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A System for Your Savings Comments

  • By DailyWorth Team
  • October 23, 2012

dollars in jars

Whooo-eee SAVINGS TIME! Your commitment to saving a $500 stash for the holidays has been astounding. 

Now we’re going to do our part to help you reach your goal. Here are three ways to save more money, faster.

1. Target the big uglies. Groceries, plus indulgences like cigarettes, alcohol and eating out—these should be your first stop for big savings.

As Donna, a DailyWorth reader wrote in her pledge: “I plan to bring lunch to work, and completely use up all the food in my fridge and pantry before buying more.”

2. Cut your commute. With the price of gas being what it is, this is a great savings target, says DW reader Melissa: “I’ll save $85 a week by switching to cheaper transportation.” Remember, it’s only for a few weeks.

And if these two tips won’t work for you, here’s the ultimate weapon every saver should deploy—regularly:

3. Plug the dumb money leaks. Use a spending tracker like Mint, Buxfer, or BudgetPulse (all free, all secure), to download your transactions, and use the nifty pie charts to identify your spending blindspots. We all have them. And they add up fast. 

You’ll be shocked to spot your money leaks—kids, husband, pizza, random stuff from CVS. But then you can cut them out. As you cut back, don’t forget to save your savings. If you bike to work to save $50 on gas, get the payoff for your pedaling: transfer $50 to a separate, dedicated account. And you’ll be on your way to $500!

 

 

 

 

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