Recession may be officially over but the nation has not yet recovered from its after effects. So, if you want to survive in the economic climate of 2011, you need to organize your finances and save money from now onwards. Glance through the article to know about 3 tips that can help you save money in the year 2011.
Tips to save money in 2011
Here are some simple tips that can help you save money in the year 2011 successfully:
1.Set a savings target: Creating a weekly saving target can help you save money in a year. For instance, your weekly savings target in the month of January 2011 is $250. So, you'll try to save that much of money in every week. This means that you will end up saving $1000 per month. You can use the saved money for paying the college fees of your children or repaying bills.
2.Track your income and expenses: Now that the year is almost coming to an end, you can easily track your income and expenses in a year. All you need to do is write down your income and expenses in a paper and mark the areas where you have overspent. Once you know where you tend to spend more, it will be easier for you to cut back your expenses on those areas. For instance, if you tend to exhaust your credit limit on luxury items, then you need to put a stop to it. If you spend a huge chunk of your income on movies and dinners, then you should start making a habit of renting CDs and cooking meals at your own home. By talking these steps, you can save a considerable amount at the end of 2011.
3.Pay your bills on time: This tip can really help you avoid getting into financial trouble in 2011. When you get your paycheck, keep a certain portion of it for the payment of bills. You should not only keep a substantial amount of money for the payment of debts but also for yourself. This means that you can have some spare cash at the end of the month. Use the cash for securing better financial future. You may use the money for investments and retirement planning. Your savings will keep on increasing as you reap profits from investments.
Finally, if you have a long-term financial goal, then you can try out ways to earn more money. You can do part-time jobs and earn extra cash. This extra cash can be used for saving purpose. This will indeed help you save a considerable amount of money in 2011.