Endless economic turmoil, deepening employment concerns and inconsistent outlooks have left the masses scrambling for saving solutions and smart investment ideas.
Though there is no single answer, many finance-focused companies have begun offering advice and information both on personal and public levels. For example, Primerica, a financial services marketing organization, recently released a list of ways to ‘find money to save’ during these rough times.
They suggest several parallel approaches:
- Put aside your loose change each day. Saving just $1 a day will yield you $365 in a year!
- Cut your phone bills. For less than $10, you can buy a prepaid cell phone and pay only by the minute. Cancel your land line (unless you have medical issues that may require emergency calls).
- Dodge unnecessary fees. Avoid bouncing checks, overdraft and ATM fees. The $20-$40 you normally spend each month could save you $240 to $480 each year!
- Bring lunch to work. Spend $2 a day on making lunch at home instead of eating out for $5 a day, and you’ve saved $780 in one year.
- Track your spending. You might not realize where your money is going. Keep a receipt for everything you spend in one month. At the end of the month, separate them into categories. Where can you trim excess spending? Usual suspects: entertainment and dining out.
-Amy Wilson, AskPrimerica.com