A Simple Way to Save
Jason writes with a time-tested money hack, but one many people are prone to forget:
Go through your monthly bills. Eliminate/reduce ones that you don’t need. Take the amount of money that you would save on a monthly basis and add it to your monthly savings deposit. I live paycheck-to-paycheck, and literally have less than $15 in my savings account. But I was able to figure a way to have about $40 that I automatically deposit just by reducing a few monthly bills (getting the slower speed cable internet, canceling a music subscription service, etc). Seems small, but it’s sure better than nothing!
Though these amounts seem small, he’s off to an awesome start. He’s making exactly the right choices to set himself up for financial success. Congratulations, Jason!
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Colleen said,
February 5, 2007 @ 1:00 pm
That’s great - thanks for sharing Jason. It goes to show that what seems like a small amount of money can add up. I did the same this year: cut back to basic cable, did some research and switched to a cheaper phone plan, etc. It almost becomes a game to see where else I can save / cut back. Weird kind of fun but it’s motivating!
Anna Matetic said,
March 5, 2007 @ 10:17 am
It does become kind of a fun game too - which makes you more likely to keep doing it.
The savings Jesse talks about I put into a variable rate CD. Unlike my savings, I can not raid my CD. Plus the variable rate allows me to put additional moneys into it - unlike a fixed rate where you can only put money in when you open it.
In addition to the money I save by reducing monthly expenses, I also put coupon money in there. If I use coupons for groceries, clothes (10% off coupons etc), I take the amount I saved and put it into my CD. That way I really SAVED the money.