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| Education and Financial

01/02/15

Money Foes: Saving money ranks high on New Year's Resolution list

Sure, you might tell yourself you need to lose 10 or 20 pounds as part of your New Year's Resolution, but you'll also want to focus on gaining the kind of financial freedom that has been escaping your for years.
Trouble with money and not being able to balance your own personal budget is the epitome of frustration, particularly as it relates watching you spend more money than you make and not being able to save money with any regularity.
Often, saving money is viewed as impossible or too daunting for the general public to accomplish. A lot of would be money saving persons view their budget and throw their hands in the air, believing that there is no possible way to turn the financial tide in the right direction.
You only make so much money, and you can only cut back on so much in the way of spending, right? Well, not exactly. The issue always seems to be the same: you only want to cut expenses or save money on your own terms.
In most situations, particularly the dire ones, you can't be too selective on what exactly gets cut. But, you can get creative.

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For example, you can curb your eating out at restaurants by packing a lunch or cooking at home a few nights per week. If your New Year's Resolution of saving money goes beyond just restaurant dining and extends into a serious spending problem as it relates to clothing, you might want to consider borrowing clothing for special occasions or in a pinch (like if you need a suit or dress), rather than spending a few hundred dollars on something you'll only wear once.
What ails your finances might not be such big ticket items like restaurant dining or clothing but could be so called modest expenses like daily coffee or bottled water (cigarettes or tobacco also comes to mind). Those add up to cost you thousands of dollars per year, so just cutting back to coffee every other day or every third day can save you hundreds.
If cutting back on household expenses or daily purchases isn't going to cut it, you can seek out the help of a consolidation company or even take matters into your own hands by combining your own debt. Those means of saving money are fine but make sure the consolidation company isn't going to charge you a huge fee or you aren't swapping from one card to the next and paying more interest.
Regardless of which direction you choose or even if you combine several money saving techniques, the end result should be the same: more money in your pocket, not to mention a New Year's Resolution that you actually kept.

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