Are you in the market for a new car, home repair or a major trip and don’t quite have the cash to meet your goal? Instead of pulling out the credit cards, following these tips from the experts for ramping up your short term savings balance. Why go into debt for an expense that is optional when you can delay the gratification by saving and paying cash? It’s a lot easier than you might think.
Write down your goal or tape a picture of it to the refrigerator. This will serve as motivation should your discipline begin to waver. There are two ways to ramp up your short term savings. One way is to secure a part time job and earmark your earnings towards your savings goal. The second is to reduce your discretionary spending. Forgoing that daily cup of designer coffee can net over $1,500 a year. Bringing a bag lunch daily instead of going out with coworkers can net an additional $2,500. That’s nearly $4,000 in one year without substantial sacrifice. Remember, this is short term. Take a hard look at your discretionary spending and find other ways to cut. Earmark these savings to an account designated for your goal. Take the total amount of your goal and divide it by the amount you’re savings each month and you’ll have a clear date to when you’ll reach your savings goal.
If you’re saving for a trip on your bucket list, take advantage of the awesome savings offered by Groupon coupons and consider booking your trip through the discount website Booking.com. You can enjoy substantial savings on airfare and accommodations when booking the two together. Do your research and pinpoint the cost of your trip. This is your ultimate savings goal. Just think how much more you’ll enjoy your trip knowing it’s paid in full prior to departure. Good luck on your savings journey. The reward is certainly work the short term sacrifice.