Money saving is never easy. Most American’s simply don’t do it. Yet, saving money is crucial sometimes. It’s a lot better than using credit. How often do you see a commercial that says, “Save up for six months and buy this new couch set!†America wants instant gratification. Unfortunately, that can cause us to get into debt that we can’t climb out of. Instead of debt, try saving. Let’s say your short term goal is to buy a boat-you have a few options. One option is to borrow the money from a lender. Another option is to charge it on a credit card, and the final option is to save for a few months and buy it with your own money. All three ways will give you that boat. Some of those options are not the wisest. If you use a lender and are late with one payment, they can put on a 99% interest. If you use a credit card, you have interest and more debt. If you save, you’re fine. But, how do you save?
Here are some very practical ideas. First of all, don’t go out to eat. If you do, get water and share a dish with someone. If you calculated the amount of money you spend on dining out in one month-you will most likely be surprised. Save that money, your short term goal is worth it. Another way to save is to cut out some extra spending. Instead of going to see a movie, rent one and stay home with some popcorn. Instead of buying an entire CD, buy the track and save that money. Another way to save some money is to buy bulk. This is especially effective for large families.
Sometimes it’s hard to save up by cutting things out of your life. This is understandable, not everyone can afford to go out to eat as much as others. Not everyone can afford nights out at the movies. In this situation, take your checks and put ten percent away in a savings account right away. Do this for as long as you need. Just act like you are literally making ten percent less until you reach your short term goal. These are just a few ways you can save for short term goals. Some will say that if you need extra help financially, there are trained professionals just a call away for advice. Remember that debt is never a wise choice to make if at all possible, because of interest and other things.
When doing your research, consider the following: Look into these programs: door-to-door, fee-per-ride, ride-share, carpools, and private shuttle services. Some services require advanced notice or reservations. Use services that are no or low cost to seniors.
Use pay as you go or monthly coupons. Use public or private transportation (taxi, mini-bus or van, bus, rail).
If you’d like to keep your vehicle, it might be a great idea to fill in the gaps for when ride services are not available. You might find that you can have greater control over the cost of fuel by maintaining your own vehicle and using ride services.
If you decide to keep your vehicle, be sure to look into lower discounted insurance rates for mature individuals. Also, if you find that you are moving slower when walking, ask your medical professional about assisting you with obtaining a handicap sticker, tag or license plate for your vehicle. Here’s a suggestion, even if you decide to get a handicap license plate, also ask for a handicap tag. That way you can display it when traveling in a vehicle driven by someone else. Check with your local Area Agency on Aging (AAA) for information specific to your area.
