FinanceDogma – Finance, loans, creditcard and mortgages

June 11, 2009

Alternative Ways To Build You Savings

Filed under: Finance — Tags: , — admin @ 9:13 pm

There are a lot of ways to save money. This is good, because everyone has their own ideas… and some saving methods simply do not work for everyone. So, here are a few saving methods that even the most desperate impulse spenders can utilize to build back up that oh-so-important nest-egg.

First, you can make a list of every single dollar you spend. But to make this work, you need to write down EVERYTHING! You need to write down the $50 you spent on groceries… you need to write down that $32.50 it cost you to eat out yesterday…and you need to write down that $1 you spent on a coke you bought out of the machine this-afternoon. As you do this, a few things will happen. You will not only realize exactly where all of your money is going, but you will grow very tired of writing everything down! So, you will likely end up spending less, just because writing everything down is such a pain! You would rather pass up that snack than have to write it down… and presto! You have started saving money already!

Second, you can actually take out a small loan, and deposit the money into a savings account. You can then pay the loan back out of pocket over the next year or so. This can be very small, anywhere from $500 to $2000. This method of saving might cost you a little in interest, but it has a few very good advantages. First off, it is easier to pay a bank statement than to put money away, because a bank payment is something you HAVE to pay…. So it gives you incentive to put money away. Second, this will not only give you some savings,  but it will improve your credit as well… something all of us could use right now.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Powered by WordPress