Our Team's Top 10 Money Tips of 2019
Tuesday, December 31, 2019
Read Time: 3 mins
Throughout the year, we posted tips from our AllSouth team members for #TipTuesday on Facebook, Twitter, and Instagram. (If you're not following us already, be sure to check us out!) We asked our team members what tips they have for people looking to save extra money. Here are the top money-saving tips we received.
1. Saving doesn't have to be scary, start small, and stay consistent. – Tara
The thought of saving money doesn't have to be overwhelming. Even if it's just a few dollars a week, by consistently saving, your money can really start to add up. Plus, if you save the money in an account that earns interest, your money can start to work for you.
2. "Pay yourself first" - the practice of 'paying yourself' and saving money immediately when you get paid, rather than saving what is left over after bills, expenses, etc. – Bryan
3. Set up multiple accounts and use one for annual or quarterly expenses such as vehicle taxes, birthdays, school registration, or insurance premiums. – Yvonne
Add up all your expenses and save a portion of each paycheck for them. When the time comes, the funds are available.
4. Sell items you no longer use and use that money to pay down debt or to save. – Laurin
We all have things that we don’t use or haven’t touched in a year. Why not sell those items for extra cash?
5. Consider setting up an account that is harder to access, so it's easier to save. – Tina
Sometimes we have to hide things from ourselves. Set up a separate account, specifically for saving, and store your debit card in a secure location - other than your wallet.
6. Using Dave Ramsey's "Snow Ball Method", work on paying off your lowest bill first then move onto your highest bill. – Kenya
If you're in debt, you're not alone. We've all been there from time to time. Continue paying what you can on your bills, but start applying extra towards your lowest bill to get it paid off faster. Once it's paid off, move onto the next bill, applying what you were paying on the lower bill to the new bill.
7. After you pay off a loan, start putting that same amount of money into a savings account every month. – Laurie
By the time another expense comes up, you may have enough saved to pay cash.
8. Open an IRA or 401(k). The sooner, the better. – Caroline
The earlier you can start saving, the better. With the compounded interest of an IRA, your money will have more time to grow if you start saving early.
9. A wise person budgets for today and saves for tomorrow. – Lisa
If you find out your car needs new tires, are you prepared for the bill? Life happens and brings with it unexpected bumps in the road. Take time now to set aside money in your savings account (any amount you can spare), so you’re prepared for the unexpected.
10. Budgeting for fun and living life is important. – Wes
We all get that it's important to budget to ensure we have enough money to cover the essentials, Still, it's important to set aside "me" money so you can enjoy a nice treat yourself day once in a while.