Saving Money.

It’s a goal that many of us have. We want to save money, to put away something for a rainy day or maybe for a sunny one at the beach. But, let’s be honest. Saving money can be hard when it seems there is an endless stream of expenses and needs that throw our savings goals off track.

Looking for ways to cut costs is a good start toward saving more money. 

There are typically two ways to save money – either make more or spend less. Today, we will focus on spending less.

For most Americans, there isn’t one easy fix that will save them a ton of money but there usually are some small savings opportunities that add up to a good bit in a month or year. Some require research. Others require lifestyle changes, discipline and maybe some inconveniences in the name of cutting costs.

The first thing you need to do is understand how you spend your money in the first place. Is it all eaten up by bills and debt? Are you spendy when it comes to eating out? Do you blow all your money shopping online?

Keep a log of every dollar you spend and then honestly consider opportunities for cutbacks. It’s smart to audit your own spending and bills every year.

Examine Your Monthly Bills – When was the last time you shopped your car or homeowners insurance? What about internet, phone and television? Are you paying for a landline that no one uses? Call the cable or dish company to ask for a discount or consider alternate means of watching your favorite shows. If your mortgage is high, refinancing could be an option for you. A few simple phone calls could save you a lot.

Scrutinize Memberships And Subscriptions – Chances are you are paying an annual fee for something you don’t need or a magazine or website you don’t use. Review your credit card statements as many of these expenses auto renew. If you never go to the gym, that $20 a month could be better spent elsewhere.

Study Your Habits – If you eat lunch out five times a week and average $10 per lunch, that’s $2,600 a year. Maybe you can pack part of the time. If you shop when you’re bored, bring home take-out because you’re unprepared for dinner, or make purchases without looking for a deal there is room for savings. What habits are you willing to change in the name of having more available cash?

Avoid Late and Overdraft Fees– Always pay your bills on time to avoid late fees. The easiest way to do this is to automate your payments and this can be done with VCNB Online Bill Pay. Also, keep tabs on exactly how much money you have in your checking account to avoid overdraft fees.

Pay Yourself First – When you’re cutting expenses, be sure to safeguard your savings by tucking away that money in a savings account. If you save $40 a month on car insurance, set up an automatic transfer to your savings account each month. By the end of the year, you’ll have $480!

Save Those Windfalls – If you get a bonus at work or a tax refund, transfer those funds to your savings account. Use this good fortune to give your savings a boost!

The bottom line is that the way to savings is often through mindful spending. You work hard for your money. Be smart about how you spend it so you can save more.