Practical Money-Saving Strategies

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Most of us could use a little more money at the end of the month. You’ve likely heard or read about many money-saving tips, but which ones work? Take a look at some practical strategies that could help you save for the things that matter most.

Live on a Budget. You can compare a budget to dental checkups – it’s necessary, but people don’t usually like it. But if you create a budget that’s usable, you’ll start to see how you can really save money every month. The key is to spend less than you make. Once you know what you can afford to spend, you can then stick to certain limits every month and start to save in more areas than you thought. By utilizing services such as BugetWi$e, you can easily track how you're spending your money and in which areas you can save a little.

Eat Out Less. Think about it. If you eat out every day at lunch, you’re likely spending anywhere from $5-$12. In any given work week, you could be paying up to $60 on meals alone. Setting goals to limit what you spend in this area could be beneficial when it comes to saving money. This doesn't mean you can never go out to lunch or have a cup of coffee in the morning, but you could save quite a bit just by taking your lunch to work or eating at home regularly.

Put Your Loose Change to Work. At the end of each day, empty your pockets or your purse and put all of your change into a jar. Once you fill up the jar, take it to a BancorpSouth branch and deposit the money into your savings account. You’ll be amazed at how much money can add up over time just by saving a small amount every day.

Limit Your Amount of Debt. Not only does debt weigh you down financially, it also keeps you from saving money. In fact, if you’re in debt, you’re likely paying interest each month. That’s money you could be saving. So, if you have debt of any kind, make it a goal to reduce the amount you have.

Become a Minimalist. Clear away the things you don’t really need in your life to make room for those things that matter most to you. Ask yourself: What is it I am willing to sacrifice for what I want most? Maybe you could live in a smaller home or limit the amount of clothing or toys you buy (including electronics). Start by deciding what you spend the most money on that you really don’t use or need and work from there. You could start enjoying life more–with less stuff–and save money at the same time.

Of course, not every money-saving strategy is going to work for everyone. Decide which ones you think you can implement in your life and start watching your savings grow.

To learn more about the savings options available at BancorpSouth, click here or stop by any of our branches.