Debt Free Destiny

Learn to save money in ways that allow you more freedom than you may think.

Want to live your life with a little less worry?

Learn the basics of saving money and you’ll have the money for the day when something goes wrong.  An emergency cash fund is something many people do not have and it ends up costing them so much in the long run.

For example, when the car breaks down (it will at some point!) you’ll be prepared with a full savings account to get the problem fixed.  Otherwise, you’ll be whipping out the credit card and digging yourself into a hole.

Without a full savings account, worse things can happen: you may find yourself looking for quick loans, damaging your credit and maybe even filing for bankruptcy when it all catches up to you.

Yet, learning and applying money saving basics can help you to have the funds you want without feeling like you can’t live your life.

Practical and Basic Money Saving Tips

Here are some tips that you can use to help you to save money.

• Establish a Savings Account.  Look for the highest interest rate that you can find (dont forget to check the internet banking options too.)  Once you have an account, you’ll want to pay that account a small amount each month.  This is the pay yourself first rule and it can transform your life. 

  Set it up to automatically pull out $25 or $50 out of your account the day that you deposit your paycheck.  Automatically do it, though.  You wont even miss the funds. ING Direct has a the best savings account available - The Orange Savings Account. Earn 3.00%. Great rates, no fees, no minimums

• Look for Ways that you are Overspending.  Instead of eating out four nights a week, cut it down to just three.  This will allow you to still go out and eat where you want, but it will help you to save $50 too.  Do this with other expenses as well.  Make a grocery list and stick to it.  Make a batch of cookies with the kids instead of buying them.  Read here for great money saving tips.
• Establish a Budget. Yes, it does hurt, but it does not have to be so bad.  For example, make sure to add into your budget the things that you do not want to give up, such as entertainment money and spending funds. 

  If you deprive yourself of these things, you are less likely to actually keep your budget.  Mvelopes is a great software-based budgeting system that take a lot of the pain out of the process.

• Invest in Retirement Accounts.  Things like 401Ks and IRAs can be added to in just a small amount each month.  See if your employer has a matching program too. This way, the funds come out and you do not feel that they have even been there.  You can’t spend them either. 

  Since they are going into a retirement account, they are more likely to have a higher rate of interest as well.  This is another part to the pay yourself first rule.

Saving Money is Saving for your Future

Saving money is not about hurting the style of living that you have.  By actually saving money now, you can actually improve your life later.

• You wont be behind on bills and will not know where your money is going.

• You will be in better control of your life, your funds and your investments.

Of course, by applying these saving money basics, you’ll also reduce your worry about the future - if something happens and you don’t have money saved.  You can at least have a little more peace of mind.