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Posted by Debi G Hill, CPA

Five Strategies to reach your Saving Goals Faster

Five Strategies to reach your Saving Goals Faster

Saving money for a project, a new car, or home could be overwhelming. This is true, especially when you consider the enormous amount of money you will need to make your goal possible. It might seem like the goal will take forever. 

With a simple adjustment in your finances and lifestyle, you can reach your savings goal, no matter how daunting. This is why we have presented helpful and tested tips that can help you reach your saving goals fast

  • Negotiate Better Deals

One of the few tricks to save money is to get better deals on items you need. You need not buy at the local grocery stores. Friends or neighbors are organizing a garage sale. Make use of this opportunity.

In addition, consider other things like your insurance policy. Examine the policies you are charged for. Consider alternatives and compare the cost and services. Should you have better deals from other companies, negotiate with your current provider, and see if they will match the deals you have.

  • Review Your Subscription and Membership

Many things make sense to us initially. As a result, we sign up without giving it so much of a thought. In time, however, we do not bother to use this service yet, we are so carried away that we never remember to cancel them. Nevertheless, these companies continue to bill us monthly, quarterly, or yearly.

Many people love the idea of losing weight. As a result, we might subscribe to a gym membership. With the demands of life, relationship, and work, we hardly visit the fitness center, yet the gym bills our credit card every month. This is worth canceling.

Many of us are also guilty of pilling up magazines on our coffee table without the time to open them up. Yet, these magazine companies keep sending more copies and billing your credit card. Canceling it is a good idea.

Subscription TV is another service you might want to review. If you discover that you do not have much time to watch, go for Netflix. It is cheaper and will surely save you a lot.

  • Get on Top of Your Finances

In other words, take control of your finances. Be diligent enough to know what you spend each month. Put mind in your recurring expenses and your spending habit and consider if you really do need them.

Have a plan of what you will need each week and stick to it. Allow room for miscellaneous items and be disciplined enough to abide by it. Save the rest and give yourself a treat at times.  

  • Make Your Saving Hard to Reach

Without discipline, it might be not very easy to attain your saving goal. Many people, at the slightest emergency, might resort to their savings.

If you, however, want to be successful, you need to make it difficult to spend your savings. With this in mind, carry out some creative plans like opening a new account rather than saving in your regular savings account.  You can easily track your progress, and your interest will accumulate if you leave the money for a more extended period.

  • Go for the No-Spend Challenge

In other words, challenge yourself to only spend on the essentials. You might have to beef up your culinary skills and subscribe to homemade meals. Also, cut out all unnecessary entertainment and find other means to entertain yourself. Doing this for a couple of weeks can boost your saving immensely.

  • Sell the Clutters in Your House

If you take the time to go through your garage and basement critically, I bet you will be amazed at the number of things you no longer need. Many of us hold on to these things out of sentiment. Yet, in time, we find out that we do not need them.

Organize a weekend garage sale and invite friends and neighbors. List the items online or take them to the nearest used clothing shop. The earnings from this act can help reach your goal. 

Conclusion 

Saving for your goal is a useful endeavor that requires commitment and discipline. If you are ready to take the pain, you will be surprised at how far you can go! 

Debi G Hill, CPA
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