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Save money no matter how much you earn
Financial experts say you should have anywhere from three to six months of living expenses put away for a rainy day in addition to the money you save for retirement. For the average American, this isn’t quite as easy as it sounds.
Here’s a few tips on how to stash away cash, even on a limited budget:
Cut back. Look for small ways to trim costs that will save you big when added together. Brown-bagging it for lunch, cutting out a cable channel, and making your own coffee are individually quite small savings, but when lumped together they can add up to hundreds of dollars a year.
Bundle services. Check with your cable provider to see if you can pay for cable, phone, and Internet at a reduced rate. Then check with your insurer to bundle your homeowner’s and car insurances. According to one study, bundling insurances saves Americans an average of about $270 a year, and doing the same with cable, phone, and Internet can save about $50 per month.
Choose cheaper entertainment. According to a recent Consumer Expenditure Survey, the average American, age 55 and older, spends about $3,000 a year on entertainment. But having fun doesn’t have to cost a fortune. Instead of heading out to dinner, have a potluck meal at home. Or opt for a walk or hike instead of a shopping trip.
Earn more. If you’ve mined every source of potential savings and come up empty-handed, a part-time job could be the answer. Just make sure you earmark the money you earn for your savings account.
