This may seem like common sense but we are common sense people. If your’e looking for ways to save a bit more money in 2014 – here are some steps that you can take
to put some extra green back in your pockets.
1. Brew your own coffee. I’m m a coffee fanatic and rarely go a few hours without replenishing my mug of joe. I can’t imagine what my coffee bill would be per month if I went to the fast food place or coffee shop – likely $5-$10 per day. At $150-$300 per month, brewing my own makes more sense.
2. Cut your TV costs. Don’t watch a lot of TV or want to make more time for other things? Simply reduce the channels you watch or scrap it altogether. This can put an extra $150 in your pocket per month.
3. Turn the lights off. This one is near and dear to me. My wife often calls me the light Nazi as I’m m constantly going through the house checking and turning off lights. Even with energy efficient bulbs, leaving lights on uses energy which raises electric bills.
4. Pay Yourself First. This is a pretty easy concept. Before you pay any other bill, put some aside for yourself. Then live off what’s left. If there’s s not a lot left for cable TV or other luxuries that’s s ok. Your cable box won’t spit out $50 bills for your retirement, given the huge amount you’ve paid into it over your lifetime.
5. Educate yourself. Take some financial planning classes, money classes, or even check out some great books at the library (free of course). You can learn a lot and put yourself in a great position. Note: Cable news money shows are
not education.
6. Take advantage of every tax deduction and credit you can.
7. Start today. The best laid plans are useless without action. Start a savings plan and stick to it. If you can make it automatic (paycheck deductions to a retirement account) even better.
8. Talk to a financial planner. This may be one of the best investments you can make. Since anyone can call themselves a financial planner, start with a CFP; and then go from there. Interview them, ask questions, and become informed.
9. Don’t be a do-it-yourselfer. Do you give yourself the flu shot? Did you build your own home? Would you act as your own attorney? Likely the answer is no for these questions. The same thinking needs to apply when you think about your finances and retirement planning. There’s s a lot to be said for point number 5, but too many folks rely on the last sentence.
