Magazine article Success

Hidden Dough: Dig Deep to Find Practical Ways to Save

Magazine article Success

Hidden Dough: Dig Deep to Find Practical Ways to Save

Article excerpt

Every so often, we need a fresh financial start. Whether a big life event forces us to save or we just realize we spend too frivolously, we all have moments in which we need to take a step back and reassess our spending.

People will regularly ask me how they can save. When I tell them they should send in more money to pay off credit card balances or increase the amount they put away each month for retirement, I hear the same sad story: "Oh, Suze, I would if I could, but I can't because there's no extra money left at the end of the month."

I beg to differ! There's no money left because you haven't evaluated your spending habits. There are always figurative nooks and crannies where you can find money. Maybe you don't want to give up your weekly Starbucks latte or your monthly Netflix subscription--and that's totally fine. There are other places you can look to save.

You need to dig deep and be willing to change your money habits, to set goals and use those goals as the motivation for lifestyle changes that will allow you to save and invest. Take a clear-eyed look at your credit card statements for the past six months. Can you really tell me there isn't at least $50 or $100 that you could easily do without? I didn't think so. 1 call this "hidden money," and here are a few practical ways to find it:

Look closely at your utility bills. I challenge you to reduce every utility bill by 10 percent. Change your calling plan or get rid of your landline unless you absolutely need it.

I bet you can seriously trim your utilities by spending one afternoon increasing your home's energy efficiency, too. …

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