Who doesn’t love to save a little extra cash each month?
Finding money saving tips to trim the fat and pocket some coin each month isn’t easy, but it is simple.
The question is, “Will you do what it takes – and if so, what will you do with the extra savings that you find each month?”
Saving the extra cash is critical because let’s face it, the average American spends more than they make!
Most people find other ways to spend their money rather than socking it away into an emergency fund or long-term savings.
But, just imagine if you got on board with these money saving tips – how much better financial shape would you be in?
You’d feel better about yourself and your future and you’d be in a position to do things you really want to do with your money.
- The Goal: Save $10,000
- By When: This time next year
- How: By implementing 10 money-saving tips
The Plan to Save $10,000
For the next couple weeks we’re going to look at one money saving tip each day.
On Thursdays we’re going to hear Personal Finance bloggers’ and hopefully some readers’ ideas and experiences on how they’ve saved money!
When all is said and done and you’ve implemented each of these 10 tips, you’ll have saved over $10,000 this next year! I hope I see tons of people putting their money away especially with these great cd rates!
Of course, not everyone will be able to save 10 G’s, but even if you don’t save quite that much, saving a couple thousand bucks will be worth it!!
So, are you ready to check out these money saving tips and come along for the ride?
Let’s save some money!!
Tip #1: Cut Back on Going Out to Eat
Let’s be real here. We probably all spend a little too much on going out to eat. It’s hard to walk out of a chain restaurant and not drop $30-$40 on a meal if you get an appetizer, two entrees and a couple drinks!
How often do you do that per month or even per week? As you’re well aware, this can add up pretty quickly.
According to the Bureau of Labor Statistics in their 2008 Consumer Expenditures press release – they cite the average 2.5 unit household spend approximately $2,698 on food away from home!
That works out to be roughly $225 a month on going out to eat!!
Let that sink in a minute. $225.
Now, I love going out to eat – who doesn’t right? It’s fun, it’s easy and there is some pretty good food out there. But hear me out for a second –
Don’t miss another post! Get Redeeming Riches delivered straight to your inbox!
What if, instead of going out three, four or five times a month you cut that back by two! Only two!
I’m not asking you to give up eating out completely – that’s just silly and you and I both know YOU WON”T DO IT! It won’t be a goal you can commit to for a long period of time.
But, giving up two meals is a goal that you can reach! Give it a shot next month and see what happens.
What should you do instead? Well, invite some good friends over, grill out or cook a good meal and enjoy conversation at home rather than in a restaurant.
Or, why not invite a few couples over and each have them bring something. You can do dinner theme’s so everyone brings something that goes together.
Start rotating houses every month and have a good time with great friends eating good food and saving some good money.
You’ll be surprised at how much fun you can have by doing this and you’ll feel good about yourself that you saved some money!!
Estimated Savings: $40-$100 per month
Share your thoughts below on how much you’ve saved by cutting back on eating out!
Check Out All The Tips From Our Series
Tip #5: Negotiate Your Cell Phone Plan