Tips on How to Save Money

By Susan Salisbury
The Palm Beach Post

Who doesn’t want to save money?
There are big ways to save, and small ways to save, and advice is dispensed each new year about the best ways to hold on to more of our money.

It seems simple enough, spend less, save more.

Sure, we should save more money, but how?

One money-saving strategy is to buy used items instead of new ones, and to put off a purchase until you’ve thought about it for a week or a month, or even a day or two.

Just about every financial guru advises drawing up a budget. In fact, says the National Foundation for Credit Counseling, only two in five adults maintain a budget and track their spending.

If you do make and stick to a budget, it’s easier to reach other goals such as saving more money, paying off debt, spending less and developing long-term goals.

Online tools such as Mint.com can be helpful.

There are lots of iphone apps for personal money management, such as Mint, Dollarbird, Spendee Budgt, and Check.

But apparently many people cannot live within their means, or they are unemployed or under-employed and rack up huge debt just paying their bills.

The average household owes $6,690 in credit card debt, says Odysseas Papadimitriou CEO of CardHub and WalletHub.

Consumers are beginning to repeat the mistakes that got them into so much trouble during the Great Recession.

“After paying down more than $1 billion in amounts owed to credit card companies during 2009 and incurring a modest $2.2 billion in new debt during 2010, we’ve racked up an average of $41.2 billion in additional credit card debt in each of the following three years, according to CardHub Debt Studies.

Unfortunately, our data indicate no forthcoming slow-down in consumer debt, and we can therefore expect similar payment performance from credit card users in 2014,” Papadimitriou said.

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