Money Saving Techniques

Looking for money saving techniques to build up your savings account balance?

Are you having trouble saving money because there never seems to be any money left to save?

Are you living paycheck to paycheck - one missed paycheck away from disaster?

Good news!

It is possible to save money and to stop living paycheck to paycheck simply by following these proven saving techniques.

7 Money saving techniques to get your savings account balance growing fast

1 - Pay yourself first - The most important money saving technique in my opionion is to set up automated deposits from you pay and straight into your high interest savings account. This ensures that you always save the money you intended to save before it gets used for something else.

2 - Live on cash - When I say live on cash I don't mean it literally, I just mean use cash for your variable expenses. Using either the envelope budget system or the money jar system of budgeting allows you to control your spending. Bottom line - you will spend less, live within your means and save alot more money.

3 - Eliminate interest payments - High interest payments are robbing you blind. Do whatever it takes to wipe out interest payments, it should be your budget's top priority. Paying an extra $100 or $200 on your mortgage every month is another great way to significantly lessen the amount of interest you pay, if you can afford to double up on payments - all the better.

4 - Sleep on it - Before making large purchases like a house, car, appliances it's never a bad idea to give yourself 24-hours to think it through. This may prevent you from making a bad purchase choice that is based on emotion rather than logic.

5 - Feed the piggy bank - Putting all the spare change collected over the course of a week can really add up. I read about this somewhere and was a bit skeptical about doing at first, I just didn't think my spare change would amount to anything worthwhile. Man, was I wrong! After 3 weeks I had over $60 - I couldn't believe it.

6 - Earn more money - This doesn't necessarily mean going out and getting another job or taking on more hours at work. You could have a yard or garage sale to get rid of your clutter. Maybe you have something you could sell on . Rent out an empty bedroom or garage space. Advertise your expertise in the free classifieds.

7 - Cut living expenses - Go over your budget, find areas where you can cut costs or expenses. It's important not to over do it however, cutting out too much from your budget will lead to what I call "budget burn-out". Just remember to leave room for fun and things you enjoy in your budget - a fun budget is so much easier to stick to.

Happy saving!

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