Sunday, February 8, 2009

Are You Truly Saving Money?

You cut coupons. You shop for on-sale items. You refinance to save more money each month. But where exactly does all of those "savings" go? If you don't account for that money and physically put it in the bank each month, you're not really saving at all.

Take for example food shopping, do you revel in the amount of money the receipt says you've saved? Whether it's $5 or $50, take all of your receipts for the month, from Shop Rite to Home Depot, circle the amount saved and put them in a envelope.

While it's easier to do with printed receipts, be sure to account for any other savings you've accumulated in the month. Here are some additional examples:
  • Refinanced your home
  • Completed your car payments? Continue to put that payment amount into your savings
  • Rebates
  • Items sold on Ebay, Amazon or Craiglist
  • Money found in the couch, car, on the ground, etc.
  • New phone plan with a reduced monthly rate
Now that you have all of your savings for the month, add it all up. What do you have -- $100, $200, $300? Don't let that savings slip away! Immediately transfer that money into your savings account. You've officially saved money!!

While it's nice to buy things on sale and constantly look for ways to save, the most important part is actually putting that money aside as "saved." It's the hardest part, but also the most rewarding...figuratively and literally!

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