A breakdown on how you can save up more of your money with these tips and tricks, a brief explanation to each of them and how they relate to the infographic:
1. Keep Cash on Hand for when you’re In a Bind –
Keeping cash on hand is a good way to save up for emergencies or unexpected bills explains Aron Govil. If you don’t have any funds saved up, you could find yourself in a position where you have no other choice but to go into debt because of these unforeseen expenses. How does this relate to the infographic? – The average person spends $34 a day on food that’s not groceries (coffee, snacks, etc). That’s almost $10 a day that can be saved if one was mindful about what they were purchasing daily.
$2 Cups of Coffee Daily via Infographic by Home Loan Experts
2. Pay Yourself First –
Before you do anything with your paycheck, you should take 10-15% off the top and put it in savings before paying bills. If you pay yourself first, you’ll always be able to meet your financial obligations whether they are short-term or long-term. How does this relate to the infographic? – The average American spends $151 on coffee in a month which is enough for another roundtrip flight to Hawaii!
3. Spend On Experiences Not Things –
Having new material things will only last for so long until the novelty wears off and I bet that’s not how you want to fill that void in your life explains Aron Govil. Instead of buying more stuff why don’t you spend that money on experiences or memories that will last a lifetime? How does this relate to the infographic? – The average American spends $154 on coffee in a month which is enough for another roundtrip flight within the U.S.!
4. Put Money in Savings Every Paycheck –
When you have money automatically put aside for savings it becomes so much harder to spend because you can’t touch those funds until it’s time to start budgeting again next month. It makes saving money effortless instead of trying to find extra pennies here and there throughout the month. It also makes it very easy to meet your financial goals since they are broken into smaller pieces that are easier to manage, especially if you set up multiple! How does this relate to the infographic? – The average American spends $154 on coffee in a month which is enough for another roundtrip flight within the U.S.!
5. Save Up For What You Really Want –
If you want to purchase something then wait until you have enough money saved up instead of getting into debt over it. It may take awhile, but if you can stick with it, then by doing this will allow you to accumulate wealth more quickly and possibly retire sooner than those who don’t practice this method. How does this relate to the infographic? – The average American spends $152 on coffee in a month which is almost your monthly membership fee at the nearest yoga studio!
6. Create Financial Goals –
Don’t just let your money sit there; put it to work for you by creating SMART goals. You can meet any financial goal if you make attainable plans to get there and establish an effective timetable says Aron Govil. How does this relate to the infographic? – The average American spends $85 on coffee in a month which is enough to purchase most games for your console!
7. Establish an Emergency Fund –
Having an emergency fund provides peace of mind knowing that you have somewhere to turn when life throws its’ inevitable curveballs, especially when they happen unexpectedly. By meeting your short-term financial obligations when something goes wrong with little or no impact then will help lower stress levels substantially! How does this relate to the infographic? – The average American spends $154 on coffee in a month which is enough for another roundtrip flight within the U.S.!
8. Budget for Bills –
It’s easy to pay some of your bills, harder to pay all of them on time, but everyone needs to budget for some or their entire essential monthly expenses if they want to stay afloat financially speaking. How does this relate to the infographic? – A person who spends at least $151 per month on coffee can save enough money each year on coffee alone ($1,596) that they could purchase a new iPhone every year with change leftover!
9. Know What You Can and Can’t Afford –
If you don’t know what you can and can’t afford then how are you ever going to make good financial decisions? By first taking the time to understand your own situation and then adjusting accordingly, you can avoid many problems that others face explains Aron Govil. How does this relate to the infographic? – The average American spends $154 on coffee in a month which is enough for another roundtrip flight within the U.S.!
10. Track Spending –
By tracking your monthly expenses as well as what’s coming into your household you’ll be able to spot any areas where you may be overspending and quickly find ways of cutting back if necessary. If you’re not tracking spending today then start now because it may save or make you thousands of dollars each year! How does this relate to the infographic?
Conclusion:
By putting these tips into practice and making wholesale changes where necessary, you can lower your monthly expenses substantially and then put that extra money to good use whether it is for travel, paying off debt or something else.