Places successful people look to find Money to Save each month

Some things are easier said than done, like saving money. So you want to save money, but where do you find money to save if you don’t have anything extra right now? Here are some great places to look;

Raises at work

When you get a raise, put the extra money you are now earning in the bank. You lived on less before. Do you really need these few extra cash, or does your savings account need them more?

Bonuses from work

If you get paid a bonus, bank this money as well. You do not need your bonus for living expenses because it is extra money that you can’t count on, that’s why it is a “bonus” to your normal wages. Bonuses are perfect for saving.

Overtime pay from work

In some jobs, you can volunteer for extra overtime. Consider working a little overtime each week and then treat your overtime pay as something sacred and save it in a special account.

Your Expenses

Look for an expense to cut and save that money. One way that a lot of people can save money but something they often overlook is to take a serious look at what they spend on their hobbies. Some people spend huge amounts on going to see movies, unplanned shopping etc. They don’t even consider how much they spend because they believe that they are spending it on something healthy or on something they love. If you have a pressing concern like getting out of debt, cutting back what you spend on a hobby, even just for a while, may be a great option to consider.

Track your spending and create a spending plan

Tracking your spending is the very best way to identify areas that you can save money. All you need to do is track your spending for one month to get a good idea of where your money is going. You can’t say that you know how much you spend unless you have tracked your spending. Once you have identified where you are spending your money, and you see areas where you would like to reduce your spending, you need to set an amount that you think is reasonable to spend and stick to it. To stick to your spending limits, you need to create a spending plan, and then follow your spending plan by only spending the amounts that you set out to spend in your plan.