Does saving money seem impossible? You’re not alone. Reportedly, more than half of Americans have less than $1,000 to their name.
While it’s hard to imagine keeping extra cash when you are living paycheck-to-paycheck, there is hope. If you take a big-picture view of your spending habits, you’ll be surprised at the savings opportunities you might find.
Here are three reasons that may be preventing you from building a stronger financial future:
Start by reviewing expenses from the past three months, and look for areas of excess.
How often are you buying coffee versus making it at home? Can you cut the cable cord and save? Re-assess necessities, too. Obviously you need groceries, but try trimming your bill with strategies such as choosing store brands over name brands or buying in bulk.
One great way to save money is to simply eat at home more often. If you’re pressed for time, prepare meals during the weekend and defrost them for quick—and affordable—meals throughout the week.
Instead, go old-school and try to exclusively use cash. That way, if an impulse purchase costs more than what’s in your wallet, you won’t be tempted to buy it.
Need a little extra help reining in expenses or paying down debt? Speak with a Tropical Financial representative and get on the right path to financial freedom!