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By Melissa Tosetti
As you know, the Golden Rule of Personal Finance is to spend less than you make. But, how do you do it?
One technique is to strive to have left over money in your checking account at the end of each pay period. Even if it's only $5, that means you have successfully spent less than you make.
Once you get into this habit, make a game of it and try to have more and more left over at the end of each pay period. You can then transfer that money to your emergency savings account if you’re working on building that, or to something fun like your vacation savings account.
Just remember to do “something” with your leftovers. Money left in a checking account with no purpose has a tendency to disappear into the ether. Make every dollar count by giving it a purpose!
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By Melissa Tosetti
Memorial Day is the unofficial kickoff to summer and the sales will be in full force! It's an excellent opportunity to take advantage of the deep discounts and stock up.
Food
Memorial Day, the 4th of July and Labor Day are the best weekends to purchase:
- Condiments such as ketchup, mustard and mayonnaise.
- Hamburger and hot dog as well as buns. All of which can be frozen.
- Soda will also be listed at some of the best prices of the year.
Clothes
If your wardrobe needs an infusion of warm weather clothes, there will be plenty of discounts offered over the holiday weekend. Although the best prices for summer clothes will be after the 4th of July, this weekend you can still get great deals and the shelves will be fully stocked.
BBQ & Patio
If you’re in the market for a big ticket items such as grills and patio furniture, this is the weekend to shop. Like clothes, the prices will fall even more after the 4th of July, but if you have something specific in mind, grab it now before it’s too late.
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Living The Savvy Life isn't about being a cheapskate, a miser or a tightwad.
- It's about getting a compliment on your new shoes and smiling to yourself knowing you got them for next to nothing.
- It's about cooking from scratch more often so you can splurge on dinner at your favorite expensive restaurant.
- It's about purchasing only things that you love and make you happy.
- It's about spending less than you make for security and peace of mind.
- It's about creating an environment in your home that is warm, comforting and expresses who you are.
- It's about having a wardrobe made entirely of clothes that fit, look great on you and make you happy.
- It's about knowing where you stand financially on a daily basis so you can make intelligent fiscal decisions.
- It's about being penny-wise on the things that are less important to you so you can spend money on the things that are important to you.
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By Melissa Tosetti
One of the most satisfying ways to increase your savings contributions is by turning debt into wealth. As you pay off credit cards or student loans, funnel the money you were paying to your debtors into your retirement and savings accounts.
You became used to having to pay that money toward your debt. Now that the debt is paid, why not focus it on building your wealth?
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By Melissa Tosetti
Every day we come upon opportunities to put money toward our Emergency Savings and Retirement Accounts. It’s just that we don’t always see the opportunities.
If you’re one of the millions of Americans who will receive a tax refund this year – opportunity is going to knock on your door!
Consider saving, at the very minimum, 20% of your tax refund.
If you have less than a month’s salary in your Emergency Savings Account, I suggest focusing the money there. If you do, then a portion can go to further build your Emergency Savings Account and the rest can go toward your Retirement Accounts.
Saving money is a habit. If you get into the habit of saving 20% or more of “windfall money”, you’ve created a very healthy financial routine.
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