In today’s current economic climate the prospect of saving can seem very difficult. When you take into account the spiralling costs of education, healthcare alongside the everyday bills many people feels like there is no respite and often as a result of this the ability to be able to save is affected. Due to the current political battle the vast majority of Americans are left feeling unsure as to where they stand financially, which makes it hard to plan for the future.
A recent study, undertaken by Coupon Dash, has revealed that many people are now having to make decisions about how to spend their money in a more cutting manner than ever before, and this is meaning many families are having to do without luxuries the rest of us would take for granted. Meals out, purchasing the latest gadgets, new clothes, days out, vacations and takeaways all topped the list of luxury items that many Americans can no longer afford.
Of the 1000 people, more than half said that they could no longer afford meals out and cable TV and cell phone contracts were also identified as surplus to requirements and topped the list of things needed to be cut by many families in order to stay afloat. This was despite some people identifying they work multiple jobs.
With President Trump at the helm, many Americans are nervous about how the next four years will affect people. However many people will hope that this ex-business man turns around the country’s finances so once again people can enjoy the little things in life, while affording to support themselves and their love ones and plan for the future.
How can you save?
The key to starting to save is to make a commitment and stick it. The phrase every little helps really does apply when you are talking about saving money, and even saving just a small amount each week can soon add up.
For many people, particularly those people who are struggling with their finances, there can be an appeal to “not knowing” exactly how close to the breadline they are however this is not wise. The first step to getting ahead is to write down exactly how much you are earning and then analysing your expenditures. Looking back over your bills for the previous month can help provide a clear insight into your spending habits.
Setting a budget to stick to as well as identifying a savings target are all tricks which many people identify as methods to help make it easier to save. Having a target or goal to work towards helps put a motivation behind the savings, which makes it easier to resist purchasing items you don’t need.
Help is out there
However, for some people saving is a luxury that they can’t really afford. For people who are concerned about their financial situation, help is out there. You don’t have to suffer alone.