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Everyone has something they want to save money for, whether it’s a new car, engagement ring, or nagging student loan. Saving money is often put on hold when you’re constantly paying bills and paying down debt. Tai and Talaat McNeely of HisandHerMoney.com shared some great advice on how to save money without the excessive stress. Here are a few steps you can take to improve your financial situation and reduce the amount of debt you accrue.
Adapting to an all-cash lifestyle is a great way to save money.
“Allocate cash every single month toward your budgeted item,” Tai advises. This can help you reduce your card usage and maintain a healthy budget. It’s also a good idea to shop around for the best price on the item you want to buy; “don’t assume that the first place that has your item has the best deal.”
How do you develop a financial plan for a big purchase?
“First, you’re going to ask yourself, is this purchase worth it?” It’s common to see something in person and want to buy it right away. This can be done in the spur of the moment, but “is it a want or a need?”
If you answered yes, it’s critical to understand how much money you’ll need in order to be comfortable purchasing it. Making a budget and a timeline might help you better plan your financial situation before making a major (or minor) purchase.
Cost comparison and the use of coupon codes can also result in a discount. Focus on purchasing items at the appropriate time or season.
“Usually, in summer or spring time there are better deals on appliances… and also Black Friday!”
Who said living your best life had to be hard
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