There can be no mistake; America is a land riddled with debt. In fact, according to recent statistics, American consumers owe approximately $11.13 trillion in debt. That number is set to increase another 6.2% in 2013. With 76% of Americans, according to NBC News, barely managing to live paycheck to paycheck, how can anyone expect to pay down their debts or save for the future?
Perhaps the issue is most clearly demonstrated among retirees and high risk groups. According to Statistic Brain, 38% of Americans have no rainy day fund to fall back on when times get tough. Further, 24% of Americans are choosing to postpone their retirement due to a lack of savings. If you are one of millions of Americans who find themselves Googling “help me save money”, here a four simple ways to help the process.
Do You Really Need One Thousand Channels?%3Cbr%3E
One of the biggest expenses for many American households is entertainment. According to the FCC, the average cable bill is around $80 a month. That is just for the basic package. If you have a deluxe package, featuring movie and sports channels, you are likely to be paying north of $150. That is $150 you can be putting toward groceries, your debt, and other essentials. If you feel you need television, try going for a web-based service, like Netflix or Hulu Plus, that will only cost you $7.99 a month.
Make a Shopping List%3Cbr%3E
As NBC News points out, the average grocery bill in the United States ranges from $146 to $289. However, much of that spending is on unneeded discretionary buying and impulse purchases. As written on the Simple Dollar, Americans who draft and stick to a shopping list can save money fast; up to 40% of their usual grocery bills.
Figure Out How Much You Bring in Versus What You Spend%3Cbr%3E
The most essential tip everyone searching “help me save money” needs to learn is how to draft family budgets. CNN Money writes that there are three essential steps to creating a free family budget that works. First, calculate how much you’re spending now. Next, evaluate that spending and make smart decisions to set you up for success in future financial goals. Lastly, monitor your spending, adjusting as needed to live within your limits.
Focus Your Debt-Solving Strategy%3Cbr%3E
As has been mentioned, Americans have accumulated debt like it’s going out of style. One of the biggest sources of debt is credit cards. According to 2013 estimates, Americans owe $849.8 billion to credit card companies. If you’re searching “help me save money” online, then listen to this simple tip; pay off your debts. Specifically, as America Saves recommends, pay off the debt with the highest interest rates first to save.
Hopefully now that your search for “help me save money” has yielded these four useful tips, you can start implementing these ways to save money fast. By cutting your entertainment budget, having a shopping plan, and forming a sensible budget to deal with your debt, you can and will succeed.