3 Ways to Save Money
3 WAYS TO SAVE MONEY
Saving money doesn’t come naturally to me. In fact, I’m terrible at it. However, I’ve learned that saving money isn’t difficult if I have a plan to win with money. Here’s a few ideas that might work for you:
• STOP PAYING INTEREST - Example; the average car payment for a new car is $545 with interest rate landing around 6.13%. Additionally, cars will lose 60% of their value within the first five years. What does that mean? After six years, you’ve paid almost $33,000 for a $26,000 car, which is now worth maybe $6,000. If you stopped paying interest, in this example, you would save $7,000 on interest payments and could buy a $6,000 used car with cash and have $1,000 left over.
• START USING CASH ONLY - First off using cash only requires a plan…aka a budget…so, get on a budget! When you use cash only you only get to spend what you have…you don’t go over. You are more likely to look for deals, you’ll be in touch with your money and where it’s actually going and, among other things, you’ll prioritize NEEDS over WANTS.
• NEGOTIATE - This might not be for everyone but most places will negotiate on price. If you carry cash with you, you can negotiate pretty easily if you only have so much to spend. Try it! You might find you get a better deal than paying what the sticker prices is.
Deciding to save money is a huge step in the right direction. Of course there are lots of other ways to save money but if you start with one of these 3 you could starting winning in no time!
