In times where most families are struggling to make ends meet, I consider myself fortunate to have financial security.
By controlling my spending habits, I minimize our bills and even make a considerable contribution to our savings account every few weeks.
I can remember a time when I found myself living paycheck to paycheck. I had to worry about how I would scramble together the money to pay my electric bill or buy food.
Now, however, I am free from that sense of panic and financial instability! Recalling the hard times helps me put the brakes on my spending and build up our savings account!
Do I really need HBO and Show Time in my cable package? No.
Do I really need my Grande Caramel Macchiato from Starbucks each morning? No.
Packing my own lunch can also save me $5 to $10 each day or up to $100 to $200 each month.
By removing these seemingly inexpensive splurges from my budget, I can save $2,400 to $3,600 per year. That money serves a better purpose earning interest in my high-yield savings account!
Rather than depriving myself, I am simply forgoing a few luxuries in exchange for a better tomorrow.
When I feel like buying “just one little purse” or “just one little video game,” I dissuade myself by envisioning my savings account hitting five digits. Oh how sweet it is!
Today, I continue to curb my spending by focusing on the end result, knowing that a small sacrifice now leads to big financial security later.
1. How can I minimize my living expenses?
2. What luxuries can I eliminate from my routine?
3. How much money can I comfortably transfer into my savings account each month?