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Cost Savers

Tips for Saving Money in 2016

Getting your finances in order can be an overwhelming experience. Follow these simple tips to put a plan in place and start saving today.

Male Working on Household Budgeting and FinancesPhoto by: American Home Shield

To achieve financial success, you need to figure out a plan and stick to it. Follow these simple tips to see how easy it can be to boost your savings account.
 

Figure Out Your Flexible Income

To spend money, you need to know how much you can afford to spend. Look at your bills, mortgage, monthly purchase habits and any other expenses to determine exactly what you can spend and what needs to be set aside.
 

Stick to a Budget

Once you figure out what you can spend every month, stick to it! It may be difficult at times and the urge to spend may never go away, but if you follow a budget, you’ll be able to build up your savings account and have a sense of security knowing you can handle any unexpected incident.
 

Take Stock of Your Home

Do an inspection and see where you stand in regards to your mortgage. Is there equity in your home that might make selling something to consider? Can you and should you try to refinance? Find out the rates in your area and put some time toward what makes the most sense for you and your family. You never know, you might find some unexpected money that may change your thinking.
 

Prepare and Organize Your Taxes

It’s not fun to do your taxes, but you can at least come prepared when you’re ready to file. Save all your key receipts in a folder, such as clothes donations and medical bills, to get as many deductions as possible and increase your tax return.
 

Do It Yourself

There are many ways to cut costs around your home and they are easy to do yourself. Whether it’s closing closet doors to decrease heating and cooling costs, making your own cleaning solutions or turning down your water heater temperature, simple changes to your home can help you save.

See more tricks for DIY savings here: http://www.thisoldhouse.com/toh/article/0,,20250928,00.html

Sources:
Ticket To Work
INO.com
Today's Home Realty
This Old House
Savant Capital

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