Date post: | 20-Dec-2015 |
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How to Save a Dollar
….when you don’t have a dime to
spare?
Why do you want to save money?
$ To pay bills & make ends meet
$ Save up for a large expense
$ Save for emergencies
$ Pay off debt
$ Other reasons
Spending Income
Do you think of saving as striking a balance?
Or is saving money or cutting back a burden?
If you want to save money, make
plans to spend it!
Ideas for Saving Money
$ Claim Tax Credits
Ideas for Saving Money
$ Have financial goals.
1 Year
3 Years
5 Years
Personal Financial Goals
What – When – How much?
What’s the Price Tag for Each Goal?
Goal
Date Needed
Amount Needed
Amount to Save Monthly
= Better Car
= 3 years / 36 months
= $3000
= $83
Ideas for Saving Money
$ Get (kind of) organized
Ideas for Saving Money
$ Look for the little leaks
“Small leaks can sink
big ships.”-- Ben Franklin
Ideas for Saving Money
$ Find fun things to do that
don’t cost much money
(shopping, TV)
Ideas for Saving Money
$ Limit Bulk Purchases
Ideas for Saving Money
$ Buy it cheaper
$ Make it last longer
$ Use it less
Ideas for Saving Money
$ Look out for credit!
Save Money by Using Less Credit
Current Credit Card Balance = $1,715.24
Minimum Payment Due = $18Due Date = 21 daysIf you make no
additional charges on this card and each month you pay…
You will pay off the balance on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
12 years $2,685 (969.76 in interest)
$55 3 years $1,977(Savings = $708)
• Pay Day Loans• Rent to Own• Car Title Loans• Pawn Shops
400-800%
40-700%• Rapid Tax Refund Anticipation Loans
Subprime Types of Credit
Ideas for Saving Money
$ Look out for debit too!
Overdraft Protection?
Option to opt-in to overdraft protection:
Debit card transactionsWithdrawals from an ATM
Does not include: Checks Automatic transfers
…One more idea for
Saving Money
$ Track your spending.
How do you know how much money you’re saving if you don’t
know how much you’re spending?
$ Notebook
$ Receipts
$ Checkbook or Bank Statement
$ Calendar
$ Envelope Method
$ Computer (free programs on the web or from some banks)
Ways to Track Spending:
Compare income and expenses once a
month.
IncomeSpending
If something happens andyou can’t pay bills . . .
• Act now!• Financial Counseling
www.debtadvice.org