5 Ways to Stop Spending & Start Saving

On paper, debt seems simple: It’s an imbalance that occurs when people spend more money than they earn. The solution, then, would be figuring out how to reduce spending so as to avoid racking up debt—which would also allow consumers to beef up their savings.

Sounds simple, right? Well, not exactly. Life tends to complicate things by introducing unpredictability and temptation into the mix. It’s impossible to predict every expense before it occurs, especially costly ones like auto repairs, medical bills and short-notice travel. It’s also hard to say no to spending money when products and services are more readily available than ever. With a few clicks, you can have nearly anything sent to your doorstep. It’s easier than ever to open a credit card. Advertisements are everywhere, vying for our attention and hard-earned money.

Long story short: It’s often easier to spend than it is to save. But building your savings account, emergency fund and retirement account is the foundation of long-term financial security.

Here are five basic ways to stop spending and start saving.

Install a Budgeting App

People are relying increasingly upon their mobile devices. There’s an app for almost every purpose you can imagine—organization, communication, productivity, and, yes, even money management. Consider utilizing one or more personal finance apps to help you with tasks like budgeting, investing and saving.

One of the primary advantages of using an app to help you manage your money is that you can set push notifications, so you remember to check in regularly and complete certain actions.

Eliminate What You Don’t Need

If you’re like most consumers, you’re spending some money each month on something you don’t really need or value. The kicker is that you may not even be aware! Debt relief expert Andrew Housser recommends consumers scour their credit card bills to find recurring charges for services they’re not regularly using. Examples include gym memberships, music subscription services and more. This simple action alone can free up extra money to put toward saving or paying down dmistralebts.

Use Cash; Leave Your Cards at Home

Paying in cash may seem outdated in our world of plastic cards and digital wallets, but it’s an excellent way to limit expenditures. Budget what you need for various categories, then withdraw that amount in cash. Use this allotment in lieu of pulling out your debt or credit card at the register. As one Forbes contributor writes, “By using cash only, you will physically see the money leaving your hands, and studies have shown this will teach you to value it more.”

Plan Meals in Advance

Food constitutes one of the most consistent expenditures in all our lives. Since we must eat regularly, how we go about doing so has a huge impact on our overall finances. The difference between grabbing lunch from a restaurant during the workday vs. packing a lunch may not seem huge on a daily basis, but it certainly adds up.

Plan your meals in advance and prepare as many at home as possible to reduce the portion of your budget you devote to food. Then allocate your savings to, well, your savings.

Automate Your Savings Strategy

Setting up automatic transfers from your checking account to your savings, emergency fund and retirement account ensures a healthy percentage goes toward building your safety net. The underlying principle here is “out of sight, out of mind.” You’ll be less tempted to spend what’s already tucked away.

Want to get serious about spending less and saving more? Start with these five strategies, meant to help you trim the fat from your budget and develop sustainable money-related habits.

*** SPECIAL ALERT — June 27, 2020 — THREE of this Year’s Motley Fool Stock Picks Have Already Doubled! ****

We have been tracking ALL of the Motley Fool stock picks since January 2016. That’s 4+ years, 54 months and 108 stock picks. As of Friday, June 26th 3 of their 12 2020 stocks picks have already doubled (TSLA, ZM, SHOP). In addition, 4 of their 2019, 8 of their 2018, 7 of their 2016 and 10 of their 2016 picks have also doubled. Best of all, over these 54 months, the average stock pick is up 111%. That beats the SP500 by an average of 87%. And that’s even accounting for all of this COVID mess that has wreaked havoc on some stocks but presented opportunity for other stocks. THAT is how the Fool does so well!

  • Shopify (SHOP) – April 2, 2020 pick and it is already up 163%
  • Zoom Video (ZM) – March 19, 2020 pick and it is already up 107%
  • DexCom (DXCM) picked Feb 20, 2020 right before the market crashed and it is still up 26%
  • Tesla (TSLA) picked January 2, 2020 before the crash and it is up 123% compared to the SP500 -7% so it is ahead of the market by 130%
  • HubSpot (HUBS) picked December 5, 2019 and it is up 46%
  • Netflix (NFLX) picked November 21, 2019 and it is up 42%
  • Trade Desk (TTD) picked November 11, 2019 and up 111%
  • Zoom Video originally picked Oct 3 and it is up 234%
  • SolarEdge (SEDG) picked September 19, 2019 and it is up 44%

Now, no one can guarantee that their next picks will be as strong, but our 4.5 years of experience has been super-profitable. They also claim that since inception, their average pick is up 424% and now we believe them. You sure don’t want to risk missing out. Many analysts are saying that we have passed the bottom of this COVID crisis and stocks will recover quickly. So make sure you have the best stocks in your portfolio.

Normally the Fool service is priced at $199 per year but they are currently offering it for just $99/year if you click this link

CLICK HERE to get The Motley Fool’s Stock Picks for just $99 per Year! 




GET UP TO $1,000 IN FREE STOCK

WHEN YOU OPEN A ROBINHOOD BROKERAGE ACCOUNT

Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.

Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.

Claim your free stock NOW

(before it’s too late)

Leave a Reply

Your email address will not be published. Required fields are marked *