How To Get Your Kids To Start Saving
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n an article last month, we told you about a great option for getting your monthly cable bill reduced. This is a great way to cut your costs and have a little extra money laying around at the end of the month.
If you’ve gone ahead and done it, congratulations! We knew you were a skillful negotiator. Now it’s time to prove that you’re a skillful saver as well.
So let’s pretend that you’ve gone ahead and saved $25 a month by getting your TV plan pricing reduced (nice). Now you have $25 extra that goes into your budget/spending money/saving money – but you’ve really only saved that cash if you’re able to put it away. As we said before, $25/month equals out to $300/year. That’s a significant piece of savings and it’s important that you act on it.
If you take a few extra minutes each time you’re paying your bills, you can ensure that you’re actually saving that extra money – and not just spending the extra on something else. This can be tricky, but it’s easy once you get into the habit of doing it. When you’re online paying your TV bill, remember the $25 that you saved – then transfer that $25 against your current debt.
That way you won’t notice the extra money going out of your account – but you will start to notice the effect the extra savings will have on your debt number. Think of it like your TV provider paying off some of your bills… now wouldn’t that be great?
This method works well after you cut out any expenses or are paying bills. When you’re online making payments and you notice a little extra money, feel free to make a mini-payment. For me, the less cash I have access to in my account, the less likely I am to spend it.
Be sure to do this while the $25 monthly savings is fresh in your mind, because it’s sure easy to forget that, and use the extra cash on going out or not even know what you spent it on.
Good work cutting your costs, now be sure to go the extra mile and put those savings onto your debt!
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