The Best Ways to Save Money Fast

The Better Choices For Your Money

You may think that winning the lottery or a receiving a mysterious inheritance are the only ways to get cash quickly, but there are things that you can do right now to make your fiscal situation better. Here are some of the best ways to save money fast when you’re in a pinch:

Track Your Expenses and Income to Determine How Much You Have to Spend Each Month
One of the best ways to save money fast is to track your every expense. Dollars and cents. Every time. Write down everything you spend money on, and write down all of your income. Quantify all your recurring monthly expenses (for example, rent, utilities, car, and insurance). To determine how much money you have left each month, subtract your recurring monthly expenses from your total earnings. The balance is your disposable income, also known as what you have left over from your income. That’s it – don’t spend more than this amount!

Cut Where You Can
Cutting back on what you are spending is not always fun. But it is one of the best ways to save money fast. You may even have to live without your daily latte, cable TV, date nights, junk food and hair appointments to save money.

Pay off Credit Cards
If you can pay off your credit cards and close them, you can save a considerable amount of money in interest charges. Simply paying the minimum each month will never get you out of debt, and you’ll keep on paying. Start with the highest-interest credit card first, and work towards paying it off. When that is paid off, move on to the next highest interest card. If you want to leave one open (not one you have to pay an annual fee for though) in case of emergency that’s fine too. But your credit cards should really only be used when you are in the dire straits and have no other options.

The best way to grow your savings over the long-term is to properly invest it. With interest rates still extremely low, you won’t get much growth keeping your money in a traditional savings account and you won’t get the tax benefits that come with other investing options. So if you are wondering how to make your money grow, follow these basic steps below. Pick the right investment vehicle If you are unsure of how to make your money grow, picking the right investment vehicle is the perfect first step. There are a few different options like a traditional Individual Retirement Account (IRA), which allows for tax deductible contributions that can’t be touched until retirement, a traditional taxable account, or a Roth Individual Retirement Account, which has the tax benefits of an IRA but allows for some withdrawal before retirement. Consider an Exchange Traded Fund There are a lot of investing options to choose from. But if you are looking to minimize fees, reduce your risk and still get solid returns on your investment, an exchange traded fund is an excellent option. It is designed to track a broader stock market index like the NASDAQ or the S&P 500. Because they aren’t actively managed, fees are lower and the risk too than buying individual stocks. Be Patient This is an important final tip. Many people get spooked by fluctuations and sell too early. But since you are likely saving for long-term goals, you’ll have to time to recover and benefit from…

Apps can do anything these days. So it only makes sense that you can find so many great smartphone budgeting apps. When you are out grocery shopping or deciding on other important purchases, it can help to have that information on hand. Also being reminded of your saving goals helps keep you motivated. So if you want to take your budgeting to the next level, read our list of the 5 best smartphone budgeting apps.  Mvelopes This is one of the best free smartphone budgeting apps on the market. It directly links to your bank account and can let you pay bills from your smartphone. It also captures your receipts and pulls the information automatically so that you have the most up to date information available for your budget. Wally This App is popular because it is so user friendly. It uses a simple layout to help you stay on top of your finances. It also has the capture receipt option so you can review at the end of month and break down your spending habits. You can also set savings goals and be notified when you reach them. Good Budget Good Budget is perfect among the best smartphone budgeting apps for those who need to share information. It syncs across multiple devices so that everyone can be kept up to date in real time. Another neat feature is its ‘digital envelopes,’ which allows you to divide your budget into categories and see how much is left after a purchase. Pocket…

Family money management is important. Teaching your kids how to manage money is the first step in getting everyone involved and on board. If you want to make sure your kids grow up with good spending and saving habits, it is important to start early. Just like with eating their vegetables, kids need to be shown that saving money is important, and that it pays off in the end. If your kids hate broccoli, a little bribery sometimes goes a long way, and this is the same with saving habits. If you teach them to do it, and make it a real habit, and show them that, just like with eating vegetables, saving money is good for them, your kids have a better chance of following through, and saving money during their lifetime. Online Checking Accounts Have your kids noticed your online checking account? If so, show them how it works, and perhaps even set them up with one. If you choose one that adds interest, even better. Encourage them to put their allowance into the checking account, and watch the account balance grow. Then, show them how interest works. To really encourage their savings, tell them that you will match the interest each month, or, if that is not enough, tell them that for each month that they do not withdraw or use their checking account to purchase something, you will add to the balance. See how quickly that online checking account balance rises! Allowances You might also think…

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If you’re a parent, you want to pass on good values to your children. Few things in life are more important than the ability to put money away for a rainy day. So how can you teach kids why saving matters in a way they understand? With money games for kids! It’s a fun, simple way to help them understand what money is worth and why it is important. See our 3 money games for kids to help get them excited about saving. Sort and save Sorting things is an activity many little kids love and so we’ve turned into the perfect money game for kids. Grab your change jar and let your kids sort and pile them up in this simple and fun game. Teach them what each coin is worth, help them add up all the change and then let them keep a portion of it for their savings. Not only have they learned what money is worth, but also how quickly spare change can add up to big savings. The Game of Life This classic American board game offers a lot crucial life lessons on the value of saving. You need to save for college, a family, a house, a car and retirement while learning about the financial ups and downs life can throw your way. So if you think your kids are old enough for board games, this is a great option to teach why long-term savings matter. The Chore Store This is a great way…

Saving money often begins by correcting the things we do every day. With a few small corrections to your daily habits, you can save far more money than you would expect. One thing that many of us do is commute to and from work each day. The following six tips to save money will focus on making your commute a little less expensive:

In a pinch and need to save your pennies? Here are some tips for generating your savings quickly!

Car insurance policies come with a wide range of options. However, no single insurer offers all of the options and policies that meet your needs, so smart car insurance shoppers should compare the offers of different insurers. This ensures that you will get the most suitable coverage for your individual needs at the best prices. How Should You Go About Comparing Car Insurance? If you are comparing car insurance, here are some tips to keep in mind:

If you’re like most people, you make an annual/monthly budget and later discover that you forgot to include all sorts of expenses. Let’s take a look at some of the most common things that people forget to budget for. This way, you won’t have to scratch and claw to make ends meet because you’ll have prepared for potential expenses ahead of time.

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