Did you know that an estimated 7.7% of Americans don’t have a bank account? These are the folks who need money saving ideas and tips the most, but truth is, we could all use some ideas on how to save money. Thankfully, there are tons of resources out there packed with money saving ideas and tips, like finance magazines that often hold advice from financial professionals on several different subjects.
So, to help you save money fast, here are a few great money saving ideas and tips!
To organize finances and keep on top of what needs to be paid, you can use a bill spreadsheet. Ryan Dube, writing for MakeUseOf, suggests, “List your bills in the first left column, and then in the next few columns list total balance you owe, monthly required payments, and the date that the bill is usually due. These four columns are really all you need to create a budget.” Then, you can use formulas to project your balances for the future, taking into account any and all interest rates. This will allow you to recalculate your payments to eliminate any debt.
Create a financial safety net.
Many money saving ideas and tips suggest that individuals move a pre-determined amount of money into a savings account each week, which will allow a financial safety net to be woven. The Christian Science Monitor suggests, “Try to get to at least $1,000 in cash in a savings account and just let it sit there. When an emergency happens in your life, you have the cash to deal with it. Beyond that, focus on paying off debts and not acquiring new ones. If you don’t have a safety net, minimizing your bills and maximizing the amount of money you can save each month is your best path.”
Create mutual funds.
For those of us who aren’t quite financially savvy, any jargon sounding words might frighten us, but mutual funds are great money saving ideas and tips. These are simple investments that anyone can take part in. According to the U.S. Securities and Exchange Commission, ” Investors buy shares in mutual funds. Each share represents an investor’s part ownership in the fund and the income it generates.” People buy into mutual funds because they can “can easily redeem their shares at any time, for the current net asset value (NAV) plus any redemption fees.”
Hopefully these money saving ideas and tips will help get you back on a clear, and secure path! If you have any other money saving ideas and tips, feel free to share in the comments!