5 Great Ways To Save

Let's face it, we are all looking to cut costs. Even with the recent surge in jobs available in the United States, the recession is all too present in our minds. No matter what side of the economic fence you are on, it is important to understand that at any time your situation could change. Job loss, illness or a number of other things could cause your family to face some serious financial struggles. Being prepared will ease the stress should that moment arise.

I often wonder why so many people travel aimlessly through life without a steady plan for the future. It doesn't make sense, you wouldn't plan a trip across the country without first gathering information on airports in the area, so why would you walk down the road of life without information on how to do so successfully?

I have compiled a list of 5 simple ways to save money to plan for a better tomorrow.

Establish a Saving Habit

If you have taken the time to seek out professional help I am sure you have heard the 5-10 percent rule. Most experts tell us to save a minimum of 5 percent of our income. If you are at a point where you are already maxed financially, that number could be a little overwhelming.

If you have found yourself unable to stick to the 5 percent rule, start smaller. Have a goal of half that - at least then you will still be saving. Whatever your number is, make sure it is something you can stick to.

Stop Depending on Your Debit Card

Building good habits comes with self-discipline. It is a common misconception that having cash means you will spend more money. I have found that not having cash has made it easier for me to not acknowledge the amount of money I am spending. I take out cash every week as my allowance. Every time I make a purchase I am able to see how much I have left in my budget, thus making me more financially aware. If at the end of the week you have some money left over, add that to your savings account.

Get Rid of Interest Quickly

This is a simple rule of thumb to follow, unfortunately not enough people do. Paying the minimum amount on your credit card bills or even your mortgage will keep you in debt, not get you out of it. It doesn’t matter if you pay $5 extra a month or $50, just make it a point to pay extra!

Coupons and more Coupons

With extreme couponing so popular I am sure you are familiar with this piece of advice, but you don’t have to go crazy with it. The truth is most of us don’t have that kind of time. But seek out coupons before doing any kind of shopping. If you happen to stumble on the perfect gift for your sister at Pottery Barn, don't buy it on an impulse. Instead go home and get online and search for the appropriate Pottery Barn coupon, take the few dollars you saved and add that to your mortgage this month.

Be Accountable

My last piece of advice is to simply be accountable for your financial situation. Life may throw you curve balls, but I am sure that there are a million things you could have done differently. Don't wait for the “could of, would of, and should of's.” Instead take a step toward financial freedom by learning from your past mistakes. Don't put off for tomorrow what you could start today. Take at your debt to income ratio and figure out a way to make it all work. If you have recently found more stability, don't take that for granted. You never know when that stability will leave. The only way to secure your future is by managing the present.