So you’re looking for some good money saving advice. You’ve found a few sources on the Internet, and you know there’s a lot of garbage out there. Don’t waste anymore time…take action and stop listening to the “experts”. Here are some money saving strategies that will help guide you towards financial freedom and away from the overbearing snobbery of others (who clearly don’t have much experience on this front! ).
Money is tight sometimes. Please, give it all you’ve got. – This is one of the many money saving advice myths out there today. It’s easy to put a budget on paper or your computer, and think you’ve done all you can; however, no matter how well laid out your budgeting plan is, there are always going to be things that you won’t account for in your spending. Please, give your budgeting tips to someone else who understands the value of having a budget and adheres to it religiously.
Emergency fund – This is yet another example of a money-saving advice that doesn’t work. Most people who are smart enough to set up a budget rarely run out of their emergency fund. On the other hand, most people who are not as smart don’t have an emergency fund either, and have no one to turn to if they run out of cash during an emergency. Save the money for a rainy day! Or, perhaps, invest in an emergency fund with your 401k. If you know that you’ll be making a sizable deposit into your emergency fund each month, then don’t touch the money you would have put into your budgeting plan until it’s too late!
You can’t budget your money – This is another very common myth. In fact, the best way to budget your money is to have a monthly budget, which you follow to the letter, and calculate your “net income,” minus your expenses, to determine your net income. That number tells you where your money is being spent, and it lets you know whether or not your budgeting efforts are bearing fruit. So, if this is the case, congratulations – you’re saving yourself and future generations!
Budgeting is dangerous – Once again, this saving money myth is completely false. Yes, the whole concept of budgeting may sound dangerous to some people, but it really isn’t. The basic concept behind saving money is that you know what your family needs, when you need it. So, it makes no sense to spend money you don’t have on something frivolous – except, of course, food!
Saving money is hard – This is another common saving myth. The truth is, once you get started saving, it’s easy. Some people say it takes a lifetime to get into the habit of saving, but this simply isn’t true. The truth is that it’s easier than you think, and once you begin saving and budgeting, you’ll be amazed at how easy it gets. So, the next time you hear someone tell you that budgeting is hard, just remind them that they’re just bribing you with food or gifts! Now that you know the truth about saving money, it should be easy to get started, right?