Making sure you are financially protected is one of the keys to sustained happiness. Money makes the world go round, and making sure you have your fair share, and are well protected will lower your stress levels and make you feel more secure about you and your family’s futures.
If you’re searching for ideas on how to protect yourself financially, check out our five tips for padding your pocketbook.
Track Your Spending
Tracking your spending is crucial to increased savings. Make sure you are checking your spending records to review your purchases at least once a month. See where you can tighten your spending on unnecessary purchases, and consider putting extra cash towards a savings account.
Make a Budget
Once you track your spending habits for a few months, you will have a good idea of what you should be spending on different living expenses. Set a reasonable budget you know you can adhere to, and stick to it. Having a set budget is key to avoiding overspending, and will ensure you are saving money every month. If it helps you can physically separate money for bills and expenses from the extra you get to use for you during the month.
Utilize Discount/Savings Programs
Whether they’re offered through your employer or simply available to the general public, make sure you use savings programs whenever possible. These can include everything from grocery discounts, to cheaper movie tickets. The money saved from member programs can add up in a hurry! Coupon cutting is made even easier online so make sure you pay attention to different areas you can save.
An easy step you can take to increase your savings and add discipline to your budget is to make sure your savings are always equal to, or greater than your frivolous spending. Tally up the amount you spend every month on indulgences like entertainment and dessert. Then look at the amount you are saving. If your savings don’t at least equal your indulgences, then it’s time to cut back on them.
Weigh Your Insurance Options
When it comes time to renew your insurance policy, whether it’s on your home, life, auto, or SkiSafe boat insurance, take the time to review your options and decide who you should be giving your business to. Look at all of the companies that offer the insurance coverage you are looking for, and then compare rates. Oftentimes you can easily save a few hundred dollars a year on insurance premiums when you ask for discounts up front.
Padding your pocketbook can seem like a daunting task, but follow these five tips and you will be on your way to financial freedom!