Keep An Eye on Savings
January 23, 2025
It is a common occurrence for just about everyone: You wrap up a fun dinner, weekend trip, or extended vacation feeling great… right up until you see the total bill for everything you have just enjoyed. There is nothing wrong with treating yourself. A big part of living your best life often includes spending a little extra on activities or experiences you would never consider making a part of your daily routine. But one of the best ways to remain confident in both short- and long-term financial plans is to know where you can either save more or avoid unnecessary costs.
Consider the following strategies for saving more in 20251:
Optimize Fixed Expenses
There is no avoiding most of your bills. The rent or mortgage is always due and it’s likely that you need at least some sort of heating or air conditioning throughout the year. But doing some homework can produce significant savings. Whether it is something big like refinancing to better mortgage rates, shopping around for a better deal on insurance, or simply updating your personal information when it could lead to better offers on credit or subscriptions, savings can pile up in your favor.
Plan to Pay Down Debt
Most people have a healthy amount of debt. And it’s rare that significant amounts of debt can be wiped out in one big swoop. Do not worry about your total amount of debt, but DO make a concerted effort to pay down what you can, when you can. Debt leads to more interest, which is money you owe that gives nothing back to you. The more you can reduce debt and minimize interest owed, the more financial freedom you will feel.
Expect the Unexpected
It is easy to put away money for a big vacation or the purchase of a large item that is special to you. But consider doing the same for the less-welcome big-ticket expenses, like a car breaking down or a major household appliance that suddenly needs replacing. Saving for the unexpected can still end up with an outflow of cash, but preparation will give you more confidence when facing the less-than-celebratory purchases in life.
Regardless of your total savings or your methods of saving, consulting a financial professional can give you a better understanding of what you need to save to match your future plans and all the methods that can get you to your goals. Schedule a meeting with one of our advisors to learn more about setting yourself up for future success.
https://www.npr.org/2024/01/02/1196978471
/how-to-update-your-budget-to-cut-costs-and-save-more-money