Friday, October 09, 2015

Every now and then you read about a guy who paid off a huge debt in just a few years, or a couple who squirreled away enough cash to retire by the time they were 40.

For many people, just keeping up with monthly bills may seem like enough of a challenge. But Forbes Magazine editors interviewed a few acknowledged ‘super-savers’ recently, and listed the top seven savings secrets these frugal folks readily shared:

• Set the goal – Whether it’s early retirement or a down payment on a home, saving money takes on more serious meaning once you’ve set yourself a specific goal.
• Take a hard look at monthly expenses – Scrutinize several monthly credit card statements for recurring expenses you can eliminate – such as memberships, subscriptions, or extra internet accounts. Try to negotiate lower bills from TV and cell phone providers – and if you carry a credit card balance, try to negotiate a reduced interest rate based on your good payment history.
• Challenge yourself to a buy-nothing period – Can you go six months – or even three – without buying new clothes, trinkets, or electronic gadgets?
• Swap restaurants for potlucks – Instead of often meeting friends for a $50 dinner, plan a few potluck dinners at home and tuck away considerable savings.
• Say no to paying for entertainment – There are plenty of ways to have fun with friends and family – game nights, barbecues, popcorn and movies at home – that don’t require purchasing tickets.
• Ramp up your DIY skills – Can you become your own handyman? Snow shoveler? Chef? Are you willing to wash your own car? Go online or pick up a book and learn to do more for yourself.
• Take up a side hustle – You can boost your income and save more cash by moonlighting or taking on a side job – Handyman? Bookkeeper? Babysitter, perhaps? – based on your skills and talents.

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