn how we can help!
Central Federal was founded in 1952 to provide home loans in Phelps County, Missouri. We continue to make the necessary changes to be competitive with our services and products while providing excellent service to our customers.