It’s a consumer market out there. From the time we are born, we are already exposed to the consumerism that is prevalent in most developed countries all over the world, America being one of most consumerized markets. Everywhere we look, people are spending for various things. Gone are the days when people simply traded for the basic necessities as food and clothing. Businessmen continue to develop, innovate, and manufacture new things that some particular market segment would snap up and grab off the shelves no matter the costs. How many times have you heard a teenager say “Ooooo, I’ve got to get that cool new gadget!” or your husband say “Hon, we’ve got to trade this old thing for that new plasma.”? With all the spending that is going on, it is no wonder that about 65% of those who are at retirement age either do not have enough money to spend for their basic needs or are below the poverty level. Now, you do not want to be part of this number, do you?
Here are some tips on how you can save money today so that you have something left for your old self to enjoy:
1. Save before you spend. Set aside a certain amount when your income comes in so that you do not get tempted to spend it. Put it in an account that you are least likely to touch. Your local bank will be able to help you find the right savings instrument for you. Once you have enough money saved up in a regular savings account, you can already upgrade to a higher earning special savings account or certificate of savings. These products do not make your money available to you for certain tenors but gives you additional earnings.
2. Make a budget list. Listing down everything you spend for makes clear to you all the expense items that you have for the month. You see exactly where your money goes. This way, it will be easy for you to see which expense items you can further cut back. If you see, for instance, that you spend on five tall lattes at your corner coffeeshop everyday, you can save some money by cutting back on just having your tall lattes every other day or just downgrading to short. Better yet, maybe you can just brew your own coffee and bring a hot flask to work. This simple adjustment alone can free up some dollars on your budget.
3. Do not underestimate the power of coupons. Coupons can be great sources of savings. There is nothing wrong with taking out all these coupons at the grocery line. The amount of dollars you can save even with dime off coupons could amount to several dollars you can use to get other grocery items that you need, or maybe to treat yourself to a cone of icecream on a nice sunny summer afternoon. Be on the lookout for end-of-season sales and clearances for particular items that you need around the house so you can save some more on your purchases.
