You’ve joined the Debt Movement and are working towards aggressively paying down your debt, good for you! This was a big first step, but only part of the journey. In order to stay financially fit you need to work savings into your financial plan.
Maybe your debt has held you back from saving, or you didn’t know where to start; whatever the reason it’s time to make saving a priority. Debt can happen to anyone at anytime, but can be mitigated by having savings to bail you out.
The key to making savings work for you is to find your hook. For some of us we need a roadmap; how much, when, and where. For others it’s a psychological game that requires a look at our spending habits and how those can translate into good savings habits. Or maybe debt is your stumbling block, you don’t feel you can save with debt lurking around (spoiler alert…you can!)
This week’s round up is sure to help you develop or perfect your secret saving sauce.
Ways to Save
- The Dough Roller 60 Free Tools for Everyday Savings “What’s better, to save $100 or to make $100? The hands down winner is to save $100. Why? Because if you make $100, you have to pay Uncle Sam a small fortune. Reduce your expenses by a Benji, as my daughter likes to call the C-Note, and it’s like getting a $130 raise.”
- Thousandaire 40 Days of Eating In “One of the best reasons to stop eating out is simply because it will save money. I have no idea exactly how much money you can save by saving money, but I do know it’s pretty substantial. A meal at a fast food restaurant is always around $5-10 and is usually terribly unhealthy.”
- Work Save Live How to Stay One Paycheck Ahead of the Game “When do you want to retire? How often do you want to travel? When do you want to buy that dream house? Do you want to save for your kids’ college education? Setting these goals helps pave the way for good saving and spending habits.”
- Generation X Finance Money Saving Tips – 10 Ways to Save Money “Saving a little cash may seem like a challenge, but it is quite painless with a few strategies. With the right attitude, you may even find the pursuit of saving money fun and rewarding in the end.”
Debt vs. Savings
- Man Vs Debt 8 Reasons You Should Break Up with Debt “It was great in the beginning. You were completely committed to the relationship. You were strapped for cash and Debt saved the day. It provided with you freedom, breathing room, and comfort of 0% APR for the ENTIRE year! What could be better?”
- Punch Debt in the Face Another look at savings vs paying down debt “If I could go back in time, I would give myself a swift backhand to the face for that one. I totally perverted my enthusiasm for saving and kept that student loan around longer than I should have. I was a very bad Ninja.”
- Budgets Are Sexy 4 Tricks to Save More, Spend Less, and Pay Off Debt “Today I’d like to show how I trick myself into spending much less money without the need for budgeting. I use three different psychological tricks in three categories: Survival, Slavery, and Mileage. I’m giving you three so you can pick the one that best resonates with you!”
- The Financial Blogger Jump On The Train While It’s Still Here “I’ve let the “savings train” leave the gate at some point in my life because I’ve taken a bite of the forbidden fruit. Since then, my eyes have opened to a whole new world of nice things to have, to do and to eat. It’s fun but costly and takes you away from saving money and realizing other projects.”
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