5 Ways to Save Money
October 6, 2020 | Louis Tully
Spending money can be exciting, especially when you can spend with no worries. And there is nothing wrong with letting yourself splurge every once in a while, but too often the high spending becomes a habit. Furthermore, saving money is not everyone's forte. In fact, a huge percentage of working adults do not have any saving habits. A GOBankingRates survey found that a whopping 62% of Americans have less than 1000 dollars saved. 30% of them have zero balance and 21% don't even own a savings account.
Even if saving money doesn't come naturally to you, a conscious effort to put money aside can lead to a more secure future for necessities like college, a vehicle, a home, and emergencies. Emergencies, especially, can hurt you in the long run as it creates stresses like larger expenses and debt. With so few people having money tucked away to handle a financial emergency, what can you do when you’re suddenly faced with an unprecedented expense?
Thankfully, there are options available, options such as title loans, that are easy to obtain, even if you need money in a pinch. Before I tell you about these convenient loan types, it’s important to show you what you can do to start saving money today. There is an endless list of reasons to start saving money. With awareness, budgeting, and consistency, you can be practical and smart with your spending habits- starting now. We won't over-complicate this new lifestyle for you. Here are 5 simple yet efficient ways to save money.
How much money is it essential to spend in a month? What portion of it goes into entertainment? Calculate your expenses and write down where your money goes on average. These are the questions you should be asking when faced with creating a new budget for yourself. Also, include the occasional expenses like maintenance and repair costs, or buying a small gift, etc. This can be your spending limit. Now allocate an amount for saving. 10-15% of your monthly income should go into your savings and keeping a budget in mind and tracking it will help you to save money and build a savings account.
2. Avoid Credit Card Debt
Credit card users often find their spending habits (and payments!) spiraling out of control. This is because debt keeps adding up little by little and you might not even realize it until a long bill shows up. This creates an effect of a never-ending cycle many people get stuck in. Use your credit card responsibly and don't spend beyond your limits on paying back. If it's difficult for you to avoid credit card debt, start leaving the card at home. Or switch to a debit card instead.
3. Create Both Short-Term and Long-Term Goals
Short-term goals can be a great saving incentive. Creating these goals helps you save money with the final result in mind. Your goals should be anything like saving for a new cell phone or for the vacation you and your family have been talking about for months. Once you have a fun goal to work towards in mind you should also make building an emergency fund part of this goal. Long term goals are important too. These require a saving process that will last for years but they add up into big amounts. Your (or your child's) college tuition, wedding, buying a car, or home-all these long-term goals can help you stay focused on your saving routine.
4. Tracking and Adjusting
One easy and helpful method is to write down every little thing purchase you make. This can be an eye-opener because sometimes you may be regularly spending way too much on something insignificant. You can then find alternatives for such things or give them up if they're not important.
5. Weigh Your Purchases
When trying to save, your mindset is extremely important. It's always better to buy bigger and better with your money rather than small amounts of random shopping. You can make more rational decisions when buying something by asking yourself: "is this price worth the hours I worked for?" Rather than taking into cost into account, consider making your purchase with your labor in mind. This will help you stay rational and many items you were tempted to buy will go back to the shelf where they belong.
On paper, these options sound easy to incorporate into your day-to-day routine, but what can you do if you need money now? One such option available to you in New Mexico are title loans. Title loans are a short-term loan type where you leverage the title of your vehicle in order to secure money. Here’s how they work!
How to Secure a Title Loan New Mexico
At this point, you might be wondering: where can I find title loans near me? Instead of scouring the internet in search of a title loan, call us at 1-800-514-CASH or visit the New Mexico Title Loans website where you can start your application by filling out a short online form that will prompt you to input your contact and vehicle information. After you click the submit button, a representative will contact you to discuss the next steps of your application.
You’ll need to provide your driver’s license, the title to your vehicle, and a blank check to your bank account. A representative will review the information to determine how much money you’ll receive on loan. In New Mexico, you can receive up to $10,000 in emergency money today. And the best part? This entire process can take as little as 30 minutes. You read that right. In just half an hour, you can receive up to $10,000.
We understand that saving money isn’t possible for everyone which is why we’ve streamlined this process to make it easy and fast, meaning you’re never far from financial relief. So? What are you waiting for? Visit our FAQ today for more information.