Now that you’re getting more cash flowing into your pockets, how can you keep it there?
Here’s what your Captain has to say:
Use a budget and stick to it. Any clue how much you really spend? Write it down. Carry a notebook and record all of your spending. Go through it at the end of the week. What is necessary and what can be eliminated?
Be frugal. Do you really need that Triple Grande Caramel Mint Frappuccino with skim milk on the side? Is it necessary to get through the day? Maybe you could cut down to twice a week and make your own at home on that fancy coffee maker you splurged on but never use.
Use coupons. They’re not just for PTA and soccer moms. Clip those coupons and shop smart. Check the sales circulars and compare prices between your local stores. Couponing is sexy, Captain PC says so.
Take a look at the credit cards you have and what the interest is on each one. Pay them off. And if you must have a credit card – keep the one with the rewards points, if you use it, pay off that charge right away.
Do one of those 52-week money challenges or the $5 challenge. The $5 challenge is really simple; every $5 bill that you physically get should be tucked away into an envelope and that should be hidden out of sight, out of mind. The 52-week money challenge is a little tougher. You need to save a specific amount of money each week. Traditionally you start by saving $1 the first week, $2 the second week and so on. By the end of the challenge, you will have saved $1,378. You can also switch this to the 26-week money challenge if you get paid biweekly. It might also be helpful to start the challenge with the largest amount and then work your way down to the smaller amounts. The real trick is to separate this saved money from the rest of your money and then pretend that it doesn’t exist. You can’t touch it, not for any reason, no matter what.
Make it a game. See how much of your paycheck you can keep by the time you get paid again.
Eat in. Cook your food, avoid take out. Not only is this cheaper, but it can also be healthier. But I’ll save that topic for a rainy day.
Find things in your area to do that are free. Check your local newspaper or community website. You’ll find free events and festivals for your entertainment!
I look forward to hearing about the bags of money you’ll be saving soon!
Go forth and save, Point Clubbers!